Tax practice

Puerto Rico is struggling under $72 billion in debt that is forcing the territory to make some tough choices.

Liberty Tax Inc. reported a net loss for its fiscal first quarter ended July 31 of $8.5 million, unchanged from the prior year.

A California CPA has admitted to abusing his positions at a worship center in New Jersey and a nonprofit in California to steal more than $4 million.

The Internal Revenue Service’s processing of tax returns that reported or claimed Premium Tax Credits during the 2015 filing season was challenged by delays in receiving data from some health insurance marketplaces and exchanges, and overpayments of Advance Premium Tax Credits, according to a new government report.

The Internal Revenue Service has proposed regulations changing the amount of the penalties for failing to include information required to be disclosed about reportable transactions.

The Internal Revenue Service did not always follow its own procedures when selling some of the property it seized for unpaid taxes, according to a new report.

The Internal Revenue Service is waiving penalties assessed against any college, university or other educational institution for Forms 1098-T that were filed with an incorrect or missing taxpayer identification number.

A selection of our favorite recent tax fraud cases.

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

The chairmen of Congress’s two main tax committees, House Ways and Means Committee chairman Paul Ryan, R-Wis., and Senate Finance Committee chairman Orrin Hatch, R-Utah, have written to Treasury Secretary Jacob Lew saying he should hold off on developing country-by-country reporting regulations for taxation of multinational corporations.

Wolters Kluwer Tax & Accounting US said it has been selected for the 11th straight year by the Internal Revenue Service to deliver its sales tax rate and taxability tables to help taxpayers across prepare their tax returns.

Accounting, tax preparation, bookkeeping and payroll services are collectively the most profitable industry in the U.S., according to a new ranking.

Billionaire Donald Trump, who built his fortune in real estate, told Bloomberg Politics this week that he wants to raise his own taxes. One way to do it is a bipartisan proposal that would blow up one of the real estate industry's favorite tax breaks.

The Senate Appropriations Committee is proposing to increase the length of the Schedule EIC for claiming the Earned Income Tax Credit, requiring taxpayers to include much the same information on self-prepared returns that paid tax preparers are required to ask them on the EITC due diligence checklist.

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

If you have discussed the idea of setting up a family limited partnership with any of your clients in the past, now might be a good time to revisit the subject.

A former Internal Revenue Service employee has been sentenced to two years and one day in prison for his role in an identity theft tax refund fraud scheme.

11 things you and your clients will want to start thinking about for next tax season

The Internal Revenue Service published statistics and reports Wednesday analyzing trends in 2012 and 2013 tax returns.

The budget deficit this year is estimated to be $426 billion, $60 billion less than projected in March, according to new estimates from the Congressional Budget Office, thanks to stronger tax revenues.