Tax practice

A free guide for CPAs to sales and use tax has been released by sales tax technology provider SpeedTax.

President Obama is widely expected to call for a three-year spending freeze on key areas of his discretionary budget during the State of the Union address on Wednesday evening, but critics are already warning that now is not the time to cut spending just as the country is emerging from a recession.

The Internal Revenue Service is considering requiring some business taxpayers to report uncertain tax positions on their tax returns, according to Commissioner of Internal Revenue Douglas Shulman.

President Barack Obama and Vice President Joe Biden previewed some of the major themes in the president’s upcoming State of the Union address, including a proposal to increase some tax credits for middle-class families.

The Internal Revenue Service listed the guidelines for the tax deductions that taxpayers can take for the contributions they make toward Haiti earthquake relief this year.

An IRS advisory subcommittee is testing a compliance checklist for state and local government employers, asking questions about tax withholding, fringe benefits, retirement plans and other matters.

The eligibility period for COBRA subsidies for laid-off workers has been extended through February, with 15 months of subsidy available now to those who qualify.

Switzerland’s Federal Administrative Court has ruled that the agreement for UBS to disclose the identities of 4,450 U.S.-based taxpayers to the IRS violates the country’s banking secrecy laws.

Four former Ernst & Young partners have been sentenced for their roles in tax shelter schemes.

The Internal Revenue Service issued guidance that designates the earthquake in Haiti in January 2010 as a qualified disaster for federal tax purposes.

The Internal Revenue Service has issued advice on how to claim the Making Work Pay Tax Credit that was included in the Recovery Act if an employer has not provided the full credit.

The effects of the economic downturn have been particularly hard on states, which will make life interesting in the year ahead for firms that sell services in the state and local tax area.

The Senate has unanimously passed legislation that allows taxpayers to deduct charitable contributions to aid victims of the devastating earthquake in Haiti.

The Internal Revenue Service has increased its maximum value limits for employer-provided vehicles this year.

President Barack Obama proposed new restrictions Thursday on the size and scope of financial institutions to limit their ability to engage in risky trading practices.

The House of Representatives unanimously passed legislation Wednesday that would allow individuals who make charitable contributions to victims of the earthquake in Haiti to claim an itemized charitable deduction on their 2009 tax return instead of having to wait until next year to claim the deductions on their 2010 tax return.

Grant Thornton anticipates state budgets will remain under pressure this year even if the economy improves.

The Internal Revenue Service has appointed tax attorney Michael Danilack as deputy commissioner (international) of the IRS’s Large and Mid-Size Business Division.

President Barack Obama ordered the Treasury Department, the Office of Management and Budget, and other federal agencies to block contractors who are seriously delinquent in their taxes from receiving new government contracts.

The devastating earthquake in Haiti last week is spurring relief efforts from countries around the world, but the U.S. is playing a key role in providing both help and security, along with much-needed funds.