Tax practice

The Internal Revenue Service has issued proposed amendments to the utility allowance regulations concerning the low income housing tax credit in Code Section 42.

The House has approved legislation to increase the criminal penalties against identity thieves who steal taxpayer information to file fraudulent returns.

Republicans, including Senator Lindsey Graham, accused Senate Majority Leader Harry Reid of lying by saying Mitt Romney hasn’t paid taxes for 10 years.

Newly introduced legislation would cut business taxes by more than half for companies that manufacture patented products in the U.S.

A New Jersey tax preparer faces prison time and $250,000 in fines for intentionally filing false tax returns for her clients

Approximately 7,000 Medicaid providers in three selected states—Florida, New York, and Texas—had an estimated $791 million in unpaid federal taxes from 2009 or earlier, but nonetheless received about $6.6 billion in Medicaid reimbursements that year, according to a new study by the Government Accountability Office.

The owner of a California medical marijuana dispensary was found to have underreported income. Moreover, he was precluded from deducting most of the expenses he claimed because the business consisted of trafficking in controlled substances.

An Internal Revenue Service employee who owned a Sears Hometown Store on the side has pleaded guilty to concealing records in a U.S. Department of Labor investigation of his retail employees’ wages and hours.

The House passed Republican-sponsored legislation Thursday to streamline congressional procedures and pass comprehensive tax reform next year.

The Senate Finance Committee approved legislation Thursday extending dozens of tax cuts known as tax extenders, including the alternative minimum tax patch, which have either expired or are scheduled to expire at the end of the year, while paring back approximately 25 percent of the traditional tax breaks in the name of tax reform.

There were nearly four times the number of changes in indirect taxes such as sales and use taxes and value-added taxes around the world in the second quarter of this year, compared to the same period last year, according to a new report.

Identity theft is having a much larger impact on tax administration than the amount the Internal Revenue Service detects and prevents, according to a new report.

Senator Marco Rubio, R-Fla., has introduced legislation to exempt U.S. Olympic medal winners from paying taxes on the medals that they win.

The House voted Wednesday to approve a Republican-sponsored bill to extend the current tax rates for all income levels for an additional year, rejecting the Democratic alternative passed by the Senate last week that would have only extended the tax cuts for household incomes under $250,000 a year.

A Senate committee held a hearing Wednesday to discuss legislation requiring Internet retailers to charge their out-of-state customers sales taxes.

An Arizona accountant who pleaded guilty to preparing a false tax return was sentenced to three years’ probation.

The Senate Finance Committee held a hearing Wednesday on tax reform and the tax treatment of different business entities such as pass-through S corporations and C corporations.

The Senate Finance Committee has scheduled a session on Thursday to mark up an extenders bill for the dozens of tax break provisions that expired at the end of 2011, or that will expire at the end of this year.

Highlights in tax news from the previous month

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