Tax practice

The IRS has selected six new members for its Internal Revenue Service Advisory Council and seven new members for its Information Reporting Program Advisory Committee.

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

President Obama introduced a new retirement savings vehicle that he called a “MyRA” in his State of the Union address on Tuesday evening, and the White House has followed up with more details on Wednesday about it.

Rep. Lloyd Doggett, D-Texas, has introduced legislation to limit tax write-offs for executive bonuses to $1 million per employee.

While President Obama mentioned taxes a number of times in his State of the Union speech last night, the details were scant.

The Internal Revenue Service has generally been able to identify potentially improper claims for Small Business Health Care Tax Credits by tax-exempt organizations and subject them to further review, but improvements are still needed to ensure the claims are being caught in time, according to a new government report.

Track1099 has added several new forms to its 1099-MISC e-filing and e-delivery product, and released a new mobile app.

President Barack Obama proposed a series of actions to deal with economic issues ranging from the minimum wage to tax reform and student loan debt during his State of the Union address on Tuesday evening.

PricewaterhouseCoopers is anticipating that Super Bowl XLVIII will generate over $210 million in direct spending in the New York and New Jersey area, though the revenue generated by the Super Bowl and other pro football activities is leading some to question the NFL’s nonprofit, tax-exempt status.

The Ending Subsidies for Yachts Act, barring the tax deduction for new mortgages on boats, is pushed by two Democrats in the Republican-led House, Representatives Mike Quigley of Illinois and Tim Walz of Minnesota.

The Internal Revenue Service has posted a final version of the form for computing the 3.8 percent Net Investment Income Tax that was mandated as part of the Affordable Care Act.

The New York State Department of Taxation and Finance said Monday it has begun issuing the first income tax refunds of 2014 for taxpayers who used an online free tax service provided by the state.

One-third of Swiss banks offered amnesty by the U.S. for helping Americans evade taxes have applied for the program, a federal prosecutor stated at a Jan. 25 conference, according to three lawyers.

Ten years ago, Congress passed a law intended to penalize chief executive officers whose companies shift their legal addresses to tax havens.

The National Society of Accountants is worried about the impact of the budget cuts on the Internal Revenue Service’s ability to send out tax refunds and help taxpayers, and is sending a letter to the chairman of the House Financial Services and General Government Appropriations Subcommittee to outline its concerns.

Some of our favorite recent tax fraud cases.

Here is a one-question multiple choice quiz for all return preparers.

The Internal Revenue Service plans to send expiration letters next week to tax practitioners who have not renewed their Preparer Tax Identification Numbers for 2014.

A Southern California real estate agent who promoted a popular tax fraud scheme has been convicted of filing false claims.

The Internal Revenue Service has modified the procedures for obtaining its automatic consent to make certain changes in the methods of accounting for amounts paid to acquire, produce or improve tangible property.