Tax practice

Many tax practitioners focus on improving their efficiency during tax season, but there are plenty of things they can do in advance to ensure success from January to April, according to 2020 Group chairman and CEO Chris Frederiksen.

After New York State Governor Andrew Cuomo declared a “state disaster emergency” for all of the state, Commissioner Thomas Mattox of the Department of Taxation and Finance announced the postponement of certain tax filing and payment deadlines for those directly affected by Hurricane Sandy.

The South Carolina Department of Revenue said that some 3.6 million Social Security numbers and 387,000 credit and debit card numbers have been exposed in a cyber attack.

The IRS said on Tuesday that its PTIN system is unavailable due to Hurricane Sandy. The IRS Return Preparer Office also announced that it's postponing tests and the RTRP Webinar scheduled for October 31 due to the storm.

The outcome of next week’s election is likely to determine tax policy, but some elements may be outside the control of whoever gets elected to the White House and Congress.

Tax practitioners are working harder nowadays to keep up with a changing profession, an official with the American Institute of CPAs told attendees at Accounting Today’s Growth & Profitability Summit.

Papers, papers and still more papers. When can I destroy these tax documents?

The IRS is warning about a new tax scam that uses a Web site that mimics the IRS e-Services online registration page.

A Santa Barbara-based CPA who claimed on his Web site that he has appeared as a tax and financial expert on national television shows was convicted by a federal jury on charges that he underreported more than $1 million by pretending that his accounting income had been earned by his nonprofit foundation for providing “marital counseling.”

IRS Advisory committee’s 2012 Report suggests a number of reporting changes to the IRS

The Internal Revenue Service could not provide documentation for $394,430 of the invoiced labor hours paid on an estimated $1 million in labor charges, according to a new report.

The Internal Revenue Service has delayed the timelines for withholding agents and foreign banks to complete the due diligence requirements of the Foreign Account Tax Compliance Act.

Some IRS employees are closing delinquent taxpayer accounts without following the proper procedures and without managerial approval, according to a new government report.

A New York strip club can’t claim a tax exemption on entrance and performance fees on the grounds that it presents “musical arts performances,” the state’s highest court ruled.

Cost-of-living adjustments have changed many dollar limitations for pension plans and other retirement-related items for tax year 2013.

A new report from the Treasury Inspector General For Tax Administration has found that evidence was sometimes not available to support increasing IRS assessments against business taxpayers that have not filed required returns.

A recent decision by the Second U.S. Circuit Court of Appeals regarding the Defense of Marriage Act creates an immediate opportunity for lesbian, gay, bisexual and transgendered families to file protective tax refund claims, according to the accounting and advisory firm Marcum LLP.

The period to renew Preparer Tax Identification Numbers for 2013 has begun, and the IRS is also reminding the nation’s 730,000 federal tax return preparers that they must renew their PTINs, and that preparers who have a competency test requirement should schedule their exam soon.

President Barack Obama and Republican challenger Mitt Romney argued fiercely over foreign policy during their final debate, with some discussion of tax policy, the budget and the economy also part of the mix.

Top personal income tax rates increased by 0.3 percent worldwide this year, according to a new report by KPMG International.