Tax practice

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.

Millions of dollars in refundable tax credits that were determined to be erroneous after taxpayers received them may never be recovered by the Internal Revenue Service, but the IRS plans to clamp down on erroneous and fraudulent claims for tax breaks such as the Earned Income Tax Credit.

The IRS has issued a revenue ruling on the determination of issue prices in the case of certain debt instruments issued for property

The Latino market for tax prep could be big for tax preparers who go about entering it correctly, according to Carlos Lopez, executive director of the Latino Tax Professionals Association in Salinas, Calif.

Your customers are mobile, and you should be too!

The Internal Revenue Service has implemented two separate clarifying changes to its temporary procedures for issuing Individual Taxpayer Identification Numbers to noncitizens with tax extensions and many foreign students.

The Internal Revenue Service needs to improve the timeliness and accuracy of the audit results posted to taxpayer accounts, according to a new government report.

The Internal Revenue Service said Thursday that more than two dozen tax provisions will be adjusted for inflation for tax year 2013.

A Southern California tax preparer has been sentenced to five years in prison for preparing and filing false tax returns.

Approximately 1.45 million taxpayers who qualified for relief from tax penalties totaling close to $181 million never heard from the Internal Revenue Service that they were entitled to it and never received it, according to a new government report.

President Barack Obama and his Republican rival, former Massachusetts Governor Mitt Romney, engaged in a lively and at times ferocious debate that covered a range of topics, including taxes, the economy, Libya and women’s health.