Tax practice

The IRS Oversight Board said in its annual report to Congress that the Internal Revenue Service needs to reassess its goal of delivering tax refunds within 45 days given the prevalence of electronic filing.

The House voted to repeal the 2.3 percent excise tax on medical devices and another provision from the health care reform law that prevents holders of health savings accounts from buying over-the-counter medicine without a prescription.

Compliance professionals around the world say they are not ready to handle the demanding requirements of the Foreign Account Tax Compliance Act, according to a new survey.

A pair of Republican senators have introduced a bill aimed at providing a long-term fix for the expected hike in student loan interest rates.

Rep. Sander Levin, D-Mich., said Wednesday that he plans to introduce a bill to provide tax breaks for small businesses that hire new employees or increase wages as a substitute for a bill being pushed by House Republicans to repeal the medical device tax in the health care law.

With the expiration of the current tax rates approaching at the end of the year, and a deep round of spending cuts looming, a new report sheds light on what effect that would have on the economy and the nation’s debt levels.

The Internal Revenue Service is encouraging tax preparers to take a new competency exam as soon as possible.

A judge has thrown out the convictions of former BDO Seidman chairman and CEO Denis Field and two attorneys who were convicted last year of tax fraud, calling one of the jurors a pathological liar who had falsified her background and tainted the trial.

In an effort to "jumpstart" the U.S. economy and create more jobs, both the House and the Senate passed the Jumpstart Our Business Start-ups (or JOBS) Act, and President Obama signed the JOBS Act into law.

Ginny Hopkins, a waitress who has worked for nearly two decades at a Cleveland restaurant, received a tax refund check for $434,712 in the mail from the Internal Revenue Service instead of the $754 she had been expecting.

The IRS takes a closer look at local lodging expenses

Highlights of the previous month in tax.

As Jan. 1, 2013, approaches, attention is turning once again to the estate tax and the form it should take. The current estate tax regime is set to expire at the end of the year.

There is often a disconnect between what a court directs a taxpayer to do and what is permitted under the Tax Code.

The House Ways and Means Committee has passed legislation repealing the tax on medical devices included in the health care reform law and allowing health savings account holders to pay for over-the-counter drugs without a prescription.

Amazon.com has struck a deal with the state of New Jersey to open two fulfillment distribution centers in the Garden State and to begin charging sales taxes to New Jersey residents by July 1, 2013.

Political gamesmanship in Washington is having a detrimental effect on federal tax planning.

The Internal Revenue Service has released guidance on the effective date of the $2,500 limit, as indexed for inflation, on salary reduction contributions to flexible spending arrangements for health expenses.

A man who claimed to be the governor of Alabama in its “original jurisdiction” has been sentenced to 10 years in federal prison for tax fraud.

The Internal Revenue Service is asking for public comments on whether it needs to change its guidance on the use of smart cards, debit cards, credit cards and other electronic media to provide pretax transportation fringe benefits.