Tax practice

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.

Some of our favorite recent tax fraud cases.

Once again this year you can bring your toughest unresolved IRS case to resolution specialists at IRS Tax Forums.

Tax rules continuously change, but the specific tax matter here is not what’s important. What is important is the process.

The Treasury Department’s Community Development Financial Institutions Fund plans to distribute $3.5 billion in New Markets Tax Credit awards to revitalize low-income communities.

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

Beyond opening a lemonade stand, many tax preparers who haven’t yet grown their business into a full-service accounting practice are used to seeing their income dry up during the hot summer months.

The Internal Revenue Service has released the spring 2014 edition of its quarterly Statistics of Income Bulletin, with statistics up through 2011 indicating there are still people who earn over $200,000 a year who pay no federal income taxes, although the number of them has been decreasing.

American Citizens Abroad has created a U.S. Tax Return Preparers Directory that focuses on tax preparers who have experience with the international tax issues faced by U.S. expatriates.

In an annual review, only two IRS violations of Fair Tax Collection Practices were discovered, according to a recent report.

The Treasury Department and the Internal Revenue Service released two regulations Tuesday, one temporary and one proposed, that revise research tax credit election rules and make it simpler for taxpayers to take advantage of the tax benefit offered by the credit.