Tax practice

Thomson Reuters has released a special report highlighting key provisions of the Affordable Care Act that employers, accounting firms and other professionals should understand to avoid tax penalties.

H&R Block reports that its revenues for the fiscal year ended on April 30 rose $118 million (4.1 percent), to slightly more than $3 billion.

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

The House passed a pair of bills Thursday to provide tax breaks to businesses.

Facing a series of budget cuts in recent years, the Internal Revenue Service is being urged to set a long-term strategy and use return on investment data to better manage budget uncertainty and set priorities at the agency, in a new report from the Government Accountability Office.

The Internal Revenue Service has issued a revenue procedure providing safe harbors for applying the general welfare exclusion to Indian tribal government programs.

Thomson Reuters has introduced Checkpoint Catalyst, the latest generation of its online tax research system.

The Internal Revenue Service has issued final regulations that modify the standards governing written tax advice and update related provisions.

The Internal Revenue Service issued a ruling yesterday clearing the way for institutional investors to seek changes to incentive fees assessed by hedge funds, which may make it cheaper for them to invest in such offerings.

The Internal Revenue Service has adopted a "Taxpayer Bill of Rights" that it said would become a cornerstone document to provide the nation's taxpayers with a better understanding of their rights.

The Tax Court, in a division opinion, has concluded that a Finnish employee of the Finnish Mission to the United Nations waived her treaty right to exclude income from a foreign government from taxation, because she had become a permanent resident of the U.S.

A temporary tax holiday for U.S. companies to repatriate offshore profits would cost the government $95.8 billion in revenue over a decade, said the Joint Committee on Taxation, Congress’s nonpartisan scorekeeper.

Former BDO Seidman LLP Vice Chairman Charles Bee’s cooperation with prosecutors in a $1 billion tax fraud probe didn’t spare him from prison, as a judge, citing the magnitude of the crime, sentenced him to 16 months.

When an individual receives a Schedule K-1 from a partnership reflecting a loss, there are several things to consider before deciding if the loss can be deducted. In order to determine deductibility, a partner's basis and at risk limitations need to be evaluated.

Amid continuing gridlock in Congress that has held up agreement between Democrats and Republicans on tax reform, the leaders of the Senate Finance Committee outlined a series of hearings this summer aimed at moving forward on the effort.

More than 70 percent of Fortune 500 companies booked their profits to offshore tax havens in 2013, with just 30 companies accounting for 62 percent of money in tax havens, according to a new report.

A former Internal Revenue Service employee has been sentenced to four years and nine months in prison in connection with a tax fraud and identity theft scheme.

Bank Leumi Le-Israel Ltd. said it’s in advanced talks to settle a U.S. investigation into whether it helped Americans evade taxes, in a deal that two people familiar with the matter said won’t include a guilty plea.

The U.S. Supreme Court turned away a Wells Fargo & Co. unit’s bid for as much as $148 million in tax refunds, leaving intact an Internal Revenue Service victory in a corporate tax-shelter case.

As this year’s hurricane season starts, the IRS is reminding individuals and businesses to safeguard their records against natural disasters.