Tax practice

The feds aren’t the only ones taking measures to protect taxpayers

Sales tax technology vendors have been expanding their efforts to help small and midsize businesses cope with the dizzying array of tax rates and rules across states, localities and countries.

College hoops fans will be filling in their brackets this month for the March Madness betting, but many may not be aware of the tax rules surrounding gambling wins and losses. The Illinois CPA Society has some tips from the pros who know how to make the layups.

Former billionaire entrepreneur Samuel Wyly is “stiffing” his creditors by attempting to shield $249 million in offshore annuities and a $12 million Texas mansion in his bankruptcy, federal regulators told a judge.

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

Federal income tax refunds totaling $950,349,000 are waiting for an estimated 1 million taxpayers who did not file a federal income tax return for 2012.

The Internal Revenue Service plans to strengthen its controls over the accounting for the Premium Tax Credit, which helps subsidize health insurance premiums under the Affordable Care Act, after a government watchdog found discrepancies of $447 million.

The Internal Revenue Service has issued guidance on the tax treatment of litigation costs and attorney fees, particularly when there is pro bono representation.

Florida Senator Marco Rubio notched a personal best for earnings in 2012 as he and his wife, Jeanette, recorded almost $930,000 in taxable income—helped by $800,000 that a publisher paid for his best-selling autobiography.

The Internal Revenue Service will be making some changes in the due dates next year for several types of business tax returns, which should give accountants a little extra breathing room.

The American Institute of CPAs recommended the Treasury Department and the Internal Revenue Service make a number of changes to improve the Offshore Voluntary Disclosure Program and the Streamlined Filing Compliance Procedures that allow U.S. taxpayers to voluntarily disclose previously unreported offshore assets and comply with U.S. tax laws.

Tax workflow headaches are abundant, but the investment in technology solutions to improve the annual stressors is traditionally a low priority.

The Tax Foundation has released an updated report on sales taxes throughout the states in 2016, indicating where the highest and lowest state and local sales tax rates are across the country.

The Internal Revenue Service is looking for comments on the new partnership audit rules that was enacted as part of Congress’s budget deal last December.

The Department of the Treasury has approved 32 new members to serve on its nationwide Taxpayer Advocacy Panel.

A pair of lawmakers on the tax-writing House Ways and Means Committee have introduced bipartisan legislation to provide a tax credit for caregiving expenses.

The Internal Revenue Service is seeking to force UBS Group AG to turn over records on an account in Singapore held by a U.S. citizen, potentially opening a new front against offshore tax evasion beyond Switzerland.

There are really two tax seasons every year, marked by two very different attitudes.

The U.S. Supreme Court turned away appeals from three financial-services companies that sought to save a total of $1.5 billion by using a tax-avoidance strategy designed by Barclays Plc.

A group of mostly conservative public policy organizations have sent a letter to members of the House of Representatives asking them to oppose legislation that would require licensing of paid tax preparers.