Tax practice

The vast majority of U.S. business executives are against the imposition of a value-added tax and would need time to prepare for it, according to a new poll.

The founder and principal manager of a bogus foreign exchange fund that effectively operated like a Ponzi scheme has been sentenced to nearly six years in prison on tax charges.

CCH has expanded its Tax Prep Partner Series with four new compliance guidance titles.

Four of eight promoters of a fraudulent tax- and debt-elimination scheme have been sentenced to length prison terms for their roles in tax fraud, wire fraud and money laundering.

The Treasury Department has released a new state-by-state report on the number of newly hired workers whose employers are eligible to claim tax credits under the HIRE Act, increasing the estimate from 4.5 million to 5.6 million workers.

CCH has introduced CCH TaxPlan, a new product on its IntelliConnect online research service that combines tax planning guidance with interactive practice tools to help practitioners with tax planning engagements.

House Democrats blasted Republicans for blocking a bill with tax breaks for small businesses and the removal of a controversial 1099 information reporting requirement after the bill failed to garner the two-thirds margin needed for passage.

A new bill in Congress would provide a one-time $250 payment to senior citizens, veterans and the disabled in the event that no Social Security cost-of-living adjustment is payable in 2011.

Senate Republicans united in blocking a vote on legislation to provide tax breaks to small businesses along with a $30 billion lending fund.

Senior financial executives and tax directors say they lack formal policies and procedures to manage the IRS exam process effectively, despite reporting a noticeable increase in Internal Revenue Service corporate audit activity over 2008 levels, according to a recent survey by KPMG LLP.

The House ethics committee laid out a series of charges against Congressman Charles Rangel, D-N.Y., on Thursday, including his failure to pay taxes on rental income he earned from a vacation villa he owns in the Dominican Republic.

The House Committee on Financial Services voted to approve Internet gambling legislation, a critical step in making online gambling legal in the U.S.

The District of Columbia has begun a tax amnesty program that waives all penalties and fees on back taxes paid by Sept. 30.

The economic downturn and an increasing number of taxpayers with complex tax issues contributed to a decline in the amount of revenue collected by the Internal Revenue Service in fiscal year 2009, according to a new government report.

The U.S. Government Accountability Office has launched a mobile version of its Web site that will allow users to more easily access GAO reports on their BlackBerries, iPhones, Droids, and other small-screen mobile devices.

House Ways and Means Committee Chairman Sander Levin, D-Mich., has introduced a bill that would close tax loopholes blamed for encouraging multinational companies to ship jobs overseas.

The Internal Revenue Service does not always follow statutory requirements that it notify taxpayers on a timely basis when it files tax liens against them, and it does not always follow its own regulations for notifying taxpayers’ representatives of the filing of lien notices, according to a new report from the Treasury Inspector General for Tax Administration.

The talk in Washington is beginning to sound a little panicky when it comes to extending the Bush tax cuts.

Senate Finance Committee Chairman Max Baucus, D-Mont., has unveiled some new changes to the Small Business Jobs Act, in an effort to win more support for the bill.

A new government report finds that the Internal Revenue Service is mostly ready to deal with a flu pandemic like the H1N1 virus, but not entirely.