Tax practice

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.

Tax preparation giant H&R Block reported a loss for the second quarter due to a fall in international tax prep fees.

John Koskinen, President Barack Obama’s nominee to run the U.S. Internal Revenue Service, said at a Senate panel’s confirmation hearing that he would work to restore the public’s trust in the tax agency.

Even though the IRS has made improvements in information security, there are still weak spots in its in system access controls, audit trails, and remediation of security flaws, according to a new report.

A federal court in Georgia has dismissed a case challenging the IRS’s power to charge tax practitioners for the Preparer Tax ID Numbers, or PTINs, that they are required to have to prepare taxes professionally.

The IRS has issued its 2014 optional standard mileage rates to calculate deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The House Small Business Committee held a hearing to determine whether businesses are considered single or multiple entities under the health care reform law, and the compliance ramification for multi-owner business ownership.

Ernst & Young has published the latest edition of its annual tax guide ahead of the New Year.

The Internal Revenue Service is losing billions of dollars to fraudsters every year from stolen Employer Identification Numbers, according to a new government report, even though it has some processes in place to authenticate individuals who apply for an EIN.

More than 122 million returns were e-filed during this year in what the IRS calls a “milestone” for e-filing.

The Internal Revenue Service has taken steps to improve its management controls for technology that will help it implement the Foreign Account Tax Compliance Act, or FATCA, to improve U.S. tax compliance involving foreign financial assets and offshore accounts, according to a new report, but more work needs to be done.