Tax practice

The pros and cons of working with a tax franchise

A federal court in San Francisco has entered an order authorizing the Internal Revenue Service to serve a summons seeking information about U.S. taxpayers who may hold offshore accounts at Canadian Imperial Bank of Commerce FirstCaribbean International Bank, seeking records of FCIB’s U.S. correspondent account at Wells Fargo.

A former Internal Revenue Service agent and manager has pleaded guilty to criminal conflict of interest charges and been convicted after admitting to opening her own tax and accounting business, which earned her $70,000 on the side while working for the IRS.

The IRS has released Notice 2013-30, formalizing a three-month extension for filing and paying taxes for those affected by the Boston Marathon bombings.

A 79-year-old widow who pleaded guilty in the largest individual case since a U.S. crackdown on offshore tax evasion began received less than a minute of probation from a judge who scolded the prosecutors.

The House Ways and Means Committee held a hearing on tax reform and residential real estate, considering the effect of changing popular tax breaks like the mortgage interest deduction.

Nexus for state corporate income and sales and use taxes remains widely variable between states, according to the Bloomberg BNA 2013 Survey of State Tax Departments.

The Internal Revenue Service has collected over $5.5 billion in revenue from taxpayers who came forward and reported on their foreign holdings under its Offshore Voluntary Disclosure Programs, but it could be missing billions more in revenue from tax evaders, according to a new report.

The Internal Revenue Service has issued draft versions of two forms needed for overseas taxpayers to file in connection with the Foreign Account Tax Compliance Act.

H&R Block is sending $25 prepaid debit cards to the customers affected by a tax-filing glitch related to education tax credit claims.

A tax preparer was sentenced to 18 months in federal prison followed by a year of supervised release for her conviction for preparing a false federal income tax return.

It’s been kicking around in one form or another for the better part of a decade, but it looks as though it finally has some momentum.

The Internal Revenue Service is continuing to make progress in its implementation of key elements of the Affordable Care Act, according to a new government report, but it could expand the use of employer-provided health care information to ensure employer, health insurer and taxpayer compliance with the ACA.

Internal Revenue Service Acting Commissioner Steven T. Miller told a congressional panel Thursday that while tax season began with delays caused by the late passage of the fiscal cliff legislation, the rest of the season eventually went smoothly.

Intuit expects approximately 4 percent revenue growth in TurboTax for the 2013 fiscal year, the company said today.

The Internal Revenue Service released its final report Thursday summarizing its audits of tax-exempt colleges and universities and found that many of them underreport taxable income from their unrelated businesses.

The IRS is taking a “formalistic approach” in interpreting its own Section 6011 regulations on disclosing reportable transactions, but not following its own rules on which tax years to assess the Section 6707A penalty.

Recent research into William Shakespeare by literary scholars indicates that he may have been a great dramatist, but he was truly the Bad Bard when it came to paying his taxes.

The Internal Revenue Service managed to collect more tax dollars from delinquent taxpayers, even while contending with cuts in its revenue collection workforce.

The Tax Foundation has released a chart detailing state income tax collections per capita for calendar year 2011.