Tax practice

Rep. Tom Reed, R-N.Y., has proposed to require nonprofit colleges and universities to dedicate 25 percent of their annual endowment income to financial aid. If they don’t, they could lose their tax-exempt status.

The European Union ordered Belgium to recover about 700 million euros ($762 million) in illegal tax breaks given to at least 35 companies, including Anheuser-Busch InBev NVand BP Plc, as regulators continued a crackdown on overly generous tax schemes throughout the 28-nation bloc.

Former billionaire entrepreneur Samuel Wyly told a federal judge that he filed for bankruptcy to avoid burdening his children with a $2 billion claim by the Internal Revenue Service.

Few words strike as much fear into people’s hearts as “IRS audit.” How can you nursemaid clients through the terror of an audit notice?

Some of our favorite recent cases of tax fraud.

Tax pros share their pre-season to-do lists

An overview of the history and valuation methods for S Corporations.

Our weekly roundup of tax-related investment strategies and news your clients may be thinking about.

Victims of recent storms in Mississippi have until May 16 to file returns and pay any taxes due, the IRS said.

Last year's income tax season was marked by an explosion of refund theft. Will this year be any different?

The Minnesota Society of Certified Public Accountants recently surveyed its CPA members in public accounting on the most outrageous tax deductions clients tried to take on their tax returns. The resulting list shows that, more often than not, clients just don’t know which deductions are allowed.

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

The Internal Revenue Service is giving educational institutions a pass if they fail to include the correct taxpayer identification number on a student’s tuition statement form.

Having played golf once in my life during my days at Ft. Bragg, N.C., I’m not exactly an avid golfer. But as two golf courses in North Carolina discovered last month, it’s getting tougher for them to successfully claim a charitable contribution deduction for a conservation easement.

TaxAct has released the 2015 Preparer’s Editions of its tax preparation software.

The Internal Revenue Service has dropped a proposed regulation giving tax-exempt organizations the option of providing the Social Security Numbers of their donors.

Former billionaire entrepreneur Samuel Wyly’s “difference of opinion” with the Internal Revenue Service could turn an offshore fortune into an onshore fraud if the agency gets its way.

The Swiss bank used by the convicted con man known as “The Wolf of Wall Street” agreed to pay almost $188 million to avoid prosecution for helping U.S. clients avoid taxes through such methods as providing untraceable gold bars and cash.

National Taxpayer Advocate Nina E. Olson released her 2015 annual report to Congress on Wednesday, focusing on her concern that the IRS may be on the verge of dramatically scaling back telephone and face-to-face service it has provided for decades.

Some of our favorite recent tax fraud cases.