Tax practice

Investing is a complex undertaking. The supply of investment alternatives is seemingly endless. Evaluating various alternatives can be quite difficult and very time consuming.

Clients who inherit an annuity may now have a few more options thanks to a recent private letter ruling from the IRS.

The Internal Revenue Service is not adequately managing its software licenses and not adhering to federal requirements and industry best practices for software used on desktop and laptop computers, according to a new government report.

The ranking Democrat on the tax-writing House Ways and Means Committee ranking member, Sander Levin, D-Mich., released new information Tuesday from the Internal Revenue Service to provide further evidence that progressive groups were singled out for scrutiny as were conservative groups.

The leaders of Congress’s two main tax committees met with taxpayers and businesses in Silicon Valley on Tuesday to elicit feedback on various tax reform proposals.

Ahead of an expected showdown in Congress over budget and tax issues after lawmakers return from their August recess, groups in 16 states are holding 28 events this week to demand that Congress end corporate tax breaks to avoid deeper cuts to spending programs.

In some cases, rather than renting space, a business owner may purchase the buildings in which they operate their companies.

The Internal Revenue Service has opened its new online registration system for financial institutions that need to register with the IRS under the Foreign Account Tax Compliance Act.

The Internal Revenue Service has introduced the IRS Understanding Taxes program, a free online tool designed for classroom use by teachers.

The Internal Revenue Service has released a draft version of a new form for reporting on foreign bank accounts under the Foreign Account Tax Compliance Act.

The Internal Revenue Service is going after the estate of Bill Davidson, former owner of the Detroit Pistons and auto industry supplier Guardian Industries, to the tune of more than $2 billion.

The Internal Revenue Service has launched a new Affordable Care Act Tax Provisions site at IRS.gov/aca to educate individuals and businesses on how the health care law might affect them.

Under some circumstances, the provision of services by a corporation to its shareholders is “property” within the meaning of Code Section 317(a), which can result in the IRS finding that there was a constructive dividend to the shareholder.

The Internal Revenue Service has combined parts of several revenue procedures into a new revenue procedure that provides relief to companies that make late elections to become S corporations.

The American Institute of CPAs has written to the heads of Congress’s main tax-writing committee expressing its opposition to a proposed limitation on the use of the cash method of accounting for partnerships, S corporations, personal service corporations and farmers.

Tax research publisher Tax Analysts has filed suit against the Internal Revenue Service, asking a federal court to force the agency to comply with a Freedom of Information Act request and provide training materials used for its guidance in exempt organizations determinations.

House Ways and Means Oversight Subcommittee chairman Charles Boustany, R-La., has asked the Government Accountability Office to assess how the Internal Revenue Service examines tax-exempt organizations in the aftermath of recent scandals.

The Internal Revenue Service has released the final regulations for how it will release tax return information to the Department of Health and Human Services to assess a taxpayer’s eligibility for help in buying health insurance coverage under the Affordable Care Act.

Americans who currently buy their own insurance through the individual market would receive tax credits averaging nearly $2,700 next year for coverage purchased through new insurance marketplaces under the Affordable Care Act, according to a new study.

U.S. taxpayers filed 145.4 million individual income tax returns for tax year 2011, a 1.7 percent increase from 2010, according to newly released IRS statistics.