Tax practice

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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An IRS agent has been charged withsoliciting and accepting a $9,700 bribe from two business owners in exchangefor lowering the amount of taxes they owed.

The Internal Revenue Service will hosta webinar on tax preparer registration this Wednesday, June 9, at 2 p.m. EST.

Following earlier announcements foretelling their arrival, the Internal Revenue Service, with Announcement 2010-30 on April 19, 2010, released a draft schedule, Form UTP, and instructions for reporting uncertain tax positions. The IRS hopes to finalize the schedule and instructions for the 2010 tax year after comments are evaluated on the proposals. Comments were due by June 1, 2010.

The Internal Revenue Service has provided guidance on how tax-free health insurance coverage should now be provided for employees' children who are under 27 years of age under the recently passed health care reform law.

An estimated 1.2 million tax returns filed in 2007 reported wages earned by taxpayers who used another taxpayer's Social Security number, according to a new government report.

The first set of proposed regulations on preparer registration requirements has generated a host of comments from several of the major tax professional organizations.

U.S. TO PURSUE MORE OFFSHORE TAX EVADERS

The State of California, struggling with a $19 billion budget deficit, is considering legalizing and taxing marijuana in a referendum on the November ballot.

The Swiss Parliament’s upper house voted Thursday in favor of Switzerland’s deal with the U.S. government to share the identities of 4,450 U.S. clients of UBS with numbered bank accounts.

Both the American Institute of CPAs and the American Bar Association Tax Section have told the Internal Revenue Service it should withdraw its proposed rule that would require companies with more than $10 million in total assets to disclose uncertain tax positions on the new Schedule UTP, Uncertain Tax Position Statement.