Practice management

The Supreme Court has issued unanimous rulings in two tax cases, MeadWestvaco Corp. v. Illinois Department of Revenue and U.S. v. Clintwood Elkhorn Mining Co.In the MeadWestvaco case, the Supreme Court vacated and remanded the decision of the Illinois Appellate Court, which had allowed Illinois to tax a capital gain realized by Mead, an Ohio-based subsidiary of MeadWestvaco, when Mead sold its LexisNexis business division. Mead paid the tax and later sued in state court.

"I’m a great leader! Things get done because I delegate effectively.” These words are powerful statements from productive executives. Have you said them recently?Are they true?

The Internal Revenue Service has released a revenue procedure dealing with the tax effects on securitized mortgages that have been modified to avoid foreclosures.

Section 7216, a part of the Internal Revenue Code since 1971, imposes criminal penalties on tax return preparers who knowingly or recklessly make unauthorized disclosures or uses of information furnished in connection with the preparation of an income tax return.A violation of the section is not to be taken lightly — it comes with a penalty of up to a year’s imprisonment or a fine of not more than $1,000, or both.

Rep. Charles Rangel, D-N.Y., chairman of the House Ways and Means Committee, has introduced a bill to extend tax credits and deductions that expired last year or would expire at the end of this year, including tax incentives for renewable energy.

The Senate Finance Committee held hearings on tax reform for individuals, the latest in a series of hearings on tax reform.

The alternative motor vehicle credit is difficult for the Internal Revenue Service to administer because of complex tax laws, according to a new report.

A group promoting pastors’ First Amendment rights has announced an initiative to challenge the ban on endorsements of political candidates by tax-exempt organizations.

Internal Revenue Service Commissioner Douglas Shulman promised to continue enforcement efforts against tax shelters and provide clearer tax guidance.

The House has passed housing legislation to help homeowners threatened by foreclosure, including tax benefits to sweeten the package.

The Treasury Department paid out an additional 22.18 million economic stimulus payments, or tax rebates, to American households last week, for a total of $20.138 billion.

The Nebraska Board of Public Accountancy has launched a service to enable CPAs and CPA firms to renew their licenses via the Web.

Much of the excess tax collected by the Internal Revenue Service from businesses for telephone excise taxes is not being claimed or refunded, according to a new report.

The New York State Senate has agreed to suspend the gasoline tax for the summer, as the topic continues to be the talk of presidential candidates.

The Justice Department has sued a South Holland, Ill., tax preparer and her company to bar them from preparing tax returns, claiming they are responsible for more than $12 million in tax losses for the government.

A new poll shows that most Americans don't want state or federal tax agencies to prepare their taxes.

Senate Democrats have proposed legislation that would roll back $17 billion in tax breaks for oil and gas companies and impose a 25 percent windfall profits tax on the companies.

The Internal Revenue Service's Electronic Crimes Program needs to have more controls in place, says a new report.

The New York State Society of CPAs plans to hold its 29th Annual New York CPA Business & Technology Show & Conference on May 14 and 15 at the New York Hilton Hotel, featuring Tracy Byrnes of Fox Business News and IRS Special Agent Mike Minto as speakers.

The Tax Court issued an unusually stern rebuke to the Internal Revenue Service in a case it decided last week involving a huge group of tax shelter defendants.