Tax Strategies

The Internal Revenue Service's financial management systems and internal controls came under sharp criticism in a financial audit conducted by the Government Accountability Office.

The Bush administration threatened to veto the Temporary Tax Relief Act of 2007 in its present form, putting the patch for the alternative minimum tax in jeopardy as the deadline nears for fixing the AMT before it spreads to millions more taxpayers.

Copanion released GruntWorx, a Web-based application that captures and organizes tax return documents and data from clients.

Authorities have charged two employees of the District of Columbia's Office of Tax and Revenue with stealing more than $16 million in illegal property tax refunds.

The Financial Accounting Standards Board has decided to defer the effective date for FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes," for nonpublic entities.

Sen. Chuck Grassley, R-Iowa, ranking member of the Senate Finance Committee, has sent letters to six media-based ministries asking for information about their expenses, executive compensation and the amenities lavished on their executives to see if they are violating their tax-exempt status.

The Internal Revenue Service said it received nearly 80 million electronically filed tax returns this year, breaking last year's record of 73.3 million.

The House of Representatives unanimously passed legislation that would give tax relief to the families of military personnel, as well as help volunteer firefighters and emergency medical responders.

The Internal Revenue Service said it would begin sharing the results of employment tax examinations with 29 different state labor agencies to cut down on avoidance schemes and fraudulent employment tax filings.

Oklahoma City bomber Timothy McVeigh's former attorney cannot write off the value of the papers he donated from the case to the University of Texas at Austin, according to a U.S. Tax Court decision last week.