Tax practice

Government entities that didn’t comply with the tax laws received different terms in the agreements they reached with the Internal Revenue Service to resolve their tax issues, according to a new report.

The Internal Revenue Service has issued letters denying tax-exempt status to three unidentified political groups that had applied for the exemption as Section 501(c)(4) groups.

The so-called “cut, cap and balance plan” legislation that passed the House would require the passage of a Balanced Budget Amendment to the U.S. Constitution that would mandate a two-thirds supermajority to approve any future tax increases.

A bipartisan group of senators that has been meeting on and off for months to hammer out a budget deficit reduction plan appears to have reunited and gained support on both sides of the aisle for a plan to reduce the budget deficit by $3.7 trillion over 10 years.

The Internal Revenue Service intends to stop authorizing the high-low per diem method for substantiating lodging, meal and incidental expenses that can be incurred when traveling away from home.

An estimated 32,552 taxpayers may have been harmed because the Internal revenue Service did not follow legal requirements to notify them and their representatives of their rights related to tax liens in a timely fashion, according to a new government report.

Senator Tom Coburn, R-Okla., has proposed a deficit reduction plan estimated to save $9 trillion over the next 10 years by slashing hundreds of government programs, but also increasing taxes in some areas.

The Internal Revenue Service is asking for comments on continuing education providers under its tax return preparer regulation program.

The New York State Society of CPAs told the Internal Revenue Service that its upcoming exam for non-CPA tax practitioners should include a section in which exam takers are asked to prepare a sample 1040 return.

Credit Suisse said it has become a target of a Justice Department investigation into its private banking business.

A new bill from a pair of Democratic senators would eliminate a tax break on corporate stock options.

The Internal Revenue Service advised truckers and other owners of heavy highway vehicles that their next federal highway use tax return, usually due Aug. 31, will instead be due on Nov. 30, 2011.

A federal court has permanently barred Howard Musin, his wife Jill Schwartz-Musin, who formerly worked as an IRS special agent, and their three companies from preparing federal tax returns for others.

The Treasury Department and the Internal Revenue Service issued a notice Thursday announcing plans to phase in the requirements of the Foreign Account Tax Compliance Act and explaining how foreign financial institutions can comply with the U.S. law.

The National Society of Accountants has submitted comments to the Internal Revenue Service about plans for a tax preparer competency examination, supporting the intended purpose of verifying the “minimal competency” of tax preparers.

The Internal Revenue Service does not always promptly and properly notify taxpayers of inadvertent disclosures of their personal information, according to a new government report.

Congress’s two tax-writing committees convened a rare joint hearing Wednesday to consider whether the Tax Code is providing too many incentives for accumulating debt as opposed to equity.

The Internal Revenue Service is urging taxpayers to guard against being misled by unscrupulous individuals trying to persuade them to file false claims for tax credits or rebates.

Sen. Carl Levin, D-Mich., and several other senators have introduced a bill to close offshore tax loopholes and strengthen offshore tax enforcement.

Amazon.com is trying to get a referendum on the California ballot to get the recently enacted online sales tax law reversed.