Tax practice

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.

A married couple was convicted of running an elaborate tax shelter scheme for over a decade in which they marketed tax trusts to clients, filed lawsuits against IRS employees, and prepared a $108 million tax lien against former Treasury Secretary John Snow.

A new report finds that the majority of financial institutions and companies that received funds from the Troubled Asset Relief Program have resolved the unpaid federal taxes they had owed.

The Internal Revenue Service has issued regulations outlining how the 10 percent excise tax on indoor tanning services in the health care reform bill should be administered.

The Internal Revenue Service is not processing taxpayer checks quickly enough, causing the government to lose money on interest payments, according to a new report.

Senate Majority Leader Harry Reid, D-Nev., has introduced an amendment to the tax extenders bill that would extend the transaction closing date for the First-Time Homebuyer Credit from June 30 to Sept. 30.

The Internal Revenue Service basically dismissed over $1.4 billion in delinquent taxes between 2002 and 2008 without filing tax liens to collect them, according to a new report.

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The G-20 group of finance ministers decided last weekend against levying a global bank tax amid fierce opposition from some countries, but that doesn’t mean the idea of taxing banks to pay for future bailouts is gone completely.

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