Practice management

The Senate passed a bill that would keep the alternative minimum tax from spreading to 23 million taxpayers, but without including any of the offsetting revenue-generating provisions included in a version of the bill passed last month by the House.

Defying a veto threat from the White House, the House passed legislation that would encourage the use of renewable energy, raise automobile fuel efficiency standards and increase taxes on major oil and gas companies, but the measure promptly stalled when it reached the Senate.

The Internal Revenue Service auctioned off 21 lots of exotic animals, including tarantulas, pythons, wallabies and chinchillas, after seizing the assets of a group called the Living Science Foundation that fell behind in its tax payments.

The Internal Revenue Service's Office of Professional Responsibility said it has settled a case involving two attorneys and a $31 million bond issuance in Spokane, Wash.

The Tax Court issued a summary opinion acknowledging that a woman who owned a trucking business took her slot machine playing seriously enough to qualify her as a professional gambler.

The Internal Revenue Service issued a revenue procedure that describes the conditions under which changes to certain subprime mortgage loans will not cause the Internal Revenue Service to challenge the tax status of certain securitization vehicles holding the loans.

Private sector employment increased by 189,000 in November, according to a report by payroll processor ADP, which sent stocks sharply higher on Wednesday.

Tax pros have their own rituals for getting ready for tax season, including checking supplies, test-driving software, training staff, sending out organizers, and wrapping up year-end planning tips for their clients.

Senate Finance Committee Chairman Max Baucus, D-Mont., and House Ways and Means Committee Chairman Charles Rangel, D-N.Y., unveiled a $21 billion package of energy tax legislation that Congress will consider this year, although opposition is expected from the White House as the bill would raise taxes on major oil and gas producers.

Those who regularly read the Revenue Enhancers department in Practical Accountant are familiar with the Outside the Box section written by Jeff Stimpson. For those who aren’t, here’s a flavor.

The Internal Revenue Service and the Treasury Department issued a notice that allows taxpayers to make corrections for operational failures in complying with rules for nonqualified deferred compensation, but only when the failures are unintentional.

The National Association of Enrolled Agents is calling on the Internal Revenue Service to look into problems with the timing of its correspondence audits of taxpayers.

Tax pros have their own rituals for getting ready for tax season, including checking supplies, test-driving software, training staff, sending out organizers, and wrapping up year-end planning tips for their clients.

Mark Everson, the former Internal Revenue Service commissioner, has been ousted by the American Red Cross board as its president and CEO after the organization learned of a relationship with one of his employees.

YellowPages Corp. has launched an online directory listing of accountants at AccountantYellowPages.com.

The Internal Revenue Service Oversight Board has sent a letter to the leaders of the Senate Finance Committee saying it is "gravely concerned about the serious risks to the 2008 filing season" if legislation to change the alternative minimum tax is delayed much longer.

The Internal Revenue Service has issued the optional standard mileage rates for calculating the deductible costs next year of operating an automobile for various purposes.

Presidential candidate Fred Thompson issued a tax plan that would give taxpayers the option of choosing a simplified flat tax.

AccountantsWorld has teamed up with ExpertPlan to help accountants provide retirement-planning services to clients.

WebCPA presents a free online session discussing various facets of philanthropy and its potential benefits for accountants.