Tax practice

The U.S. has signed six more intergovernmental agreements with a half dozen jurisdictions, including several traditional offshore tax havens, to implement the Foreign Account Tax Compliance Act, or FATCA.

Last tax season marked an increasing level of noncompliance by tax preparers with the Internal Revenue Service’s due diligence reporting requirements for the Earned Income Tax Credit, according to a new report reviewing the IRS’s performance during the delayed tax season.

CCH, a part of Wolters Kluwer, has released the 2014 edition of its U.S. Master Tax Guide.

The Internal Revenue Service announced today that the 2013 tax season will start on January 31, and encouraged taxpayers to e-file or use the Free File service to get their refunds more quickly.

Although federal law prohibits agencies from contracting with businesses that have unpaid federal tax liabilities, more than 1,100 vendors doing business with the IRS owe a combined $589 million in federal tax debt.

When it comes to next tax season, tax preparers’ biggest concerns all revolve around lateness.

The Internal Revenue Service has issued guidance on in-plan Roth Individual Retirement Account rollovers, that is, rollovers within a retirement plan to designated Roth IRAs in the same plan.

The Internal Revenue Service has issued guidance on the application of rules in the Tax Code relating to health savings accounts and flexible spending accounts to same-sex couples in the aftermath of the Supreme Court’s landmark decision earlier this year striking down the Defense of Marriage Act.

The Internal Revenue Service announced the selection Tuesday of three new members and a chairperson of the IRS’s Electronic Tax Administration Advisory Committee.

KPMG is predicting a dozen key tax issues that will be confronting businesses next year, including the taxation of cloud-related activities, base erosion and profit shifting in multinational corporations, and the far-reaching consequences of the Foreign Account Tax Compliance Act.

The owner of a New Jersey tax preparation business has pleaded guilty to charges of preparing fraudulent tax returns for his clients.

Raoul Weil, the former head of UBS AG’s global wealth management business accused of conspiring to help Americans evade taxes, may help U.S. prosecutors rather than go to trial, according to lawyers following the case.

As 2013 recedes in the rearview mirror, it is understandable that tax professionals look to the road ahead regarding taxes and Washington.

John Koskinen, a 74-year-old multimillionaire with a resume full of accomplishments, is about to get the thankless career-capping job of running the IRS after the Senate Finance Committee approved his nomination Friday.

Robert A. Rizzo, who for years was the top administrator in the City of Bell and who became a symbol of municipal corruption, has agreed to plead guilty to federal charges in a scheme that resulted in hundreds of thousands of dollars in unpaid federal income tax.

The House passed the first bipartisan U.S. budget in four years yesterday, clearing the way for final Senate passage next week to ease $63 billion in spending cuts and avert another government shutdown.

As we come down to the wire for the beginning of busy season, it’s important to review some of the things we may already know, or think we know, about reporting and filing requirements.

The Information Reporting Program Advisory Committee has released its annual report for 2013, including numerous recommendations to the IRS commissioner on new and existing issues in tax administration.

Tax practitioners will be charging more this year for tax preparation, according to an annual survey by the National Society of Accountants.

President Barack Obama’s nominee to run the Internal Revenue Service said it’s not a high priority to create tax returns that already include information that taxpayers would check, complete and send to the agency.