Tax practice

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.

The Internal Revenue Service’s delays in processing taxpayer correspondence are lengthening, leading to delayed tax refunds and bigger interest payments from the IRS, according to a new report.

The Internal Revenue Service has temporarily suspended the Identity Protection PIN tool on its website after security vulnerabilities were discovered in the service, which is intended to help victims of identity theft.

The Internal Revenue Service needs to improve the management of its backup and restoration process, according to a new report.

Senator Bernie Sanders’s proposals for sweeping tax hikes on businesses and individuals to bankroll universal health care, infrastructure and free college tuition would raise $15.3 trillion over the next decade but “substantially reduce incentives to save and invest in the United States,” according to a new policy study.

Ohio Governor John Kasich and his wife Karen paid about $1.3 million in federal taxes on the adjusted gross income of $5.1 million that they earned over a seven-year period, according to documents released by the Republican presidential candidate’s campaign.

A roundup of our favorite recent tax fraud cases.

Facebook Inc. will stop routing advertising sales of its largest U.K. clients through Ireland, increasing its British tax bill by millions of pounds in a bid to improve transparency after facing criticism on tax avoidance.

Democratic presidential candidate Hillary Clinton proposed rescinding tax relief and other incentives retroactively for U.S. companies that move jobs and operations overseas.

The American Institute of CPAs is asking the Treasury Department to provide tax relief to the cross-border savings accounts of U.S. and Canadian citizens.

Check out the digital edition of the March 2016 issue of Accounting Today.