Tax practice

Ideas for tax reform abound, though the prospects are not as bright as they once were.

The Internal Revenue Service needs to make further improvements in how it audits partnership tax returns, including assessing how much additional tax the partners owe after a partnership return is audited, according to a new government report.

The National Football League’s central office will become a taxable entity, ending its tax-exempt status in a move with minimal financial effect and significant symbolic value.

Certain EAs who haven’t timely renewed their enrollment status need to do so as soon as possible:

Chicago plastics manufacturer Stefan Edlis faced more than $20 million in U.S. capital gains taxes by selling his Andy Warhol painting to billionaire Steven A. Cohen eight years ago.

A New Jersey CPA and lawyer has been sentenced to 27 months in prison for conspiring with a mortgage broker to extort and defraud police officers and other victims by falsely claiming they were the subjects of Internal Revenue Service criminal investigations that he could resolve if they paid up to $20,000.

A Miami resident has been charged with threatening to destroy the Internal Revenue Service building with either fire or a bomb.

H&R Block said Monday that two-thirds of tax filers among its client base who received health insurance coverage under the Affordable Care Act via the state or federal insurance marketplaces had to pay back an average of $729 of the Advance Premium Tax Credit, cutting their potential refund by nearly one-third.

An OECD initiative on tax evasion is causing ripples around the world

Some of our favorite recent tax fraud cases.

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

Tax issues surrounding marijuana

House Speaker John Boehner said a long-sought overhaul of U.S. corporate tax law has barely an even chance of being enacted by Congress this year, though both chambers are under Republican control.

The Clinton Foundation is reportedly planning to re-file five years’ worth of tax returns after questions arose over donations by foreign governments to the charitable foundation run by Bill, Hillary and Chelsea Clinton.

Bankrupt ex-billionaire Samuel Wyly told a judge it’s too soon for regulators to fret over what he’ll do with as much as $50 million from the planned sale of his family’s Colorado ranch, the site of six custom-built mansions.

Ontario’s government is ending tax breaks to film producers and other businesses as it looks to double savings to meet its target for a balanced budget in two years.

Rep. Bonnie Watson Coleman, D-N.J., has introduced legislation that would provide relief to low-income and economically vulnerable Americans who would otherwise be subject to wage garnishments by the Internal Revenue Service.

Hedge fund managers including billionaire John Paulson won’t immediately face new limits on their use of insurance in offshore tax havens, after the IRS proposed rules and chose not to make them effective now.

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

The American Institute of CPAs recommended to the Internal Revenue Service that the de minimis safe harbor threshold amount under the tangible property regulations for small business taxpayers without an applicable financial statement be increased from $500 to $2,500.