Tax practice

IRS ADDS TO 'TRANSACTIONS OF INTEREST' LIST

As individuals try to reclaim some of the losses to their retirement portfolios, many tax advisors have become active participants in growing those accounts. With significant percentage gains and losses occurring from month to month, techniques to deal with this unfamiliar territory have become necessary. Some have already been tested by case law, while many others can be evaluated, at least for the time being, only through what's been said in private letter rulings or on the Internal Revenue Service's Web site in informal advice.

The American Institute of CPAs has written to the IRS asking the service to rely on the existing Circular 230 penalty structure for regulating CPA tax preparers rather than impose a new one.

IRS managers may start supervising tax audits more closely to help resolve disputes between taxpayers and tax examiners.

The Internal Revenue Service should check Form 1098 mortgage interest statements to catch tax dodgers, recommended a new report.

The American Institute of CPAs criticized overly broad and disproportionate tax penalties levied on both tax preparers and taxpayers in a report submitted to Congress’s tax-writing committees, the Treasury Department and the IRS.

A former IRS compliance officer in Las Vegas has pleaded guilty to accepting a bribe in exchange for preparing a false audit report for a taxpayer.

A former IRS district director who worked for a company that promised to reduce the tax liabilities of home-based business owners has been sentenced to two years in prison.

The Taxpayer Advocacy Panel, a federal advisory committee of 99 citizen volunteers, made a series of recommendations to the IRS on improving payment installment agreements, the scheduling of audits, fixing problems in 1009 forms and other areas.

Most CPA executives do not support a major government role in health care reform, according to a new survey.

tax preparer, enforcement, irs

The use of carbon taxes and other forms of “green” taxation to improve the environment and raise government revenue requires careful planning, recommends a position paper from the Association of Chartered Certified Accountants.

Seven New Englanders have been indicted in Boston for conspiracy to defraud the U.S. government after they were accused of promoting multiple tax fraud schemes.

A former UBS banker who cooperated with the U.S. investigation of the Swiss bank was sentenced to over three years in jail for helping a billionaire real estate developer evade $7.2 million in taxes.

A former CFO who embezzled money from the magazine publishing company he helped run has been sentenced to two years in prison and three years of supervised release.

A Swiss banking executive and lawyer have been indicted on charges of conspiring to defraud the U.S. in a sign that the IRS is now looking beyond UBS in its international tax enforcement efforts.

The Internal Revenue Service does not have a standardized process for monitoring the progress of its research projects, nor a way to validate the results or measure the impact of its research efforts on tax administration.

A new study from sales tax software vendor Sabrix found that 95 percent of the companies it surveyed underestimated their sales tax liability and nexus footprint across state lines.

A California accountant has pleaded guilty in a case in which he and an attorney have been charged with evading millions of dollars in taxes earned from the sale of public shell companies.

Swiss bank UBS will turn over the names behind 4,450 accounts as part of an agreement announced Wednesday between the U.S. and Swiss governments.