Tax practice

An increasing number of business entities, including investment funds like the Carlyle Group, along with private hedge funds, private equity firms and venture capital funds, largely escape Internal Revenue Service audits due to the way they are organized, according to a new report.

New estimates from Congress’s Joint Committee on Taxation indicate that millionaires would benefit a disproportionate amount from extending the tax cuts for income at all levels.

A new study estimates that at least $21 trillion and up to $32 trillion of unreported private financial wealth has been hidden by wealthy individuals in secret tax havens at the end of 2010, a sum equivalent to the size of the U.S. and Japanese economies combined.

Senators Jack Reed, D-R.I., and Chuck Grassley, R-Iowa, have introduced bipartisan legislation to strengthen the Securities and Exchange Commission’s ability to crack down on securities law violations.

It’s not just the presence of taxes, it’s the anticipation of the future tax landscape that plays a decisive role in decisions made by small businesses.

Faced with possible dissent in their party, U.S. Senate Democrats are dropping estate tax language backed by President Barack Obama from their proposal to extend most George W. Bush-era tax cuts through 2013.

Democrats on the House Ways and Means Committee have introduced a bill to provide tax credits to businesses that brings jobs and business operations back to the U.S. from abroad.

The Internal Revenue Service is sending out warning letters to paid tax preparers who fail to submit Form 8867 checklists with tax returns that claim the Earned Income Tax Credit.

Thomson Reuters has enhanced its ONESOURCE Transfer Pricing software with updated data collection features.

The single-engine airplane that was flown by an enraged pilot into an Internal Revenue Service building in Austin, Texas, in February 2010 cost the agency $38.6 million, according to a new government report.

Rep. Sander Levin, D-Mich., the ranking Democratic member of the tax-writing House Ways and Means Committee, plans to introduce legislation that would require Presidential candidates to make public 10 years of tax returns and disclose any overseas accounts.

An IRS project to assess the services of tax return preparers by visiting them around the country has been correctly implemented, but its effectiveness remains to be determined, according to a new report.

The Internal Revenue provided information Tuesday on how the Foreign Account Tax Compliance Act will be administered.

A new report from Ernst & Young finds that allowing tax cuts to expire for upper-income taxpayers would cost the economy approximately 710,000 jobs.

A pair of influential lawmakers are asking the Internal Revenue Service to provide detailed information on its technology budget.

The American Institute of CPAs told the Internal Revenue Service that its proposed regulations for capitalization and deduction of tangible property expenditures are unnecessarily complex and burdensome.

Democratic lawmakers are trying to take a hard line with Republicans, threatening to let tax cuts expire at the end of the year rather than simply extend the Bush tax cuts for upper-income taxpayers.

President Barack Obama took aim at Republican rival Mitt Romney’s tax plan at a campaign event in Cincinnati, citing a new study on the effects of tax cuts on foreign corporate earnings.

Mitt Romney has come under increasing pressure from fellow Republicans in recent days to release more of his tax returns to the public.

The Internal Revenue Service did not always comply with statutory requirements when conducting seizures of taxpayer property, according to a new report that found a handful of instances of such violations.