Tax practice

Rep. Tim Bishop, D-N.Y., has introduced an energy bill that would eliminate some of the tax breaks enjoyed by the major oil producers.

The American Institute of CPAs told a congressional subcommittee that it should urge the U.S. Small Business Administration to increase its small business size standards for small business accounting firms to $25.5 million from the current $8.5 million.

Republicans in the House and Senate introduced a bill Thursday that could drastically change the way states distribute unemployment insurance benefits.

A bipartisan group of Midwestern state senators introduced legislation Wednesday to update ethanol tax credit policies, but not repeal the tax credit.

James Capel, a former aide to Congressman Charles Rangel, D-N.Y., has pleaded guilty to failing to file tax returns for three years.

Intuit teamed up Wednesday with the National Association of Tax Professionals on a series of tax prep training programs designed for Intuit customers.

The tax-related talk in Washington lately has shifted from overall tax reform to specific fixes like eliminating about $4 billion in tax breaks for major oil companies.

A bipartisan group of senators has renewed the effort to repeal tax credits for ethanol, introducing a bill Tuesday that would fully eliminate the Volumetric Ethanol Excise Tax Credit.

The Treasury Department and the Internal Revenue Service have asked for public comment on issues related to provisions of the health care reform law requiring employers to help pay for the cost of providing government-run health insurance to their employees.

A new analysis by Congress’s nonpartisan Joint Committee on Taxation found that 51 percent of U.S. households did not pay any federal income tax in 2009.

A U.S. Postal Service worker has been found guilty of participating in a scheme to steal millions of dollars in federal tax refund checks from the U.S. mail.

President Obama repeated his demand for Congress to eliminate an estimated $4 billion in tax breaks for the major oil and gas companies.

The Internal Revenue Service said Monday it is accepting applications for the Internal Revenue Service Advisory Council, which provides a public forum for IRS officials and representatives of the public to discuss relevant issues regarding federal tax administration.

The Internal Revenue Service received an award for the written clarity of its official notices, while insurance provider CareFirst Blue Cross Blue Shield of Maryland received an award for the most confusing language.

An Ohio CPA has pleaded guilty to charges that he helped clients file false tax returns claiming investments in gas wells.

A number of years ago, a gaming and hospitality analyst whom I'd interviewed a number of times was fired after he told The Wall Street Journal that a certain casino in Atlantic City was basically a house of cards and would not survive.

The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011, which passed Congress on April 5, 2011, eliminates two recently enacted 1099 reporting requirements that were to take effect in 2012. Still on the books, however, are a couple of new 1099 reporting requirements effective for 2011.

SHULMAN PROPOSES TAX TECHNOLOGY OVERHAUL

As trusted advisors, accountants and auditors guide clients regarding various financial reporting, tax and management matters. A currently contemplated tax policy change may provide an ideal opportunity for advising clients.

The Texas Society of CPAs has issued an analysis of the Obama administration’s call for eliminating special tax breaks for domestic oil and gas production and come out firmly against any repeal.