Tax practice

H. Ty Warner, the billionaire creator of Beanie Baby plush toys, asked a judge to give him probation, not prison, for evading taxes on secret Swiss accounts that held as much as $107 million.

An additional tax of 10 percent is charged on premature withdrawals from a qualified retirement plan, SIMPLE plan or IRA. The additional tax is 10 percent of amounts withdrawn that are includible in gross income. The rules and exceptions are intricate enough that they don’t need to be complicated by things like fraudulent withdrawals by a soon-to-be former spouse. But that’s what happened to Andrew Roberts, whose wife withdrew funds from his IRAs without his knowledge.

The Internal Revenue Service has issued a revenue procedure providing a safe harbor to those who invest in renovations of historic commercial buildings, addressing concerns stemming from a 2012 appeals court decision that upset users of historic tax credits, or rehabilitation credits.

The Internal Revenue Service is giving organizations that have had their tax exemptions revoked because they failed to file a tax return a way to revive their tax-exempt status.

A recent ruling by the U.S. Tax Court holds a costly reminder about the consequences of making inappropriate transactions within a client’s IRA.

The owner of a New Jersey tax preparation service was sentenced to 18 months in prison for willfully preparing false tax returns for his clients.

IRS issues final and proposed regs on new Medicare taxes

A roundup of tax news from the previous month

The rejection of Amazon's appeal brings online sales tax that much closer

Well over half of tax preparers in a recent survey said that they expect to generate more revenue in the coming tax season than they did last year.

While a recent survey found that tax preparers across the country intend to universally raise rates for this coming season, why they’re raising them -- and by how much -- varies widely depending on a range of factors.

A federal appeals court has ruled against the founder of Buy.com in a case involving a tax shelter set up for him by KPMG.

The Internal Revenue Service has approved New York State’s contract with PSEG Long Island while allowing the power company to retain its tax-exempt status.

The U.S. Tax Court has ruled against a business student who tried to deduct the cost of tuition for his Masters of Business Administration program, a case that could have major implications for other MBA students who hope to make their tuition more affordable.

Deborah Barrett, a 57-year-old accounting manager in Newport, R.I., is one of an estimated 1.3 million unemployed workers who will lose their unemployment benefits on December 28 because Congress failed to extend the Emergency Unemployment Compensation program.

The Internal Revenue Service is urging individuals and businesses that are making contributions to charity to keep in mind several important tax law provisions that have taken effect in recent years. Accountants can pass along the advice to their clients who are making charitable contributions that they can claim on their taxes next year.

The Internal Revenue Service is warning tax preparers who do not send a Form 8867, “Paid Preparer’s Earned Income Credit” Checklist,” with the tax returns they file for clients who claim the Earned Income Tax Credit that they are subject to a $500 penalty per return.

Starting in the New Year, the Internal Revenue Service plans to increase the processing fees for installment agreements and offers in compromise, in addition to other payment arrangements.

Beginning on January 1, the Internal Revenue Service plans to limit the number of e-file signature authorization documents for filing Form 1041 estate and trust tax returns to a single 1041 return rather than multiple returns.

The Internal Revenue Service plans to transition more of its services for taxpayers to online, automated self-service options next tax season to save money and manpower.