Tax practice

The Internal Revenue Service has provided transitional relief from penalties for a Section 6050W filer who reports incorrect taxpayer identification number information on Form 1099-K information returns and payee statements filed under Section 6050W of the Tax Code.

The Internal Revenue Service has issued final regulations restricting multinational corporations from bringing net built-in losses from abroad into the U.S.

CCH has issued a new tax briefing to provide guidance and analysis of the Internal Revenue Service’s announcement that all same-sex marriages nationwide will be recognized for federal tax purposes.

Busy season: say it to a room full of CPAs and you get a round of all-knowing nods in return.

The American Legion and other veterans’ organizations are expressing concern over reports that the Internal Revenue Service is requiring them to maintain military service records for their members or face stiff penalties.

Swiss banks will reach final settlements over tax disputes with the U.S. by 2015, according to Patrick Odier, chairman of the Swiss Bankers Association.

The Internal Revenue Service has issued temporary and proposed regulations for charitable hospital organizations on how to report any excise taxes for failing to meet the community health needs assessment requirements of the Affordable Care Act.

The Internal Revenue Service plans to make a priority of issuing guidance relating to measurement of a Section 501(c)(4) organization's primary activity and whether it is operated primarily for the promotion of social welfare, including guidance relating to political campaign intervention, in response to recent scandals at the agency.

Approximately 23.4 million individual income tax returns reported nonfarm sole proprietorship activity for tax year 2011, a 1.8 percent increase from 2010, according to newly released statistics from the Internal Revenue Service.

Tax planning for individuals before year-end

A roundup of tax news from the previous month

What companies need to know as the IRS shifts its compliance focus

Seeing signs of movement on changing the Tax Code

The Internal Revenue Service has released proposed regulations that would increase the user fees for both offers in compromise and installment agreements for the first time since 2007.

A California businessman has pleaded guilty to conspiring to conceal bank accounts in Israel, the latest in a series of defendants who have been charged with conspiring with Israeli bankers.

A husband and wife pair of tax preparers have each been sentenced to five years in prison for filing false tax returns.

The Swiss government is urging banks to cooperate with a new program it has set up with U.S. authorities, even though it will require significant financial penalties and information sharing from banks that aided secret account holders.

The Tax Code giveth and the Tax Code taketh away. The depreciation and expensing provisions in the Tax Code allow taxpayers to recover the cost of property through an annual allowance. As a result, many businesses have taken advantage of the opportunity to write off expenses of equipment and other tangible property by making purchases toward the end of the year, driven as much by the tax advantage it gives them as by the actual need for new equipment. But many of these business owners forget that when they sell an asset, the IRS can take their depreciation allowance back, often at the highest possible tax rate. Taxpayers use depreciation to write down the cost of assets, both tangible assets like capital equipment and real property, and intangible assets such as patent costs and goodwill. But if those assets are sold at a profit, the IRS can recapture the full amount that was depreciated.

The Treasury Department and the Internal Revenue Service have ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.

The Tax Policy Center, has released new estimates projecting that the share of Americans paying no federal income tax will drop from fully half in 2008 and 2009 to just 43 percent this year and will continue to fall to just a third in 2024.