Tax practice

Rick Ross is in deep trouble with the taxman.

With Donald Trump having aligned his tax plans with those of Congressional Republicans over the course of the campaign, his election puts the GOP in a position to enact significant changes in the nation’s tax system.

The IRS does not have enough controls in place to make sure U.S. manufacturers are properly claiming the Domestic Production Activities Deduction on their tax returns, according to a new report.

Businesses and individuals may get major tax breaks if President-elect Donald Trump can successfully meld his own tax proposals with similar ones favored by House Republicans.

Donald Trump’s surprise election Tuesday as U.S. president means the repudiation of Barack Obama’s legacy and a strong likelihood Republicans will undo many of his accomplishments, including Obamacare and trade deals, and seek tax cuts for the rich.

An index to SourceMedia's comprehensive election analysis for professionals in financial services, healthcare and technology. With coverage of more than 50 contests and ballot initiatives

Donald Trump has already done the impossible by winning the presidency, but once he takes office he may have to do so again – by finding a way to pay for the across-the-board tax cuts he promised during his campaign.

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

Businesses that want to accelerate year-end deductions by buying machinery and equipment have a formidable array of tax tools to work with this year, including generous expensing under Section 179 of the tax code. Here’s how to make the most of Code Sec. 179 expensing.

Accounting firm Marcum LLP has released its 2016 Year-End Tax Guide.

The Internal Revenue Service is opening up its detailed tax data to researchers outside the federal government who can make use of the information in their studies.

In the latter part of the year we begin conducting year-end planning meetings with clients. For the ones with children or grandchildren, invariably part of the meeting focuses on planning and saving for college and possibly graduate school expenses.

The Internal Revenue Service needs to do more to ensure taxpayers aren’t using virtual currencies like bitcoin to avoid taxes, according to a new report.

The Internal Revenue Service didn’t do enough to mitigate risks in some of its information technology contracts, according to a new report.

An emeritus professor of business administration in Rochester, New York, pleaded guilty to hiding $200 million in assets from the Internal Revenue Service by using offshore accounts at a bank that people familiar with the matter identified as Credit Suisse Group AG.

The IRS has issued an urgent alert to tax professionals who use IRS e-Services to beware of an e-mail asking them to update their accounts and directing them to a fake Web site.

Victims of October's Hurricane Matthew in parts of Virginia may qualify for tax relief, the IRS said.

Tax preparers charge a nationwide average of $114 to prepare a Form 1040 with no schedules.

The Internal Revenue Service has issued final regulations on controlled foreign corporations to provide rules about the treatment of U.S. property held by the CFC in connection with transactions involving partnerships.

A roundup of our favorite recent tax fraud cases.