Practice management

The Internal Revenue Service’s Modernized E-file System, which is supposed to replace the current electronic filing system by the 2013 filing season, is still unable to assure the accurate processing of individual tax returns.

With new cost-basis reporting requirements in effect for the 2011 tax year, Charles Schwab is warning investment advisors to brace for a hectic tax season and prepare for a flood of questions from clients who for the first time will receive a revised 1099-B form packed with new transaction information.

James Turley, the global chairman and CEO of Ernst & Young since 2001, said he plans to retire at the end of June 2013.

The Internal Revenue Service said it plans to add a new option to its Preparer Tax Identification Number system in December for users who need to change the email address associated with their online PTIN accounts.

More than $697 million a year in deductions for investment theft losses may have been erroneously claimed by taxpayers, according to a new government report, resulting in a revenue loss of over $41 million to the Treasury.

The congressional supercommittee called it quits this week only a couple of days before its November 23 deadline, unable to reach a consensus on either taxes or spending cuts.

The Internal Revenue Service is moving into the second phase of its tax preparer regulation initiative by beginning next week to schedule the first competency tests for tax preparers.

The Internal Revenue Service earns about $198 million a year in fees from installment agreements and $40 million in fees from tax return transcripts, but the reason for some of the user fees is vague, according to a new report.

The Internal Revenue Service found that adjusted gross income decreased in 2009 for the second year in a row, as unemployment compensation continued to increase as a source of income.

The Internal Revenue Service sent the majority of claims for the adoption tax credit to auditors this year because they lacked the necessary documentation. However, the agency had options that could have enabled it to reduce the number of costly correspondence audits and issue refunds to parents faster while still maintaining a robust enforcement strategy, according to a new report.

The Internal Revenue Service reminded homeowners Monday that they still have some time left this year to make energy-saving and green energy home improvements and qualify for either of two home energy credits, but at least one of them needs to be placed in service before the end of the year to qualify for this year’s tax return.

President Obama signed into law Monday a bill that provides tax credits for hiring veterans and repeals a 3 percent tax withholding requirement on government contractors.

Internal Revenue Service Commissioner Doug Shulman told students that the Tax Code has grown far too complex in recent years.

A longtime promoter of trust packages who promised to shield her customers’ assets from taxes has been sentenced to a seven-year prison term.

The House Ways and Means Select Revenue Measures Subcommittee held a hearing to consider a move to a territorial corporate tax system that would tax only the income earned inside the U.S.

A group of millionaires visited the halls of Congress in an effort to convince lawmakers to raise tax rates on incomes of $1 million a year or more.

A 2008 Senate report estimated the costs of non-compliance by taxpayers using offshore bank accounts to be at least $100 billion annually.

A pair of reports from IRS advisory and watchdog groups outline a set of priorities for the agency, including remote work, uncertain tax positions and security.

The House overwhelmingly passed legislation repealing the 3 percent withholding mandate on government contractors, along with a tax credit for hiring veterans.

Fiducial Business Centers, a provider of tax, bookkeeping and financial planning services in the U.S. said it has acquired Springfield, Ill.-based Funeral Directors of America and Funeral Management Services, for undisclosed terms.