Tax practice

The Internal Revenue Service has released a clarification for how to report credit and debit card transactions on the new Form 1099-K information-reporting form.

House and Senate negotiators have released a conference committee report spelling out several of the provisions of the payroll tax cut extension legislation, which also extends unemployment benefits and the “doc fix” for Medicare reimbursements for physicians.

The Internal Revenue Service released its annual list Thursday of the “Dirty Dozen” tax scams that taxpayers should be aware of this year, particularly during tax season.

IRS Commissioner Doug Shulman warned tax executives that they face substantial tax risks from uncertain tax positions, international enforcement efforts, and impermanent tax credits that expire every year or two.

Presidential candidate Rick Santorum released four years’ worth of his joint income tax returns with his wife Karen, showing the former senator had adjusted gross income of nearly $1 million in 2010.

Lawmakers negotiating over the payroll tax cut extension said they have agreed on a deal to extend the 2 percentage point cut in Social Security and Medicare withholding taxes through the rest of the year, along with unemployment benefits and the “doc fix” to prevent Medicare reimbursements to physicians from being cut.

The Internal Revenue Service has updated its rules for how its Office of Appeals is allowed to communicate with other parts of the IRS when a taxpayer or the taxpayer’s representative is not present.

The Internal Revenue Service offered advice Wednesday to unemployed taxpayers on how they and their tax preparers should report unemployment benefits on their tax returns.

U.S. lawmakers reached a tentative deal on Tuesday on legislation aimed at boosting the economy by extending a payroll tax cut for 160 million workers through this year and continuing long-term jobless benefits, congressional aides said.

CCH has introduced CCH Integrator, which combines the company’s tax research products with other tax compliance products for multinational corporations.

Treasury Secretary Tim Geithner told a Senate panel that the Obama administration plans to introduce a series of proposals to reform the corporate tax laws.

After months of wrangling, congressional leaders appear to be close to a deal on extending the payroll tax cut, unemployment benefits, and the so-called “doc fix” for Medicare physician reimbursements through the end of the year.

Rep. Sander Levin, D-Mich., the ranking Democratic member on the tax-writing House Ways and Means Committee, introduced legislation Tuesday to tax the carried interest earned by hedge fund managers, private equity firm partners, venture capitalists and others at the same tax rates as ordinary income.

The Financial Crimes Enforcement Network has further extended the filing deadline for filing foreign bank account reports for certain financial professionals who have only signature authority over the accounts.

The Internal Revenue Service has released a set of proposed regulations expanding the list of tax return preparers who may obtain and renew a Preparer Tax Identification Number.

President Barack Obama's 2013 election-year budget took investors by surprise with a call for significantly higher taxes on dividends, a major change from his earlier tax proposals and one that will raise the ire of dividend-paying companies.

The Obama administration has increased its budget request for the Internal Revenue Service for fiscal year 2013 to approximately $12.8 billion to make up for recent budget cuts.

The Internal Revenue Service has released guidance to enable partnerships to submit the Schedule K-1 electronically to partners.

The Treasury Department has released its “greenbook” outlining the tax proposals in the Obama administration’s fiscal 2013 budget.

President Obama called for tax reform measures Monday to cut the budget deficit by $1.5 trillion in his fiscal year 2013 budget.