Tax practice

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.

The IRS had a successful filing season this year, according to a new report, despite the challenges of dealing with economic stimulus provisions passed in the midst of tax season, such as an expanded First-Time Homebuyer Credit.

Accounting firm Crowe Horwath has created a Web-based system to help state and local agencies that receive federal funding from the economic stimulus package comply with the complex reporting requirements.

An Internal Revenue Service employee was arrested at the IRS offices in Dallas after a grand jury indicted him on a felony bribery charge.

Nearly 30 of the nation's largest labor unions have comeout in opposition to Wednesday's passage of the $829 billion health care planby the Senate Finance Committee.

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.

The Senate Finance Committee has approved its long-awaited version of the health care reform bill by a 14-9 vote.

A federal court judge ruled in favor of General Electric in a tax case involving $62 million in tax benefits from a partnership arrangement that the IRS had claimed was a sham.

The daughters of the patriarch of an income tax preparation business were sentenced to six years in federal prison for filing false tax returns after their father received a 10-year sentence.

The House has unanimously approved legislation to give the military and other overseas service members equal access to the first-time homebuyer tax credit.

There continue to be rumblings that Congress may repeal the LIFO accounting method for inventory.