Tax practice

The Internal Revenue Service plans to host the first of a series of public meetings next Thursday on its plans to create a “real-time tax system” that would provide immediate feedback on whether the information in a tax return matched the IRS’s records.

December represents one last chance to consider certain year-end tax strategies before the door closes on the amount of income, deductions and credits set for the year. Many traditional eleventh-hour techniques are applicable to this year-end 2011, with certain twists that recognize changes on the horizon for 2013. This column examines a handful of considerations especially useful to the individual taxpayer in these final weeks of 2011.

STATE TAX REVENUES CLIMB, LOCAL TAX MONEY SLIDES

Treating a worker as an independent contractor rather than an employee has its advantages, say tax experts.

December represents one last chance to consider certain year-end tax strategies before the door closes on the amount of income, deductions and credits set for the year. Many traditional eleventh-hour techniques are applicable to this year-end 2011, with certain twists that recognize changes on the horizon for 2013. This column examines a handful of considerations especially useful to the individual taxpayer in these final weeks of 2011.

STATE TAX REVENUES CLIMB, LOCAL TAX MONEY SLIDES

Treating a worker as an independent contractor rather than an employee has its advantages, say tax experts.

Senate Republicans are offering their own legislation to extend the payroll tax cut while avoiding an extra surtax on millionaires.

A New Jersey tax preparer was sentenced Wednesday to six months in prison for preparing false tax returns for numerous clients that resulted in an estimated tax loss to the federal government of between $30,000 and $80,000.

The Internal Revenue Service said Wednesday that it has $153.3 million in undelivered tax refund checks waiting to be sent to 99,123 taxpayers across the country.

The Internal Revenue Service said Tuesday that interest rates for tax overpayments and underpayments would remain the same in the first quarter of the year.

Embattled Republican Presidential candidate Herman Cain has released an animated campaign video in which his “9-9-9” tax plan slays a monster: the federal Tax Code.

The U.S. Tax Court has ruled in favor of a taxpayer who made a data entry error when using Intuit’s TurboTax tax prep software.

The Internal Revenue Service has extended a safe harbor for investors who claim theft loss deductions from fraudulent investment arrangements, such as Ponzi schemes, even when the leading figure behind the fraud has died.

Senate Majority Leader Harry Reid, D-Nev., said Monday that he plans to introduce legislation this week that would extend the payroll tax cut that is due to expire at the end of the year.

The Internal Revenue Service’s Modernized E-file System, which is supposed to replace the current electronic filing system by the 2013 filing season, is still unable to assure the accurate processing of individual tax returns.

The Internal Revenue Service said it plans to add a new option to its Preparer Tax Identification Number system in December for users who need to change the email address associated with their online PTIN accounts.

More than $697 million a year in deductions for investment theft losses may have been erroneously claimed by taxpayers, according to a new government report, resulting in a revenue loss of over $41 million to the Treasury.

The congressional supercommittee called it quits this week only a couple of days before its November 23 deadline, unable to reach a consensus on either taxes or spending cuts.

The Internal Revenue Service is moving into the second phase of its tax preparer regulation initiative by beginning next week to schedule the first competency tests for tax preparers.