Practice management

The Internal Revenue Service’s ability to detect fraudulent tax refund claims may have been weakened by a recent move to assign the task to a relatively inexperienced group of employees, according to a new report.

The Internal Revenue Service needs to improve its telephone assistance level, as well as its taxpayer service and enforcement functions, according to a new report by the Government Accountability Office.

The Internal Revenue Service will be sending out newly redesigned, less confusing notices to taxpayers that aim to improve the way it corresponds with its core constituency.

Internal Revenue Service Commissioner Doug Shulman has decided against coming up with rules on the taxation of employer-provided cell phones and said the IRS would instead wait for congressional legislation.

Sometimes, being too quick to take advantage of a tax break from Congress can turn out to be a very bad thing.

The concept of branding is still fairly new to the tax and accounting profession. And even though more firms are recognizing its importance, misconceptions about branding (what it is and what it does for a firm) cling like a sticky residue.

1. What are the top challenges facing tax return preparers this tax season?

1. What are the top challenges facing tax return preparers this tax season?

The economic crisis and the downfall of the real estate market spurred a slew of tax law changes that will impact the upcoming filing season.

Tax return preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on returns prepared for their clients are a major concern for the Internal Revenue Service during the upcoming filing season, according to a spokesman for the service.

With each new year comes a wave of new technologies aimed at helping tax preparers work more efficiently through tax season.

While the shape of tax policy remains uncertain in some areas - at press time, Congress was considering a wide range of tax bills, including changes to the estate tax regime, and the extension of a number of tax credits and deductions, among other things - there are a few areas of certainty.

HOUSE APPROVES 45% ESTATE TAX EXTENSION

The ongoing economic downturn offers accountants the opportunity to extend their reach and help their clients at a time when they are most needed.

Attorney General Eric Holder said a newly established government task force would crack down on the kinds of financial fraud that led to the Madoff Ponzi scheme and other losses.

BizActions has introduced a Campaign Library aimed at helping accounting firms and other professional services firms with their marketing campaigns.

The Obama administration is handing out $2.3 billion in Recovery Act Advanced Energy Manufacturing Tax Credits for clean energy projects to provide jobs across the U.S. after announcing a disappointing employment report for December.

On the heels of the IRS’s plan to begin regulating tax preparers, the Justice Department announced that it has filed six lawsuits this week to stop preparers charged with generating fraudulent income tax returns.

The Internal Revenue Service proposals for registration, testing and continuing education of tax preparers has won praise from most stakeholders.

JHI, a global network of independent accounting, business advisory, and financial consultancy firms, is now being managed by CMA Association Management, as of Jan. 4.