Tax practice

New statistics from the Internal Revenue Service indicate that 20,752 taxpayers with adjusted gross incomes of $200,000 or more in 2009 had no U.S. income tax liability.

Ouch! In affirming a Tax Court decision that an accounting firm set up as a C corporation could not deduct consulting fees paid to entities controlled by the firm’s owners, the Seventh Circuit Court of Appeals statement of its decision cut to the quick: “That an accounting firm should so screw up its taxes is the most remarkable feature of the case.”

More electronically filed tax returns were processed this tax season by CCH electronic filing systems than ever before.

Certainty in the Tax Code has become even more important than a reduction in tax rates, according to a survey of 800 CFOs and senior financial executives in the U.S.

House Republicans said they plan to schedule a vote on extending the Bush tax cuts before August.

Senate Democrats and Republicans have failed to pass competing versions of legislation aimed at preventing federally subsidized student loan interest rates from doubling in July.

President Obama urged Congress to extend expiring tax credits for wind energy and other forms of clean energy.

The Tax Court, in a recent summary opinion, ruled that an individual did not have cancellation of debt income in the year that a collection agency issued him a Form 1099-C and stopped its automated collection efforts.

The Internal Revenue Service mistakenly sent out letters to some electronic filing providers advising them that they needed to contact the IRS in order to continue to participate in the e-file program.

A pair of influential senators are looking into the activities of a tax-exempt charity for disabled veterans after questions were raised about whether the group is actually spending the millions of dollars it has collected to help disabled veterans.

The Senate Judiciary Committee has approved bipartisan legislation that would modify the Chapter 11 bankruptcy process to help small companies remain in business and preserve jobs.

A bipartisan group of lawmakers has introduced a Senate bill to spark the creation of startup businesses, with tax breaks and visa opportunities for foreign students, foreign-born entrepreneurs and immigrant employees.

With tax season finally over, you can see the light.

The Congressional Budget Office has issued a report warning that the economy could slip into a recession unless policymakers decide what to do about the steep tax increases and spending cuts that are scheduled to take effect next year.

The Internal Revenue Service plans to shed more than 1 million square feet of office by closing 43 of its smaller offices and consolidating other offices.

Now that tax season is safely out of the way, it's a good time to examine how to make it better next year.

The Internal Revenue Service has taken some initial steps to implement the Foreign Account Tax Compliance Act, but it still has a long way to go, according to a new government report.

The Internal Revenue Service is offering more flexible terms in its Offer in Compromise program to help financially distressed taxpayers clear up their tax problems more quickly.

Senators Charles Schumer, D-N.Y., and Bob Casey, D-Pa., have unveiled a plan to respond to those like Facebook co-founder Eduardo Saverin, who recently moved to renounce his U.S. citizenship, allegedly to avoid taxes on the profits he is expected to collect from the social networking company’s initial public offering.

An Essex County, N.J., tax return preparer who allegedly filed hundreds of phony federal income tax returns using the identity of a dead return preparer whose business he bought was arrested by federal agents early Thursday morning.