Tax practice

Officials from the Treasury Inspector General for Tax Administration told a congressional hearing that a number of backup tapes from Lois Lerner, the former director of the IRS’s Exempt Organizations unit, had been erased and they were unable to recover thousands of her old emails.

The owners of hedge fund-backed reinsurers, including one tied to John Paulson, could have to pay more taxes or shift their focus under a bill introduced by Senator Ron Wyden to counter what he called abuses by offshore companies.

U.S. lawmakers are exploring a new corporate tax break that would benefit companies already adept at avoiding taxes.

The King v Burwell decision by the Supreme Court, while leaving the status quo unchanged, nevertheless has elicited statements ranging from seasoned analysis to partisan diatribes on both sides of the issue that was litigated.

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

Senate Finance Committee ranking member Ron Wyden, D-Ore., has introduced legislation aimed at preventing offshore tax avoidance by some U.S. hedge fund “reinsurers.”

A pair of Democrats in the Senate and House have introduced legislation to end the tax break for carried interest that benefits hedge fund managers, private equity firm partners and venture capitalists.

The Practising Law Institute has released the Foreign Account Tax Compliance Act Answer Book 2015, a new Q&A guide that provides information on FATCA.

The Supreme Court, in a 6-3 decision, has upheld the tax subsidies under the Patient Protection and Affordable Care Act.

Last week, Rand Paul said he wanted to blow up the tax code. Next week, he could be suing the tax man.

By taking the time to plan for next year’s tax season during the off-season, you will be more prepared, more capable, and less frantic.

The Internal Revenue Service is preparing for its 2015 IRS Nationwide Tax Forums across the country this summer.

Wolters Kluwer Tax & Accounting US has introduced the CCH International Tax Compliance Calendar, an interactive tool that delivers key deadline dates to tax professionals for up to 112 tax jurisdictions around the world.

The Internal Revenue Service awarded $18.8 million in contracts to 17 corporations with federal tax debt during fiscal years 2012 and 2013 despite a legal prohibition from doing business with corporations that owe back taxes, according to a new government report.

The Tax & Accounting business of Thomson Reuters has debuted a new video interview series, Tax Talk, in which reporters talk with leaders in the world of tax and finance.

Heather Maloy, the commissioner in charge of the IRS’s Large Business & International Division, plans to join Ernst & Young’s National Tax Department as tax controversy leader.

The Supreme Court of the United States is expected to rule by the end of June on the latest challenge to the Affordable Care Act in the case of King v. Burwell.

Fantasia Barrino, the Grammy-nominated R&B singer who won American Idol in 2004, is reportedly facing a tax lien for nearly $100,000 from the Internal Revenue Service.

Liberty Tax Inc. reported that the total number of customers it served in the U.S. and Canada grew by 2.1%, to 2.2 million, in fiscal 2015. Revenue increased 1.6%, to $162.2 million.

Since its passage in 2010 with a number of deferred tax provisions, the Affordable Care Act has been a fertile source for new items of tax interest almost every year.