Tax practice

Bank of America Corp.’s commercial customers are already reacting to the “fiscal cliff” looming over the U.S. budget by putting off purchases, chief executive officer Brian T. Moynihan said.

The American Institute of CPAs has submitted comments to the Internal Revenue Service in support of its proposed regulations for clarifying the treatment of shareholder debt of S corporations.

The IRS is seeking public comment regarding guidance for entities that discharge indebtedness and may be required to furnish 1099-C returns.

Many military may be overpaying their state taxes, according to analysis done by The Tax Institute at H&R Block.

While tax experts are divided on the immediate future of tax rates as we approach the fiscal cliff (the combination of scheduled tax rate increases and spending cuts by the government), the consensus is that rates will indeed rise precipitously.

The IRS has launched a series of videos to help preparers register for Preparer Tax Identification Numbers and prepare for the Registered Tax Return Preparer test.

There were 62 percent more indirect tax changes worldwide in the third quarter of this year than during the same period last year, according to a new report.

A new report from one of the Internal Revenue Service’s main advisory panels says the IRS needs to expand its efforts to fight identity theft-related tax fraud, among other recommendations.

The option of allowing taxpayers to split up their tax refunds into different accounts has increased the risk of fraud, perhaps even among IRS employees, according to a new government report.

The Securities and Exchange Commission and the Department of Justice have released A Resource Guide to the U.S. Foreign Corrupt Practices Act, a 120-page guide providing a detailed analysis of the U.S. Foreign Corrupt Practices Act, including the accounting provisions, and closely examining the SEC and DOJ approach to FCPA enforcement.

President Obama urged Congress to agree to a deal to extend the Bush-era tax rates for the middle class on Wednesday, while agreeing to consider other tax reform measures for wealthier Americans.

The Internal Revenue Service has made progress in deploying its Modernized e-File system, according to a pair of new government reports, but unresolved performance issues are hampering the retirement of its older legacy systems for processing tax returns.

With tax cuts galore expiring at the end of the year, and steep cuts in both defense spending and discretionary spending on the horizon, Democrats and Republicans in Washington are doing a complicated dance at the edge of the so-called fiscal cliff.

The head of the Internal Revenue Service told lawmakers that if Congress fails to extend the traditional patch for the Alternative Minimum Tax, approximately 60 million Americans could be affected and about 33 million taxpayers could pay the AMT for tax year 2012.

White House officials have quietly lobbied Wall Street and the business community over the last several months to support President Barack Obama’s plan to impose higher taxes on the wealthy to cut the deficit and avert going over the fiscal cliff.

A Thomson Reuters tax analyst is offering end-of-year tax-planning tips for U.S. corporations, detailing various options based on possible legislative actions in Congress.

Now that the October 15 tax deadline has passed, many CPAs are turning their attention to the major changes put in place under the IRS’s new “repair vs. capitalization regulations.”

The IRS has issued a consumer alert about possible scams taking place after Hurricane Sandy.

The American Institute of CPAs has improved its Interactive Tax Checklists to allow tax professionals to work more efficiently next tax season.

President Barack Obama, fresh from his re-election, turned his attention Friday to the economy, offering to talk with Congress about how to avoid the prospect of automatic tax increases on the middle class.