Tax practice

Jackson Hewitt Tax Service warned in a regulatory filing that it only has enough funding to cover 50 percent of the refund anticipation loans it anticipates making this tax season.

Tax prep chain H&R Block opened a new flagship office in Times Square on Thursday, complete with a giant “smart wall” where clients can be guided through an interactive “tax experience.”

President Barack Obama has proposed levying a fee on large financial firms and banks to pay for the costs of the financial bailout.

The leaders of a group of Wall Street banks admitted to mistakes made by the financial industry while appearing before a commission charged with uncovering the reasons behind the financial meltdown.

Mark Thomas Ellis, president and CEO of Winsted Holdings, pleaded guilty to a tax charge in U.S. District Court in Los Angeles.

The Internal Revenue Service has added a revised Virtual Small Business Tax Workshop to its Web site with updated content, interactive features and a new reference section.

Intuit has created a Lacerte and ProSeries Tax Certification program that 1040 tax preparers can use to demonstrate their proficiency and firms can use to test their existing staff and find qualified job candidates.

The Internal Revenue Service plans to audit Harvard University and about 39 other colleges as part of an overall review of tax-exempt nonprofit organizations.

The Internal Revenue Service’s ability to detect fraudulent tax refund claims may have been weakened by a recent move to assign the task to a relatively inexperienced group of employees, according to a new report.

The Internal Revenue Service needs to improve its telephone assistance level, as well as its taxpayer service and enforcement functions, according to a new report by the Government Accountability Office.

The Internal Revenue Service will be sending out newly redesigned, less confusing notices to taxpayers that aim to improve the way it corresponds with its core constituency.

Internal Revenue Service Commissioner Doug Shulman has decided against coming up with rules on the taxation of employer-provided cell phones and said the IRS would instead wait for congressional legislation.

Sometimes, being too quick to take advantage of a tax break from Congress can turn out to be a very bad thing.

1. What are the top challenges facing tax return preparers this tax season?

1. What are the top challenges facing tax return preparers this tax season?

The economic crisis and the downfall of the real estate market spurred a slew of tax law changes that will impact the upcoming filing season.

Tax return preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on returns prepared for their clients are a major concern for the Internal Revenue Service during the upcoming filing season, according to a spokesman for the service.

With each new year comes a wave of new technologies aimed at helping tax preparers work more efficiently through tax season.

While the shape of tax policy remains uncertain in some areas - at press time, Congress was considering a wide range of tax bills, including changes to the estate tax regime, and the extension of a number of tax credits and deductions, among other things - there are a few areas of certainty.

HOUSE APPROVES 45% ESTATE TAX EXTENSION