Tax practice

The Internal Revenue Service needs to improve the security of its Automated Collection System, a telephone contact system used to collect unpaid taxes and secure tax returns from delinquent taxpayers, according to a new government report.

Health care professionals who have received student loan relief under state programs that reward those who work in underserved communities may qualify for refunds on their 2009 federal income tax returns, as well as an annual tax cut going forward, according to the IRS.

The Internal Revenue Service is extending some deadlines for sponsors of defined-contribution retirement plans, such as 401(k) plans, that were affected by storms and other severe weather in Alabama, Connecticut, Massachusetts, Mississippi, New Jersey, Rhode Island, Tennessee and West Virginia.

The Internal Revenue Service does not always properly authenticate the identity of taxpayers calling its toll-free assistance lines before providing them with confidential tax account information, according to a new government report.

The 3.8 percent Medicare tax on investment income that will be imposed on higher-income individuals starting in 2013 has caught the immediate attention of many taxpayers.

SMALL CHARITIES GET EXTENSION ON IRS DEADLINE

Despite performing admirably in a difficult environment, the Internal Revenue Service still needs to improve on strategies to narrow the tax gap and hone its information technology systems, according to the IRS Oversight Board

The Internal Revenue Service has released an application form that will allow small firms to begin applying for certification for tax credits or grants available under the Qualifying Therapeutic Discovery Project Program, created by the Affordable Care Act.

An outside advisory committee recommended that the Internal Revenue Service follow a three-year phase-in approach to implementing a new requirement for tax preparers to electronically file individual tax returns.

The House passed legislation to incentivize community banks to increase their small-business lending.

A case decided earlier this week by the South Carolina Supreme Court may have nationwide implications on tax reporting.

Corporations that issued stock options to their executives claimed tax deductions that were collectively $52 billion larger than the expenses shown on their books in 2008, according to newly released data.

Senate Finance Committee Chairman Max Baucus, D-Mont., has scaled back the carried interest and S corporation tax provisions, in addition to several others, after the tax extenders and unemployment legislation hit a speed bump in the Senate.

The upper and lower houses of the Swiss Parliament have ratified a deal between the Swiss and U.S. governments to share information on approximately 4,450 U.S.-based customers of Swiss bank UBS with the U.S. government.

The Senate has approved an amendment to extend the closing deadline for homebuyers who qualified for the First-Time Homebuyer Tax Credit.

The tax extender and unemployment benefits bill failed to clear a 60-vote hurdle in the Senate on Wednesday.

The American Institute of CPAs and the National Society of Accountants are voicing their opposition to a provision in the tax extenders and unemployment legislation that could increase the self-employment taxes paid by some professional services firms organized as S corporations.

The Internal Revenue Service has awarded a five-year contract to consulting firm Accenture to design, implement and operate its tax return preparer registration program.

The House approved the Small Business Jobs Tax Relief Act of 2010 on Tuesday by a bipartisan majority of 247-170.

The lower house of the Swiss Parliament voted Tuesday to approve a deal signed by the Swiss and U.S. tax authorities last year to disclose the identities of up to 4,450 U.S.-based taxpayers who have secret bank accounts at UBS.