Tax practice

House Ways and Means Committee Chairman Dave Camp, R-Mich., has released a discussion draft version of proposed legislation to transition the U.S. from a worldwide system of taxation to a territorial system, while lowering the top tax rate for both individuals and businesses to 25 percent.

Texas Governor Rick Perry introduced a plan for a flat tax of 20 percent in an effort to revive his candidacy for the Republican Presidential nomination.

A pilot project at the Internal Revenue Service to send out so-called “soft notices” to taxpayers whose tax returns appear to disagree with the information forms from their employers and banks could provide some benefits in terms of improved tax compliance.

The Taxpayer Advocacy Panel has released its annual report calling for changes at the Internal Revenue Service to provide better customer service and reduce the burden on taxpayers.

Tax 2.0, a new tax-focused online community, is set to make its official debut later this month.

The Internal Revenue Service is facing challenges keeping ahead of financial services companies that create sophisticated financial derivatives and offer them as a way to evade tax liabilities.

The Internal Revenue Service is gearing up to handle the complex tax provisions of the health care reform law and has made significant progress so far in planning for the law’s implementation, according to a new government report.

New information made public by the U.S. Federal Election Commission reveals that members of the accounting profession are opening their checkbooks early and often in an effort to help candidates in the 2012 Presidential elections.

An analysis of tax liens across the U.S. found that New York City, with some of the wealthiest neighborhoods in the nation, was the country’s leading area to be on the receiving end of federal tax liens.

Across the U.S., there were 97 increases in state sales and use taxes, 96 new taxes and nine decreases in the third quarter of the year, according to a new report.

The IRS doesn’t make the laws, it just enforces them.

The Internal Revenue Service said Thursday that tax preparers can start renewing their Preparer Tax Identification Numbers for the 2012 tax-filing season.

The Internal Revenue Service may have paid $3.2 billion in erroneous American Opportunity Tax Credits during the first five months of 2010 to 2.1 million taxpayers, according to a new government report.

The Internal Revenue Service said Thursday that many tax benefits for tax year 2012 will increase due to inflation adjustments, including personal exemptions and standard deductions, with tax brackets also widening next year.

The Internal Revenue Service has increased the maximum pre-tax contribution limit for 401(k) and 403(b) retirement plans, most 457 plans, and the federal government’s Thrift Savings Plan by $500, from $16,500 to $17,000, as a result of cost-of-living adjustments.

A former Bronx tax preparer has been sentenced to three years in prison for preparing false tax returns.

IMGCAP(1)]Twice in the last three years, the IRS has offered taxpayers with undisclosed foreign assets an opportunity to voluntarily disclose the unreported assets, pay back taxes and penalties, and avoid more severe penalties and criminal prosecution.

One day after verbally scuffling with fellow GOP Presidential hopeful Mitt Romney, Gov. Rick Perry called for implementing a flax tax in what many saw as a preview of his economic policies.

The Internal Revenue Service is reportedly auditing Google in an effort to learn more about the search giant’s use of foreign subsidiaries to shift profits in the wake of three acquisitions.

The Internal Revenue Service has delayed a new tax return transcript delivery system that was scheduled to debut Monday.