Tax Strategies

United States v. Stein, a U.S. District Court for the Southern District Court opinion (July 17, 2007) by District Judge Lewis Kaplan, is fascinating reading, and may have significant implications for a number of firms.

A former tax return preparer has been sentenced to 151 months in prison for participating in a tax fraud scheme to hide income and assets in bogus trusts, according to the U.S. Justice Department.

TIGTA Questions IRS's Questionable Refund ProgramWASHINGTON, D.C. - A new Treasury Inspector General for Tax Administration audit has found that changes in the Internal Revenue Service's Questionable Refund Program, along with a significant technological failure, dramatically decreased the effectiveness of the program for the 2006 filing season.

U.S. Treasury Secretary Henry Paulson plans to convene a conference in the coming week that could lead to an overhaul of the corporate tax system and a cut in corporate taxes.

Have you heard the joke about the sales tax audit? No one has.There is nothing funny about a sales tax audit.

Summertime brings with it the "high season" for clients who are seriously considering purchasing vacation homes, or switching from one vacation home to another.The majority are looking to take advantage of certain tax breaks to help them carry the property. For others, tax savings are an added bonus to validate their decision. In either case, tax advisors often get a hurried call to explain the options.

IRS National Taxpayer Advocate Nina E. Olson delivered a report to Congress on her main priorities for the coming fiscal year, and at the top of the list is improving taxpayer services.

The Justice Department has filed a suit asking the U.S. District Court for the Southern District of Florida to permanently bar a pair of South Florida tax preparers who allegedly have been fabricating deductions and credits.

Judge Lewis A. Kaplan, who dismissed charges against 13 of the defendants in the KPMG tax shelter case earlier this week, has issued a temporary stay on his own decision.

The Public Company Accounting Oversight Board said it plans to hold a meeting to consider a new ethics and independence rule concerning communication with audit committees.