Tax practice

The Internal Revenue Service has issued a revenue ruling permitting an employer that is using an accrual method of accounting to take a deduction in the current year for a fixed amount of bonuses payable to a group of employees, even though the employer does not know which of the employees will receive a bonus or the amount of any particular bonus until after the end of the taxable year.

The Senate has approved a jobs bill that provides businesses with a tax credit for hiring unemployed veterans.

The Internal Revenue Service took the appropriate actions when an airplane piloted by an irate taxpayer crashed into one of its buildings in Austin, Texas last year.

The Republican leader of the House Ways and Means Oversight Subcommittee plans to hold a hearing to probe the efficacy of the Small Business Health Care Tax Credit in the aftermath of a report that found a disappointing number of small businesses taking advantage of the tax break in the health care reform law.

A bipartisan group of 10 senators introduced legislation Wednesday that would give states the option to collect the sales taxes they are owed under current law from out-of-state businesses, rather than rely on consumers to pay those taxes to the states.

The Internal Revenue Service has not collected delinquent taxes in a sampling of nearly half the past-due tax cases left over from its discontinued private debt collection program, according to a new government report.

With only two weeks to go before a November 23 deadline, the congressional “supercommittee” of 12 that has been negotiating over cutting the budget deficit is now considering some far-reaching tax reform proposals.

The Internal Revenue Service is temporarily shelving its controversial plan to fingerprint tax preparers, IRS Commissioner Doug Shulman said Tuesday.

Credit Suisse has begun notifying some of its U.S. customers that it will be disclosing their names to the Internal Revenue Service.

The Internal Revenue Service may be able to collect more money by sending out balance-due notices on a more frequent basis to delinquent taxpayers, according to a new government report.

The Internal Revenue Service is highlighting an online training module to help tax preparers avoid the recently increased penalty for failing to exercise due diligence when claiming the Earned Income Tax Credit.

The number of claims for the Small Business Health Care Tax Credit, which was included in the health care reform law as a way to help small businesses provide health insurance for their employees, has been much lower than anticipated, according to a new government report.

CCH provided advice on year-end tax strategies that, if implemented before a taxpayer’s liability is finalized, could make a significant difference in what they owe as tax year 2011 draws to a close.

Simon Property Group, the largest owner of shopping malls in the U.S., has filed suit against the state of Indiana in an effort to force the state to collect sales taxes from the online commerce giant Amazon.com.

The Internal Revenue Service has opened a new telephone help line for questions about foreign bank account reports.

Commissioner Doug Shulman has presided over the continued reorganization and modernization of the Internal Revenue Service since March 2008.

The Senate failed to advance an infrastructure jobs bill Thursday that would have been paid for through higher taxes on millionaires.

The Internal Revenue Service has issued a notice exempting enrolled retirement plan agents from obtaining a Preparer Tax Identification Number if they only prepare Form 5300 and 5500 series returns.

A group of Democrats on the tax-writing House Ways and Means Committee has introduced a bill to extend federal unemployment insurance through 2012 and provide tax relief to employers in states with outstanding UI loans.

The 280 most profitable U.S. corporations are sheltering half their profits from federal income taxes, and 30 of them paid less than zero in the last three years, according to a new study.