Tax practice

A new White House report from the President’s Council of Economic Advisers predicts that allowing tax rates for the middle class to rise and failing to patch the alternative minimum tax would have a negative impact on consumer spending and retailers alike.

Small tax-exempt organizations that have not filed returns with the Internal Revenue Service for three years will not automatically lose their tax-exempt status if they were affected by Hurricane Sandy.

The U.S. Treasury Department and the Internal Revenue Service said Wednesday that the governments of the U.S. and Denmark have reached a bilateral agreement to implement the Foreign Account Tax Compliance Act to improve international tax compliance.

A Bronx tax preparer has been charged with 46 counts for filing tax returns with the Internal Revenue Service and New York State that contained more than $7 million in fraudulent tax deductions and credits, resulting in over $2.5 million in fraudulent tax refunds.

A New Jersey woman who owned a tax preparation business was sentenced to 18 months in prison for filing false tax returns on behalf of her clients and herself, resulting in a tax loss of nearly $200,000.

Grant Thornton is offer some year-end tax planning tips for both individuals and businesses, and their accountants, facing the expiration of the Bush tax cuts.

The Internal Revenue Service has raised the standard mileage rates by 1 cent per mile for next year when calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The IRS has released preliminary information regarding further changes to the repair regulations.

South Carolina Governor Nikki Haley released a report from a security company on a data breach at the South Carolina Department of Revenue that exposed the tax information of millions of taxpayers in the state to foreign computer hackers, while asking the IRS to take further steps to encrypt taxpayer information.

The IRS has extended until December 7 the diesel fuel penalty waiver for New Jersey and parts of New York.

Preparers unsure of how to adjust their fees before next season can find a number of guides around the Internet, from current discussions by other preparers to fee guides from associations and recent reports on fees by the big chains.

The Internal Revenue Service Oversight Board has sent a letter to the leaders of Congress’s two tax-writing committees urging them to act swiftly to patch the Alternative Minimum Tax to keep it from spreading to millions more taxpayers.

Individual income tax return statistics by selected descending and ascending cumulative percentiles for Tax Years 2001 to 2010 are now available from the IRS.

CCH has introduced new mobile apps providing access to several of its journals and newsletters from the Apple iPad, along with a new app aimed at tax students.

Nearly 80 percent of business executives said they would be willing to accept the repeal of certain tax incentives in exchange for a lower overall corporate tax rate, according to a new report by KPMG.

CPA and tax preparer Jeffrey B. Travis has pleaded guilty to bank fraud involving a scheme to defraud US Bankcorp and five of his clients of more than $1.8 million.

Postcards can be an effective marketing tool during tax season if targeted precisely to existing clients and used to build brand recognition.

The Internal Revenue Service is allowing 401(k) and similar employer-sponsored retirement plans to make loans and hardship distributions to victims of Hurricane Sandy and members of their families, as part of the Obama administration’s efforts to bring all available resources to bear to support state and local partners affected by Hurricane Sandy.

President Obama met with congressional leaders at the White House on Friday to negotiate over the expiration of the Bush tax cuts and the looming problem of the so-called “fiscal cliff,” with the leaders agreeing that the meeting had been constructive.

Despite negative market sentiment due to concerns over the looming "fiscal cliff," many investors are unprepared for it, according to a recent survey by Nationwide Financial.