Tax practice

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.

Twenty-six percent of employers offering health benefits could be subject to the Affordable Care Act’s tax on high-cost health plans, also known as the “Cadillac plan” tax, in 2018 unless they make changes to their plans, according to a new analysis.

The owner of Mystic Pizza, the Connecticut pizzeria made famous by the 1988 Julia Roberts movie of the same name, has been sentenced to over a year in prison on charges of tax evasion and structuring cash transactions.

Tax prep software vendors on what's coming up, from the threat of DIY to the promise of the cloud

Congress has passed a variety of tax provisions so far in 2015

The Georgia Society of CPAs recently met with officials from the Georgia Department of Revenue at the GSCPA’s Learning Center to discuss several issues affecting tax practitioners and their clients.

The Internal Revenue Service is sending letters to taxpayers who received advance payments of the premium tax credit in 2014, but who have not yet filed their tax returns.

Congressional stalling on tax reform, currency fluctuations and mixed signals from the Federal Reserve on an interest-rate hike are making strategic planning difficult for CFOs, according to a new survey by Grant Thornton.

A group of law firms has filed a class-action lawsuit against the Internal Revenue Service on behalf of an estimated 330,000 taxpayers who were affected by a data breach in the IRS’s online Get Transcript application.

The Internal Revenue Service has filed tax liens totaling more than $4.5 million against the rapper T.I., whose real name is Clifford Harris, and his wife “Tiny,” singer-songwriter Tameka Cottle.

Leaders of the Senate Finance Committee sent a letter Monday to four federal service centers asking for clarification on reporting practices for federal employees’ wage and tax statements to the Social Security Administration and state tax agencies in order to safeguard against tax-related identity theft.