Tax practice

Individuals who are not authorized to work in the U.S. nevertheless received $4.2 billion in refundable Additional Child Tax Credits from the Internal Revenue Service last year.

The Internal Revenue Service is giving tax relief to both individuals and businesses affected by Hurricane Irene, which hit the East Coast last weekend.

On Aug. 5, 2011, the Internal Revenue Service issued long-awaited (and much-needed) guidance on the treatment of basis for estates of decedents who died in 2010 that elect not to have the estate tax apply. The IRS also issued guidance for those making the election on the allocation of the generation-skipping transfer tax exemption.

The Internal Revenue Service provided guidance in late August on the only ways to establish prima facie evidence of delivery of documents that have a filing deadline prescribed by the tax laws when there is not direct proof of the actual delivery.

DRAKE BUYS COPANION

The Senate Finance Committee asked a series of corporate executives about whether they could accept the loss of some corporate tax breaks in exchange for lower overall business tax rates.

As companies' tax reporting responsibilities have become more complicated and voluminous, vendors have developed tax software applications to address much more than just the annual income tax return.

The American Institute of CPAs has asked the Internal Revenue Service to extend the Sept. 15 filing deadline for business tax returns for taxpayers and preparers in areas affected by Hurricane Irene.

The Internal Revenue Service ramped up its use of liens, levies and seizures last year in an effort to close the tax gap, pressuring taxpayers trying to cope with the economic downturn.

The Texas Supreme Court has upheld the constitutionality of a special $5 fee charged to patrons of strip clubs in the Lone Star State, overturning lower court decisions.

Rep. Michele Bachmann, R-Minn., called for cuts in corporate taxes and the elimination of capital gains and estate taxes in a speech last weekend as she campaigned for the Republican presidential nomination.

The Internal Revenue Service’s Criminal Investigation division began and completed a greater number of investigations of tax crimes last year as it continues to ramp up enforcement efforts.

The Internal Revenue Service has extended the due date until Sept. 9, 2011, for taxpayers with undisclosed foreign bank accounts to participate in its latest offshore voluntary disclosure initiative.

The IRS said its summer 2011 issue of the Statistics of Income Bulletin is now available.

IMGCAP(1)]As accountants and tax attorneys, we often find ourselves in conversation with our peers about the constitutionality of state taxation.

A new report from the Treasury Inspector General for Tax Administration concludes that the IRS needs to improve the timeliness and accuracy of its response to taxpayer complaints about math error adjustments.

Former chairman and chief executive of American Express Harvey Golub took to the opinion pages of Monday’s Wall Street Journal in response to billionaire Warren Buffett’s “Stop Coddling the Super-Rich” New York Times op-ed.

The Internal Revenue Service provided guidance Friday on the only ways to establish prima facie evidence of delivery of documents that have a filing deadline prescribed by the tax laws when there is not direct proof of the actual delivery.

The American Institute of CPAs told the Internal Revenue Service that it should avoid requiring pre-approval of continuing education courses as part of its tax preparer regulation efforts.

The Securities and Exchange Commission has been asked to respond to allegations that it destroyed documents relating to thousands of investigations.