Tax practice

A majority of banking executives believe they will have a difficult time addressing the tax implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III accords, according to a new survey.

Enhanced pre-refund compliance checks would enable the Internal Revenue Service to help confirm taxpayers' identity, quickly and efficiently correct some errors with virtual certainty, and identify and audit some returns before refunds are issued, according to a new government report that fueled a debate in Congress over refundable tax credits.

The Internal Revenue Service found over 245,000 identity theft incidents last year, according to a new government report that assessed the IRS’s efforts to stem the growing problem, as victims testified before the Senate.

IMGCAP(1)]Meet the new IRS. The kinder, gentler IRS. It’s an agency with processes that are fast becoming structured, streamlined—and strangely quiet. Quiet, that is, except on paper.

The House Ways and Means Committee held a hearing Tuesday on how other countries have used tax reform to help their companies compete globally.

The National Society of Accountants has begun offering a new self-study course to prepare for the exam that the Internal Revenue Service will require all registered tax return preparers to pass.

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A Hillsdale, N.J., woman was sentenced to probation after admitting that she filed a false tax return and concealed more than $750,000 in a Swiss bank account,

A Boston venture capitalist and director at the Boston Private Bank and Trust Company has been charged with failing to report his foreign bank account and income to the Treasury Department.

A bipartisan pair of U.S. senators from Florida, Democrat Bill Nelson and Republican Marco Rubio, have introduced a bill that would simplify the tax-filing requirements of senior citizens.

The American Institute of CPAs plans to support a new tax simplification bill introduced earlier this month by a pair of congressmen that would make it easier to satisfy the tax-reporting requirements of workers who are employed in multiple jurisdictions.

Senator Charles Grassley, R-Iowa, has written to White House officials questioning why big banks are benefiting from a Small Business Lending Fund that was supposed to be used to help finance small businesses.

A group of six Republican senators has written to IRS Commissioner Doug Shulman asking about the agency’s recent move to impose gift taxes on donors to tax-exempt political advocacy organizations.

The Internal Revenue Service cannot determine whether taxpayers claiming Residential Energy Credits are actually entitled to them, according to a new government report that found the tax credits going to hundreds of prisoners and minors.

Internal Revenue Service Commissioner Doug Shulman described the IRS’s efforts at improving the agency’s technology to detect tax fraud and ferret out unreported sources of income during a speech Wednesday.

Senate Democrats failed to muster enough votes to advance a bill that would have eliminated tax credits for the five largest oil and gas companies.

The Internal Revenue Service has begun sending letters to political donors asking why they didn’t report their 2008 donations on their gift tax forms.

Not all of the state legislation drawing attention from accountants this year involves taxes (see States Enact Flurry of Tax Changes). Indeed, some of the most closely watched bills hit even closer to home for the profession.

Accountants across the nation barely had time to recover from the 2011 tax season before being buried under a blizzard of new tax law changes approved by dozens of state legislatures from Harrisburg to Honolulu.

To mark Small Business Week, the Internal Revenue Service is highlighting the tax benefits and resources available to small businesses this year.