Tax planning

As governments desperately seek all kinds of additional revenue, senior business professionals see the increased possibility of an audit by taxing authorities as the most significant tax risk facing their organizations today, according to a new survey.

Washington, D.C.-The Internal Revenue Service has decided not to renew its contracts with two private debt collection agencies.The IRS said that the decision came after an extensive review of the controversial program. A provision to end the private debt collection program was inserted into the omnibus spending bill that is currently before the Senate.

The Internal Revenue Service should determine whether using tax software creates any security and compliance risks, recommended the Government Accountability Office in a new report.

Two former KPMG managers received prison terms and multimillion-dollar fines in a long-running tax shelter case.

Victims of severe flooding in Minnesota and North Dakota have an extra 30 days, until May 15, to file their 2008 individual tax returns and pay any taxes due.

Both the House and Senate approved the Democrats’ version of a $3.5 trillion budget plan for fiscal year 2010, but without a single Republican vote.

Practical Accountant magazine has released its 16th annual survey of the top regional accounting firms across the U.S.

The first U.S. client of Swiss bank UBS has been arrested on tax evasion charges by federal authorities, and he’s an accountant.

Lawmakers at a congressional hearing Wednesday pressed Internal Revenue Service Commissioner Douglas Shulman to ease up on audits of small businesses.

CCH has introduced IntelliConnect, the next generation of its widely used online information service, Tax Research NetWork.

Just in time for the G20 economic summit in London, the U.S. Treasury Department has signed a tax information exchange agreement with the government of Gibraltar.

As the tax deadline looms in two weeks, the Association of Chartered Certified Accountants has some advice for businesses and individual taxpayers.

Tax evaders beware. Pittsburg State University students are coming to get you.

The Internal Revenue Service has begun spreading the word about a special incentive for taxpayers to buy a new car this year: a hefty deduction next year.

Secretary of Health and Human Services nominee Kathleen Sebelius became the latest prospective Cabinet member to run afoul of the Tax Code after she admitted to recently paying $7,040 in back taxes and $878 in interest.

The Treasury Department has opened its ballyhooed Web site that will allow ordinary citizens to keep an eye on efforts to stabilize the financial system.

In order to include provisions in the recently enacted American Recovery and Reinvestment Act of 2009, the Tax & Accounting business of Thomson Reuters has updated its Planner CS program.

The Congressional Research Service has found that both the Senate and House bills that seek to tax bonuses paid to employees of entities receiving assistance from the federal government under the Economic Stabilization Act of 2008 may have constitutional problems.

President Barack Obama has nominated a California professor, Helen Elizabeth Garrett, as his Assistant Treasury Secretary for Tax Policy.

An Internal Revenue Service employee has been charged with illegally accessing IRS computers to obtain information on taxpayers and filing false tax returns in their names.