Tax practice

The Internal Revenue Service has won an appeal against a CPA who was disbarred for failing to exercise due diligence in preparing business and individual tax returns for a corporation owned by a husband and wife who claimed improbably low incomes.

The Federal Tax Authority, a private company that aims to make it easy for online merchants to collect sales tax, has launched TaxCloud, a free sales tax calculation and remittance service.

A government report found security weaknesses at the facilities operated by eight Internal Revenue Service contractors, placing confidential taxpayer information at risk of unauthorized access and disclosure.

The Internal Revenue Service is cautioning taxpayers about restrictions on home mortgage interest deductions.

Eligible taxpayers who contracted to buy a home, qualifying for the First-Time Homebuyer Credit before the end of April, now have until Sept. 30, 2010 to close the deal, according to the Internal Revenue Service.

IntelliConnect, the tax research system from CCH, has added many new features that enable researchers get to their answers faster and more effectively.

The House has passed legislation to extend unemployment benefits through the end of November.

The Internal Revenue Service is asking for public comments on how to most effectively carry out a law that will require businesses to report a wider range of payments to contractors, vendors and others, usually on Form 1099, starting in 2012.

The Senate failed to pass a bill on Wednesday night to extend unemployment benefits and the closing date for home purchases that could qualify for the Homebuyer Tax Credit, although it later managed to pass the Homebuyer Tax Credit closing date extension separately.

The House passed the financial regulatory reform bill that emerged from a House-Senate conference committee by a 237-192 margin.

Senate Finance Committee Chairman Max Baucus, D-Mont., has launched an investigation into the tax practices of Transocean Ltd., the owner of the offshore drilling rig that exploded in the Gulf of Mexico this past April, leading to the disastrous oil spill.

The Senate has introduced a bill aimed at helping small businesses access credit and capital and create jobs.

A set of tax provisions that are scheduled to expire at the end of this year will change the tax landscape for many investors who will need advice on how to adjust.

The House voted Tuesday to extend the closing deadline for taxpayers seeking the Homebuyer Tax Credit.

After the Senate failed three times last week to pass the mammoth tax extenders and unemployment benefits extension bill last week, the House and Senate have introduced stand-alone bills to extend unemployment benefits.

A dentist who owned a company that specialized in financial planning and aggressive tax management for medical professionals was found guilty of two felony counts of filing false tax returns after he claimed a charitable deduction for donating $800,000 in stock to his own nonprofit foundation.

A California man who fraudulently received stock as compensation from American Fire Retardant Corporation and subsequently sold the stock, was sentenced Monday morning to 18 months in federal prison after being convicted of conspiracy and subscribing to a false tax return.

H&R Block reported a decline in its fiscal 2010 net income, attributing it to a drop in its tax season business as a result of the economy, while its rival Jackson Hewitt reported that it had received a warning about its listing on the NYSE, also brought on by tax season problems.

Senate Democrats may be forced to set aside tax extenders and unemployment benefits legislation after they were unable to overcome a Republican-led filibuster for the third time.

A House and Senate conference committee has put the finishing touches to the financial regulatory reform bill.