Tax practice

IRS ADJUSTS RULES ON HEALTH DEBIT CARDS

Recently issued guidance from the Internal Revenue Service provides answers to a number of questions on tax return preparer registration, and fills in some of the details left unaddressed by recent regulations.

Jackson Hewitt Tax Service filed a lawsuit Monday against H&R Block claiming that Block is disseminating “false, misleading and highly disparaging advertising claims about Jackson Hewitt.”

The former CEO of Quellos Group and the head of its private clients group were sentenced in a federal court on charges connected with the offshore tax shelters set up by the former investment firm.

The Obama administration is expected to propose permanently eliminating capital gains taxes on some types of small business investments held for over five years.

The Internal Revenue Service has recently received an anonymous complaint challenging the tax-exempt status of the National Hot Rod Association.

California CPA Steve Green is accusing the Internal Revenue Service of “gross negligence” in the way it has responded to correspondence with him.

The Internal Revenue Service and its partners nationwide marked the 5th Earned Income Tax Credit Awareness Day on Friday.

The deficit reduction panel called for tax reform, as did the National Taxpayer Advocate and the House Ways and Means Committee. Now, President Obama has added his voice to the mix with his State of the Union address.

The Financial Crisis Inquiry Commission delivered the results of its nearly two-year-long investigation into the causes of the financial and economic crisis on Thursday, but with dissenting views from some of the Republican members of the commission.

The Internal Revenue Service has introduced a new online tool for ordering tax return copies, tax transcripts and return information.

Senate Finance Committee Chairman Max Baucus, D-Mont., and member Chuck Grassley, R-Iowa, introduced legislation Wednesday to create job opportunities for veterans returning home from war and help businesses create jobs.

President Obama placed an unusual degree of emphasis Tuesday during his State of the Union address on tax reform, and while there appears to be more bipartisan spirit in Congress in the wake of the tragic shootings in Tucson, the prospects for getting an agreement are murky at best.

President Obama urged Congress to work across party lines on an overhaul of both corporate and individual taxes to reduce tax loopholes during his State of the Union address on Tuesday night.

Senate Finance Committee member Chuck Grassley, R-Iowa, and chairman Max Baucus, D-Mont., have introduced a bill that would prevent any individual or firm from being able to receive patents on tax strategies.

Senate Finance Committee Chairman Max Baucus, D-Mont., and Senate Majority Leader Harry Reid, D-Nev., have introduced and pledged to pass a bill to repeal the expanded 1099 reporting requirements in the health care reform bill.

A Washington think tank, the Center for Economic and Policy Research, has released a report recommending a tax on financial speculation as a way to help solve the federal government’s long-term budget deficits.

The Internal Revenue Service has provided a dispensation for tax preparers who have tried unsuccessfully to register for a Preparer Tax Identification Number so they can go ahead and prepare tax returns for compensation, even though they have not yet received a PTIN.

Senate Minority Leader Mitch McConnell, R-Ken., said he expects President Obama to call for lowering the corporate income tax rate during the president’s State of the Union address on Tuesday evening.

The Internal Revenue Service has selected 10 new members for its Information Reporting Program Advisory Committee and another 10 members and a chairman for its IRS Advisory Council.