Tax practice

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.

Identity theft protection company LifeLock is reaching out to the Internal Revenue Service and offering technology to protect taxpayers against the threat of tax fraud.

The chairman of an influential congressional subcommittee is demanding information from the Treasury Department on a recent Internal Revenue Service regulation requiring banks to disclose the interest they pay to nonresident aliens.

A former Internal Revenue Service supervisor has been sentenced on tax fraud charges.

Maybe we need tax education as well as tax reform. No matter how simple the Tax Code becomes, it might not be simple enough.

A representative of the American Institute of CPAs told the Internal Revenue Service that the temporary proposed regulations governing the deduction and capitalization of tangible property expenditures are too complex for many taxpayers.

The Internal Revenue Service’s Whistleblower Program Office has still not addressed several problems that were brought to its attention several years ago, according to a new government report.

IMGCAP(1)]The subprime mortgage crash of 2008 created a landslide of foreclosures and short sales which could persist for many years. A whole new industry in short sales has sprung up. All this has left taxpayers and their advisors scrambling for answers on the correct tax consequences.

The Internal Revenue Service is helping law enforcement authorities crack down on drug dealers in the Southern California area.

Banking executives are predicting that the majority of banks will miss the deadlines for complying with new requirements under the Foreign Account Tax Compliance Act for reporting on foreign bank accounts and assets held by U.S. taxpayers.

A pair of Democratic lawmakers have introduced a bill aimed at reducing taxes for businesses that move jobs back to the U.S.