Tax practice

It’s doubtful whether the tax changes proposed by the President in his speech on Wednesday would generate much of a dent in the deficit, even if they were to be accepted by Congress.

President Obama signed legislation Thursday repealing the expanded 1099 reporting requirements in the health care reform law and Small Business Jobs Act.

The Internal Revenue Service issued final regulations Thursday lowering the initial enrollment and renewal of enrollment user fees for enrolled agents and enrolled retirement plan agents, and separating the enrolled retirement plan agent user fees from the enrolled agent user fees.

A House committee has passed two bills that would prohibit people with seriously delinquent tax debts from receiving federal contracts or grants or serving as federal employees.

A bipartisan pair of senators has introduced a bill that would require most employers to file their W-2 forms electronically.

A new initiative at the Internal Revenue Service aimed at cracking down on high-income taxpayers with assets abroad has only managed to audit 13 returns since it was set up a year and a half ago.

The House Ways and Means Committee held a hearing Wednesday on how the Tax Code’s burdens on individuals demonstrate the need for comprehensive tax reform.

President Obama outlined his plan for reducing the budget deficit by $4 trillion in the next 12 years during a speech Wednesday in which he said taxes would need to be raised on the wealthy and itemized deductions limited.

The eleventh-hour budget deal struck by the White House with Republican and Democratic congressional leaders to avert a government shutdown over the weekend depends to a large extent upon some accounting sleight of hand to achieve the claim of $38 billion in spending cuts.

A new study from Ernst & Young examines the impact on flow-through businesses of the tax reform proposals, and cautions against lowering corporate tax rates at the expense of S Corporations.

The Senate Finance Committee held a hearing Tuesday to examine tax administration systems around the world.

The Internal Revenue Service said Tuesday it expects to receive 10 million tax extension requests in 2011, approximately the same as last year.

Fewer workers this year plan to use their tax refunds to pay off their bills, and more plan to put the money into savings, according to a new survey.

The American Institute of CPAs has joined up with the White House on a new initiative aimed at helping veterans and their families who want to start or grow a small business.

A pair of U.S. lawmakers has introduced a bill that would allow the courts to intercept tax refunds from delinquent debtors who owe restitution to victims or have outstanding court fees.

IMGCAP(1)]In 2009, U.S. prosecutors achieved a staggering victory against UBS, forcing the largest Swiss bank to settle criminal and civil charges that it aided and abetted tax fraud by assisting Americans to hide funds from U.S. taxation.

A Bronx tax preparer has been convicted of using the Social Security numbers of children to file false tax returns.

More than 224,000 people who received passports in 2008 owed a total of over $5.8 billion in federal income taxes, but Congress would need to change the laws to enable the State Department to coordinate with the IRS on denying them passports, according to a new government report.

The Internal Revenue Service has paid an unidentified CPA $4.5 million as the first award under its newly expanded whistleblower program.

The Internal Revenue Service has warned that tax refunds may be delayed for paper-based tax returns in the event of a government shutdown.