Tax practice

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.

The Governmental Accounting Standards Board has published a new user guide to help taxpayers understand the financial statements of local school districts.

Hewlett-Packard lost out to the Internal Revenue Service in a case involving over $190 million in tax refunds that HP has claimed from a foreign tax credit generator.

The House passed bipartisan legislation Tuesday to bring tax relief to workers employed in more than one state.

The Senate Finance Committee held a hearing Tuesday to examine the impact of tax reform on Native American tribes and U.S. territories such as Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa and the Northern Mariana Islands.

The American Institute of CPAs has introduced a Web-based calculator to help individuals estimate the total amount of taxes they pay every year for the most common federal, state and local taxes.

The owner of a Los Angeles tax preparation service has been sentenced to 15 months in prison for promoting a $1.5 million fraudulent tax loss scheme.

The Supreme Court has handed down a decision in favor of the Internal Revenue Service collecting capital gains taxes from a couple who sold their family farm during bankruptcy.

The state of Georgia has begun a pilot program to stop tax fraud with the help of identity verification and authentication tools from LexisNexis.

The Treasury Department and the Internal Revenue Service said Monday they plan to hold a listening session with Native American tribal leaders to consult with them on the application of the general welfare exclusion to benefits provided under Indian tribal government programs.

The federal Research and Experimentation Tax Credit has had no shortage of publicity.