Practice management

The Internal Revenue Service is planning another series of tax forums at several major cities this year.

Nearly 19 million tax returns have been filed with the Internal Revenue Service from home computers so far this year, an increase of almost 6 percent compared to the number of returns from the same time last year, the IRS said Friday.

Tax reform for business isn’t just about lowering the corporate tax rate. That’s what Patricia Thompson, chair of the AICPA’s Tax Executive Committee, told the House Ways and Means Subcommittee on Select Revenue Measures yesterday.

The House approved a repeal of the expanded 1099 information reporting requirements by a vote of 314-112 on Thursday.

The House moved one step closer to repealing the expanded 1099 information reporting requirements in the Affordable Care Act and Small Business Jobs Act on Wednesday by approving a controversial offset to the cost of the repeal.

Senators Scott Brown, R-Mass., and Bill Nelson, D-Fla., introduced a bill Wednesday that would give taxpayers an itemized receipt showing where their money is being spent and how much the federal government borrows every year.

The American Institute of CPAs is pushing back against the Department of Labor’s proposed changes to the definition of the term “fiduciary.”

Organizations in financial services industries are being specifically targeted in Web attacks, according to a principal for a large accounting and consulting firm. And those attackers increasingly are highly sophisticated criminals, not the hackers of the past.

Sageworks has been mulling the introduction of an online service that would allow small and midsized business owners and CFOs a way to see how their business stacks up against competitors.

A former seasonal employee with the Internal Revenue Service has been indicted by a federal grand jury on charges of computer fraud for changing information on IRS computer systems after her friends and relatives paid her to give them bogus First-Time Homebuyer Tax Credits.

The Senate Finance Committee convened a hearing Tuesday aimed at making the Tax Code fairer and simpler, while making U.S. businesses more competitive.

The Internal Revenue Service has released the limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2011.

The Internal Revenue Service needs to improve its procedures for processing cases involving taxpayers who fail to properly disclose reportable transactions, according to a new government report.

The Internal Revenue Service has been seriously pursuing reduction of the tax gap associated with unreported foreign assets and income for a few years now. The effort has included efforts to secure information from foreign banks, credit card issuers, tax return disclosure and voluntary disclosure by taxpayers.

If you ask 10 CPAs for their definition of business development, you may get 10 different responses.

SENATE COMMITTEE APPROVES TAX PATENT BAN

While efforts at tax reform seem to crop up at fairly regular intervals in Washington — and just as routinely fail to produce any results — the current effort under President Obama has generated enough optimism that some are already attempting to pick potential winners and losers.

IMGCAP(1)]Growing up on the Southwest side of Chicago in the 60s, the only artists I knew were guys with the names of Moo, The Chico and Little Big Jimmy. And the canvas they used for their works of art turned out to be a bus, the side of a building, garbage cans and garage doors.

The Internal Revenue Service has begun conducting a survey examining the risks associated with electronic tax preparation and filing to gain information on taxpayer data protection practices.

Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, according to the Internal Revenue Service.