Practice management

The Internal Revenue Service still doesn't have the authority from Congress to correct billions of dollars in erroneous claims for the Earned Income Tax Credit despite recent legislation, according to a new report.

The Internal Revenue Service needs to enhance its internal control over financial reporting, according to a new report from the Government Accountability Office.

Although the initial flurry of publicity surrounding the leak of the Panama Papers has subsided somewhat, the release serves as a reminder that there’s a real problem for taxpayers still holding offshore accounts that they haven’t reported, according to Ivan Golden, an attorney at Schiff Hardin LLP.

Thomson Reuters has released a new version of its ONESOURCE Operational Transfer Pricing software that uses big data technology to automate, track and analyze the transfer pricing process.

The American Institute of CPAs has sent more than 160 recommendations to the Internal Revenue Service regarding on the items to include on the agency’s 2016-2017 Guidance Priority List.

The European Union, locked in a tax battle with the likes of Apple Inc. and McDonald’s Corp., laid down the law in its bid to rein in governments that woo multinationals with special fiscal deals allowing them to reduce their fiscal liability by booking profits abroad.

The Internal Revenue Service has released final regulations for disbursements from Roth individual retirement accounts, removing the allocation rule for disbursements from designated Roth accounts to multiple destinations.

Sen. Ron Wyden, D-Ore., the ranking Democrat on the Senate Finance Committee, released a legislative discussion draft Wednesday to lay the groundwork for tax reform in the area of financial derivatives.

Donald Trump claimed income of more than $557 million over the last year, though the campaign provided few details on the sources of the money.

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

Auditors face numerous challenges when it comes to helping clients understand financial reporting issues related to accounting for intangible assets acquired in a business combination.

The Senate Finance Committee held a hearing Tuesday on integrating the corporate and individual tax codes, specifically in terms of allowing corporations to deduct the dividends they pay shareholders from their taxes.

The Tax Court has decided in favor of a taxpayer who insisted her hair-braiding business was not a hobby.

A man who claimed to have stolen former Presidential candidate Mitt Romney’s tax returns from PricewaterhouseCoopers and threatened to expose them has been convicted on extortion and fraud charges.

Rep. Sander Levin, D-Mich., the ranking Democrat on the House Ways and Means Committee, introduced legislation to limit two tax strategies used by some foreign-controlled U.S. multinational corporations, known as “hopscotching” and “de-controlling.”

Timely and meaningful access to the Internal Revenue Service is what is most important to taxpayers and tax preparers, according to Troy K. Lewis, chair of the American Institute of CPAs’ Tax Executive Committee.

The House passed bipartisan legislation Monday to prevent taxpayer identity theft and help victims whose tax refunds have been stolen by identity thieves. The bill was co-sponsored by a CPA turned lawmaker whose own identity was stolen last tax season.

The CPA Consultants’ Alliance has published a new book to help the CPA profession close the divide between current and emerging leaders.

Someone has to be the boss. When the founder is active, he or she is usually the boss. There are exceptions, but I want to talk about parents who step aside to have their children run the business, particularly where there is more than one child working in the business.

U.S. companies are paying among the highest corporation taxes in the world at a rate well above the global average, according to a new study by the accounting and consulting firm network UHY.