Practice management

Highlights of some of our favorite tax-related blogs from the past week.

Currently designated empowerment zones, areas where employers and other taxpayers can qualify for certain tax incentives, will remain in place at least through the end of this year.

The Electronic Tax Administration Advisory Committee issued its annual report Wednesday, with recommendations calling on the Internal Revenue Service to expand its electronic filing efforts and digital strategy, and to offer end-to-end capabilities on online accounts for both taxpayers and tax professionals.

House Speaker Paul Ryan unveiled a long-awaited proposal to repeal Obamacare and replace it by providing tax credits to help people buy insurance, letting them purchase coverage across state lines, and providing $25 billion for state-run high-risk pools to aid people priced out of coverage.

Clients often seek counsel from their accountants and financial planners regarding proper life insurance coverage, especially when a policy might be used to secure family income or protect financial assets.

The Internal Revenue Service is missing out on imposing approximately $21.6 million in penalties on taxpayers who are denied entry or withdraw from its Offshore Voluntary Disclosure Program, according to a new report.

The tax man cometh for some of the richest money managers in the U.S. They’ve had eight years to dream up a dodge. So far, no luck.

Before he became the top U.S. tax collector and the target of an unprecedented Republican-led impeachment drive, John A. Koskinen majored in physics, guided the country through the “Y2K” problem and ran a foundation that promotes youth soccer.

Enabling your startup clients to set up a successful accounting function involves both an understanding of their needs and the ability to tailor relevant solutions to meet those needs.

The Internal Revenue Service has issued a notice offering additional transition relief for employers claiming the Work Opportunity Tax Credit.

A roundup of our favorite recent tax fraud cases.

The IRS has issued a consumer alert about possible fake charity scams in the wake of last weekend’s mass shooting in Orlando, Fla.

The Internal Revenue Service has created a special procedure to let taxpayers whose property or funds were seized in a “legal source” structuring cases get their assets returned.

Along with establishing a good work ethic and building time and financial management skills, a summer job also means learning about the obligatory duty of paying taxes. Here are some tips for tax clients from Abigail Schaffer, a staff accountant at Kessler Orlean Silver & Co.

The Internal Revenue Service has released new guidelines on how wrongfully incarcerated taxpayers can take advantage of a new retroactive exclusion from income for any civil damages, restitution or other monetary award that they received in connection with their incarceration.

German Finance Minister Wolfgang Schaeuble said a fresh proposal for a 10-nation European financial transaction tax was a “small step” forward, though doubts remain that a deal can be reached.

This may be the last time you see a reminder that the FBAR (Report of Foreign Bank and Financial Accounts) filing deadline of June 30 is fast approaching. That’s because, beginning in 2017, the annual FBAR filing will coincide with the April 15 income tax filing deadline.

Whenever I meet a new accountant, I always ask them, “Does your firm have a department specializing in Space Accounting?” It is surprising to me when they respond with expressions of confusion and bewilderment.

Publicly available data on e-filed 990s will now be available in a machine-readable format through Amazon Web Services, the IRS announced.

Sharing of information on business taxes by state tax authorities could improve business tax compliance, according to a new study.