Tax practice

Practitioners who represent taxpayers with unreported offshore accounts should urge them to come forward and assist them under the new voluntary disclosure initiative for a number of reasons.

The Senate Budget Committee held hearings on the distribution and efficiency of spending in the Tax Code.

Democratic lawmakers on the House Ways and Means Committee have introduced a new bill intended to finance infrastructure investments to create jobs.

Owning your own home opens the door to many tax-saving opportunities, and there are a dozen tax breaks that homeowners should know about, according to CCH.

House Ways and Means Committee Chairman Dave Camp, R-Mich., said Wednesday the Senate should act on the 1099 repeal bill approved by the House and send the bill to President Obama’s desk for his signature this week.

The Tax & Accounting business of Thomson Reuters has revised its RIA 2011 Federal Tax Handbook to include all information from the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.

Recent policy changes in areas such as cost basis reporting, the Foreign Account Tax Compliance Act, and the Regulated Investment Company Modernization Act of 2010 are likely to create significant compliance, reporting and monitoring risks and consume resources as companies continue to move toward economic recovery, according to KPMG.

A bipartisan pair of senators introduced a bill Wednesday that would repeal the Volumetric Ethanol Excise Tax Credit, saying it would save taxpayers $6 billion.

A husband and wife have each been sentenced to 10 years in prison for a tax shelter scheme that spanned more than a decade.

The Internal Revenue Service has agreed with recommendations in a newly released government report urging the agency to increase its examinations of individual tax returns that report losses from rental real estate activity.

The Senate passed a patent reform bill on Tuesday that contains provisions banning patents on tax strategies.

The Senate Finance Committee held hearings Tuesday to consider the Tax Code’s effect on job creation and economic growth.

The Internal Revenue Service has released information in eight foreign languages about its 2011 Offshore Voluntary Disclosure Initiative for taxpayers with undisclosed offshore accounts.

The Internal Revenue Service needs to strengthen its controls over its investigative equipment to prevent waste and loss, according to a new government report.

The Internal Revenue Service has undercut the effectiveness of its electronic filing mandate because of the legal interpretation of the word “file,” according to a new government report.

Most corporate tax exemptions, contrary to political rhetoric, are generally available to all businesses, not just to particular “special interests,” according to a new analysis by the Tax Foundation.

President Obama credited the tax cut extension deal he forged with Congress for helping to turn around the unemployment problem.

The accounting profession’s drive for a more predictable and user friendly Federal Tax Code seems to be gaining traction with at least one segment of Congress: the freshly-elected corps of Tea Party activists and their conservative allies in the House and Senate.

We used to employ an editor at our company who no matter how frequently he screwed up - and believe me it was frequent - he nevertheless considered himself blameless.

The Internal Revenue Service has released the latest version of its discussion and rebuttal of many of the more common frivolous arguments made by individuals and groups that oppose compliance with federal tax laws.