Tax practice

The number of assets seized by the Internal Revenue Service’s Criminal Investigation Division fell in 2009 and 2008, according to a new government report.

The Internal Revenue Service has filed a tax lien for $1,138,760 against rap singer Lil Wayne, who is currently in jail on weapons charges.

A federal grand jury in Alexandria, Va., has indicted a Swiss lawyer who has been accused of helping a Virginia doctor conceal money in secret Swiss bank accounts at the British bank HSBC Holdings.

A Tennessee grand jury has indicted a former inmate charged with filing false tax returns from inside his prison cell.

President Obama called for an up-or-down vote in the Senate on extending unemployment benefits.

Technology glitches with new software at the Internal Revenue Service caused it to initially reject nearly a quarter of the 127,105 tax returns it processed during its first three weeks of operation in February.

IRS LEAVES HSA RATES IN PLACE

Washington, D.C.

In spite of the growth and popularity of limited liability companies taxed as partnerships, S corporations remain a very popular option for doing business. Internal Revenue Service records show that S corporations remain the most popular way for a business to file tax returns.

REPORT: IRS SOFT ON TAX LIENS

With California unemployment hovering at 13 percent and the national unemployment rate still above 9.5 percent, long-term unemployment is clearly one of the biggest challenges for the U.S. economy.

The Senate Finance Committee held hearings last week to consider the effects of the soon-to-expire “Bush” tax cuts, and those problems could be magnified for tax practitioners and their clients.

The Internal Revenue Service’s Criminal Investigation division has stepped up its prosecutions of tax preparers in Southern California.

Goldman Sachs will pay a record penalty of $550 million and reform its business practices to settle SEC charges that the bank misled its investors in marketing a subprime mortgage product just as the U.S. housing market was starting to collapse.

Senators Charles Schumer, D-N.Y., has proposed extending the HIRE Act tax credit for employers who hire out-of-work employees.

The Senate passed a sweeping financial regulatory reform bill on Thursday by a 60-39 margin after three Republicans joined all but one Democrat in supporting the Wall Street overhaul.

The Tax & Accounting business of Thomson Reuters plans to introduce iPhone and iPad apps that will provide a front-end to the company’s Checkpoint Learning software.

The Internal Revenue Service's current method of sending notices and letters is costing taxpayers millions of dollars because it results in a large amount of undeliverable mail, according to a new government report.

Senate Majority Leader Harry Reid plans to hold a procedural vote on extending unemployment benefits next Tuesday and a vote on the financial reform bill this Thursday.

The Senate Finance Committee held a hearing Wednesday to discuss the soon-to-expire 2001 and 2003 tax cuts and how to extend any of them without increasing the budget deficit or hurting economic growth.