Tax practice

IMGCAP(1)]In recent months, the IRS has taken a more serious look at the long talked about subject of professional tax preparer registration.

Taxpayers will reap little benefit next year from the indexing of many features of the Tax Code, according to CCH, which released estimated income ranges for each 2010 tax bracket.

The Internal Revenue Service is spending millions of dollars in interest on tax refunds that have been improperly frozen, according to a new report.

A federal judge in San Francisco has issued permanent injunctions barring four individuals from promoting what a government lawsuit describes as a complex tax-fraud scheme involving several entities located around the globe.

The IRS has issued a new tax rule that will allow commercial real estate borrowers to proactively discuss possible modifications to securitized loans that are at risk of default without triggering tax penalties.

Senate Finance Committee Chairman Max Baucus, D-Mont., has introduced his own version of long-awaited health care reform legislation, without a public option for health insurance.

An IRS employee has been indicted by a federal grand jury for stealing mail that had been delivered to an IRS service facility.

The Tax Court has denied a Brooklyn tax lawyer’s attempt to claim over $100,000 in payments for prostitutes and pornography as medical expense deductions.

CCH has introduced a new research product with up-to-date information on 20 jurisdictions that offer low tax rates.

Virginia Governor Tim Kaine has declared Sept. 13 to 19 to be Virginia Certified Public Accountants Week.

The Internal Revenue Service plans to hold the last of its public forums on improving tax preparer standards at the end of the month, featuring panelists from the tax software industry and unenrolled preparers.

A federal grand jury has indicted an Arizona accountant and an attorney for participating in an offshore tax shelter scheme.

Linda Stiff, the former acting commissioner of the IRS, plans to retire this fall.

The Internal Revenue Service has opened a new section of its Web site dedicated to various back-to-school tax breaks for college savings and tuition credits.

The IRS’s use of computer formulas is paying off for the agency, improving productivity and picking out returns that taxpayers agree to settle for the recommended additional amounts.

The U.S. and Monaco have signed a tax information exchange agreement to allow the two countries to share information on tax matters, including bank accounts used to stash money abroad.

The IRS faces challenges in recruitment, training and retention of employees to replace the increasing number of employees who are eligible to retire, according to a new report by the Treasury Inspector General for Tax Administration.

The U.S. Securities and Exchange Commission “never took the necessary and basic steps” that would have led to the agency uncovering Bernard L. Madoff’s $65 billion Ponzi scheme, according to the full report issued Friday by the agency’s Inspector-General.

H&R Block reported a consolidated net loss for the first quarter of $133.6 million, or 40 cents a share, with much of the loss attributed to tax operations.

Former All-Star baseball pitcher Jerry Koosman received a six-month sentence for not paying his federal income taxes for 2002-2004.