Tax practice

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.

The Internal Revenue Service has issued proposed regulations requiring paid tax preparers to furnish an identification number on tax returns and claims for tax refunds that they prepare.

The Internal Revenue Service has launched a Web-based tool that allows taxpayers to check to see if they received an Economic Recovery Payment last year.

Keith S. Fimian and Pat Herrity are part of a growing trend this year: CPAs running for a seat in Congress.

A large proportion of married business partners who file individual or partnership tax returns are unaware of the potential benefits of a more recent filing option.

As many taxpayers continue to struggle with a tough economy, tax season is finding many of them literally unprepared.

Simonton Windows is offering customers $150 off the tax preparation fee for their 2010 returns, which will be prepared in 2011, when they purchase 12 or more energy-efficient windows and have their returns prepared at H&R Block.

The Internal Revenue Service reported that the overall number of tax return filings has declined somewhat this tax season.

President Obama signed historic legislation reforming health care insurance, providing tax credits to individuals and small businesses to help them buy insurance through state-based exchanges.

The Senate Banking Committee voted along party lines to approve the financial regulatory reform bill introduced last week by Chairman Christopher Dodd, D-Conn.

Treasury Secretary Timothy Geithner said lawmakers should reject amendments designed to weaken the financial regulatory reform bill.