Tax planning

A Las Vegas man who worked as a real estate broker in Nevada since the late 1970s has pleaded guilty to felony tax evasion and impersonating an IRS agent.

The lead defendant in a nationwide $60 million tax fraud conspiracy was sentenced to more than 18 years in prison.

A case currently on appeal to the Supreme Court could affect the tax-exempt status of thousands of nonprofit health maintenance organizations.Vision Service Plan, the largest not-for-profit vision benefits and services company, was initially granted a tax exemption in 1960 as a social welfare organization under Section 501(c)(4).

Nearly a third of the income tax returns prepared by volunteer preparers for an IRS program were incorrect, according to a report by the Treasury Department's inspector general.

The Treasury's financial rescue plan includes a tax change that would allow banks to treat Fannie Mae and Freddie Mac preferred stock as ordinary losses.

The House approved the $700 billion financial industry rescue package by a 263-171 margin on Friday, after defeating it on Monday.

Congress should consider making all taxpayers reporting rental real estate activity subject to the same information reporting requirements as other taxpayers with a trade or business, according to the Government Accountability Office.

While the Treasury bailout seems to be heading toward another vote this week, the state of the alternative minimum tax patch and the various tax extenders now seems in doubt.

The Internal Revenue Service has released Notice 2008-82, which protects reservists from losing funds in their health Flexible Spending Arrangement accounts after being called to active duty.

A majority of tax and financial executives favor the research and development tax credit simplification proposed by the Senate, according to a survey by Grant Thornton.

The Internal Revenue Service plans to issue guidance on technical terminations of a publicly traded partnership resulting in multiple short tax years within one calendar year.

The House has passed a bill that includes extensions of various expiring tax credits and deductions, including the R&D tax credit and incentives for renewable energy, along with a provision equalizing the penalty standards for tax preparers and taxpayers, but its fate remains uncertain as it faces the threat of a veto.

A new Web site uses a financial modeling program to calculate a user's taxes under either of the major presidential candidates.

The House has passed a fix for the alternative minimum tax to keep it from spreading to more taxpayers next year, as well as a separate bill to provide tax relief to businesses and families affected by natural disasters.

A group advocating the First Amendment right of pastors to endorse political candidates plans to stage a protest this Sunday encouraging clergymen to defy the rules governing tax-exempt organizations.

Under pressure from Congress and the IRS, H&R Block has decided that 100 percent of its tax products and services, including its TaxCut software, will now include free federal electronic filing.

The Senate passed by unanimous consent a bill that helps more children leave foster care and join permanent families, while clarifying the definition of a child for tax purposes.

The New York State Society of CPAs plans to hold a conference next month on international accounting standards.

A study of both presidential candidates' tax plans finds that they will both reduce millions of taxpayers' liability to zero.

The Senate passed a bill that would extend expiring tax cuts, patch the alternative minimum tax for another year, provide clean energy incentives and equalize the disclosure standards for tax preparers and taxpayers.