Tax practice

Tea Party activists are planning an Online Tax Revolt that will send an army of avatars on a virtual march on Washington on Tax Day, April 15.

The Treasury Department and the Office of Management and Budget have opened a new office that will focus on improving financial management processes across the federal government.

The Internal Revenue Service said that many small businesses and tax-exempt organizations that provide health insurance coverage to employees now qualify for a new tax credit, thanks to the health care reform bill.

A Los Angeles doctor who operated a medical clinic that peddled herbal medicine cures has been arraigned on tax evasion, wire fraud, mail fraud, witness tampering and criminal forfeiture charges.

The Internal Revenue Service has indeed been taking steps to assist economically distressed taxpayers who have fallen behind on their payments, a government report confirmed.

IMGCAP(1)]Several lucrative federal tax incentives have been extended and enhanced for energy efficient design, construction, and improvement of buildings and homes.

Fifteen of the largest U.S. states have forecast gains intax revenue for 2011, ending a two-year slide in tax collections, while all 50states expect to hike collections by about 3.5 percent.

The Senate has temporarily extended two provisionsenacted in the Recovery Act that increase government guarantees and eliminatefees on small-business loans through April 30.

Taxpayers may have to finish filing their taxes by April15, but they'll have earned enough to pay their share by April 9, according tothe Tax Foundation.

A federal judge here has ruled that a professionalliability insurer is not obligated to defend or indemnify an accounting firm inconnection with the recommendation by a firm member of a tax-sheltertransaction.In its ruling, thecourt held that the firm member was acting as an agent for the company thatmarketed the plan.

The Internal Revenue Service has filed a tax lien for over $15,000 against former Washington, D.C., mayor Marion Barry, claiming he owes taxes for 2005 through 2008.

The Justice Department has asked a federal court to permanently shut down a Miami tax preparer who was falsely claiming the First-Time Homebuyer Tax Credit on his clients’ tax returns.

The Tax & Accounting business of Thomson Reuters has published a new guidebook to help nonprofit organizations meet the IRS’s new reporting requirements.

The Internal Revenue Service frequently establishes payment plans for delinquent taxpayers without considering whether taxpayers can afford to pay them, according to a new report.

I haven’t yet read the 2,400-plus pages of the Health Care Reform Bill (the Patient Protection and Affordable Care Act) that President Obama signed into law on Tuesday. Not even the hundred-plus pages of tax provisions in the bill. But from talking to those who have, it looks like there is enough in it to keep tax professionals occupied for awhile.

The Senate voted 56-43 on Thursday to approve a set of improvements to the sweeping health care reform bill that was passed by the House on Sunday night, but it needed to send the bill back to the House after two provisions were changed in the student lending part of the bill.

IRS Commissioner Doug Shulman told a congressional panel about the IRS’s newly proposed regulations for requiring paid tax preparers to have identification numbers to reduce tax preparer fraud, as well as how the IRS intends to handle enforcement of the new health insurance reform bill.

Nearly one-half of consumers plan to file their federal taxes online this year, up from 34 percent in 2005, according to a new survey.

IMGCAP(1)]The IRS offers tremendous flexibility in how a foreign entity may be classified for U.S. income tax purposes.

The House has approved legislation to provide tax cuts to small businesses and extend the Build America Bonds program to spur job creation.