Tax practice

The IRS’s Information Reporting Program Advisory Committee has released a report outlining recommendations on a wide range of tax administration issues, including creating new forms and instructions, and reporting of a customer’s basis in securities transactions.

CCH plans to enhance its IntelliConnect research service with new filtering and interface features.

IRS Commissioner Doug Shulman had some news for CPAs gathered to hear him speak at an AICPA conference on Monday: high-income individuals are going to be in the agency’s cross-hairs now.

Democratic leaders of key House and Senate committees have introduced legislation to force foreign financial institutions, trusts and corporations to provide information about their U.S. account holders, grantors and owners.

IRS Commissioner Douglas Shulman told a gathering of CPAs that he had heard their concerns about the IRS requiring extra testing of CPAs who prepare taxes, and announced that the IRS would be expanding its probe of overseas income while targeting new enforcement efforts at high-wealth individuals.

The Internal Revenue Service has issued a new form that will make it easier to order tax transcripts and help process mortgage modification applications.

If someone said to me a decade ago that the ideas that tax planners use, some on a daily basis, might be violating a patent, I would have dismissed it as crazy talk.

The House Financial Services Committee has approved the creation of a Consumer Financial Protection Agency by a vote of 39 to 29 to safeguard consumers against excessive credit card rate hikes, overdraft fees and predatory lending practices.

A new study by KPMG has found more governments worldwide imposing value-added taxes and goods and services taxes to make up for declining revenue from other sources, and warns the U.S. may follow suit.

The First-Time Homebuyer Credit program that kept the housing industry afloat this year also led to hundreds of millions of dollars in fraudulent or erroneous claims.

Recent conversations in the nonprofit world increasingly surround "good governance" within nonprofit organizations. For years, many looked at good governance as board members contributinglarge sums of money to their organizations, while also making sure thatthe particular organization is following its mission.

Eighty-three percent of companies have experienced an increased number of audits due to state and local tax revenue shortfalls, according to a new survey.

Volunteers who prepare tax returns for free through the IRS’s Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs prepared nearly half the returns inaccurately, according to a new report.

The First-Time Homebuyer Tax Credit program may have helped boost the sagging housing market this year, but it also seems to have encouraged a lot of fraudulent activity.

IRS Commissioner Doug Shulman told a group of board directors attending a business conference that they need to hire outside tax advisors to help with tax risks and FIN 48 compliance.

The Internal Revenue Service has inadequate controls over dishonored checks from taxpayers, putting millions of dollars at risk, according to a new report.

Nearly a dozen IRS employees took unauthorized first-class and business-class flights in the past two years that cost taxpayers over $50,000, according to a new report.

Arnold C. Libman, a licensed California CPA, has been sentenced to a year and a half in federal prison, and a year of supervised release, after he pleaded guilty to aiding and assisting in the preparation of a false income tax return.

For those who question the relationship between shortsighted tax policy and the economy, consider the possible consequences of taxing carried interest.

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 IRS.