Tax practice

The Internal Revenue Service has released proposed regulations that would reduce the application and renewal fees for enrolled agents and enrolled retirement plan agents from $125 to $30.

Terrance “T.J.” Turner, director of income tax research at corporate income tax software developer Vertex, has been appointed to the IRS Electronic Tax Administration Advisory Committee.

Despite confusion created by recent and probable year-end tax legislation changes, the 2010 federal income tax environment is still quite favorable.

President Obama announced a deal Monday evening to extend the Bush-era tax rates for two years, as well as other tax breaks and unemployment benefits, after Republican and Democratic congressional leaders forged a compromise in meetings with administration officials.

The Internal Revenue Service is starting to tweet more than Ashton Kutcher, expanding the number of Twitter feeds it offers to taxpayers and the tax professional community.

The Senate failed on Saturday to overcome Republican-led opposition to two bills extending the Bush-era tax cuts to taxpayers making less than $250,000 and $1 million a year, prompting leaders to talk Sunday of progress toward a deal extending tax cuts for people at all income levels on a temporary basis, along with unemployment benefits.

Since last Thursday I've imagined a series of frightening scenarios and they go something like this: I receive this letter from the Internal Revenue Service charging that I have not paid taxes in years on rental income from a property I own in a tropical paradise.

The Internal Revenue Service has released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year.

The Internal Revenue Service has announced new filing thresholds for next year for tax-exempt organizations filing Form 990 series returns.

The 18-member commission appointed to recommend ways to cut the federal budget deficit and national debt was unable to reach the 14-member threshold required to approve a final report and send it to Congress.

The Internal Revenue Service has issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The U.S. economy gained only about 39,000 jobs in November, far fewer than expected, sending the unemployment rate up two-tenths of a percentage point to 9.8 percent, and putting more pressure on Congress to pass an extension in federal unemployment benefits.

The former co-owner of a cement and masonry contracting business has been sentenced to two years in prison in a scheme to file false tax returns and illegally structure transactions.

Senate Finance Committee Chairman Max Baucus, D-Mont., has introduced a package of tax cuts for middle-class families after the House passed tax cut legislation Thursday extending the Bush-era tax rates.

Preparers looking for a wish list of provisions for the lame duck session of Congress to pass have a number of items to consider.

The House voted Thursday to censure former House Ways and Means Committee Chairman Charles Rangel, D-N.Y., for violations of ethical rules.

irs, tigta, prisoners, taxes, fraud, tax refunds

House Democrats passed a tax cut package on Thursday aimed at extending the Bush-era tax cuts for taxpayers who earn below $250,000, but the prospects for passage in the Senate will depend on the deal worked out by a bipartisan group of four lawmakers and two Obama administration officials.

The Internal Revenue Service has begun sending more than 10,000 letters to tax return preparers nationwide to remind them of their obligation to prepare accurate tax returns, and during the 2011 filing season, IRS representatives will visit approximately 2,500 tax return preparers who received the letters to discuss their responsibilities and verify their compliance.

The Internal Revenue Service detailed how, starting Jan. 1, 2011, paid tax return preparers can comply with a new law that requires them to electronically file tax returns for individuals, trusts and estates.