Tax practice

The Treasury Department has launched a new initiative to dramatically increase the number of electronic transactions, including quarterly tax payments, in order to reduce paperwork.

In an economy still struggling on many fronts, installment sales offer a useful tool for many taxpayers to create liquidity to buy and sell property in an otherwise "credit-sparse" environment. With correct planning, the installment method can also defer taxable gain on these sales and, therefore, provide an additional reason to commit to an installment sales strategy.

At last count, 11 parties have submitted amicus curiae briefs to the U.S. Supreme Court as it considers whether to hear an appeal from the First Circuit decision in the highly charged Textron case, which centers on a corporation's tax accrual workpapers.

COURT RULES IN FAVOR OF IRS AND FREE FILE ALLIANCE

A federal grand jury has indicted a California tax preparer on charges of tax evasion and possession of stolen government money after he was accused of stealing over $320,000 in tax refunds.

The First-Time Homebuyer Credit turned the 2010 tax filing season into a briar patch for the Internal Revenue Service, a frustrating experience for many taxpayers, and a new opportunity for scammers to rip-off the public, an IRS official told Congress.

The Justice Department and the Internal Revenue Service have filed charges against seven individuals who collectively hid over $100 million in secret bank accounts at the Swiss bank UBS.

The Senate has approved a two-month extension of eligibility for unemployment benefits and tax credits to help cover the cost of health insurance premiums for the unemployed.

Internal accounting errors by the Internal Revenue Service reduced federal funding available for unemployment benefits by $63 million, according to a new report.

Recent tax law changes continue to bedevil the Internal Revenue Service, according to a new government report on tax season.

The House has approved a bill to help taxpayers enter into payment agreements with the IRS, relax the record-keeping requirements on cell phones, and improve IRS services for low-income taxpayers.

The House Ways and Means Committee held a hearing Wednesday on ways to provide energy-related tax incentives to encourage more “green” jobs.

The former partner of a convicted income tax evader has been indicted for continuing the same abusive trust scheme that sent her ex-partner to prison.

The House Ways and Means Committee has introduced legislation to help taxpayers enter into payment agreements with the IRS, relax the record-keeping requirements on cell phones, and improve IRS services for low-income taxpayers.

An El Segundo, Calif., tax return preparer has agreed to plead guilty to charges that he willfully failed to file his personal income tax return for 2005 and that he filed false claims for tax refunds on behalf of his clients.

The Internal Revenue Service said that members of the military and certain civilians providing earthquake relief in Haiti have additional time to file their 2009 returns and pay any taxes due.

California has the highest state sales tax rate in the country, according to a new report on sales and use tax rates.

By identifying higher wage earners who are having too few taxes withheld from their paychecks, the Internal Revenue Service could collect as much as $1.6 billion in additional taxes over a five-year period, according to a new report.

The Internal Revenue Service plans to check for unfiled tax returns and look for unreported income from sole proprietors of small businesses during correspondence audits.

The Internal Revenue Service’s audits of the nation’s largest corporations have dropped sharply in recent years, despite growing federal budget deficits, according to a new report.