Tax practice

The conversion to International Financial Reporting Standards, coupled with the movement towards fair value accounting and Congress' need for revenue, could result in the repeal of the last-in/first-out, or LIFO, method of inventory accounting.

WASHINGTON, D.C.-About a quarter of all sole-proprietor businesses report losses on their tax returns, but many are doing so by understating their income or overstating their expenses, leading to billions of dollars in lost tax revenue, according to a new government report.

Washington, D.C.-Tax rate brackets and various tax benefits will remain unchanged or change only slightly in 2010 due to low inflation, and many pension plan limitations will remain unchanged, according to the Internal Revenue Service.

The IRS has decided not to assess extra employment taxes for 2004 to 2006 on FedEx for the delivery drivers that the company considers to be independent contractors.

The Internal Revenue Service has released guidance to employers paying wages to nonresident alien employees for services performed within the U.S.

President Barack Obama said Thursday he plans to hold a forum in December at the White House on jobs and economic growth.

Although I wasn’t born with a silver spoon in my mouth, and I would have to get very lucky very soon to be concerned with the estate tax rate, it has always seemed an unfair proposition to tax a person or business when it is most vulnerable.

CCH has added Smart Charts, checklists and decision trees to its Business Entity Planning Library to provide further guidance to tax practitioners analyzing and comparing the entities used by small- and midsized businesses.

The U.S. Court of Appeals for the Fifth Circuit has disallowed a “midco” tax shelter, becoming the first appellate court to disallow one.

Government tax authorities around the world are requiring multinational companies to provide more documentation to support their transfer pricing strategies as countries seek additional tax revenue.

The Internal Revenue Service has published its list of recipients of matching grants for its Volunteer Income Tax Assistance program, and not surprisingly it omits the controversial community organizing group ACORN.

CCH’s Tax Prep Partner series has expanded to cover nonprofit, estate tax and payroll forms.

Yacht broker Robert Moran has been sentenced to two months in prison on tax fraud charges, making him the third former UBS client to be sentenced to prison in South Florida in the past two weeks.

The Internal Revenue Service has selected four new members and a chairman for the Electronic Tax Administration Advisory Committee.

Tax accountants who help U.S. taxpayers hide their income in foreign banks are in the crosshairs of a new push by Congress and the Obama administration to crack down on offshore tax haven cheats.

The House voted to approve health care reform, moving the legislation now to an uncertain outcome in the Senate.

President Barack Obama has signed the extension of the First-Time Homebuyer Tax Credit, along with an extension of unemployment benefits.

A letter to IRS Commissioner Douglas Shulman may hold the key to the shape of the recommendations to be proposed before the end of the year on tax preparer registration.

The Internal Revenue Service is looking for taxpayers who are due to receive a combined $123.5 million from 107,831 refund checks that were returned to the IRS by the U.S. Postal Service due to mailing address errors.

At least 1,260 individuals appear to have erroneously claimed about $1.8 million in Health Coverage Tax Credits on their 2007 returns.