Tax practice

States across the country saw their tax revenues for the first quarter of 2009 drop by a record percentage, according to a new report.

The Internal Revenue Service cannot easily keep track of the activities of paid tax preparers, nor of their compliance with tax laws, according to a new report by the Treasury Inspector of Tax Administration.

IRS agent Albert Bront threatened to kill a group of U.S. Treasury agents when they tried to search his home earlier this week.

Many businesses may soon find they cannot obtain or renew a license unless they are current with both their state and federal taxes.

PDI Global has introduced an online version of its 2009-2010 Tax Planning Guide that accounting firms can put on their Web sites and market to clients.

The Internal Revenue Service has expanded its lists of “transactions of interest” and “listed transactions” that taxpayers must disclose if they are participating in any of them.

House Democrats have introduced health care legislation that would impose a surtax on upper-income taxpayers, and penalties on many small businesses that don’t provide health insurance coverage to employees.

The TV networks have been on a letter-writing campaign lately in an effort to dissuade Congress from ending the expensing of ads by pharmaceutical companies.

The Internal Revenue Service plans to hold a series of public forums this summer to get input on regulating tax preparers.

House Ways and Means Committee Chairman Charles Rangel, D-N.Y., has been called to the White House to discuss his proposed surtax on the wealthy to pay for health insurance reform.

The U.S. and Swiss governments have requested a stay on the court hearings that were set to begin Monday on whether UBS could be forced to divulge the names and bank holdings of 52,000 U.S. taxpayers.

The Obama administration has proposed legislation to Congress that would establish consistent standards for anybody who provides investment advice.

A fourth former partner at BDO Seidman has pleaded guilty in a tax shelter case.

Many taxpayers spend time during the summer months polishing their résumé and attending career fairs.

Entrepreneurs urged lawmakers to extend the research and development tax credit at a House subcommittee hearing Thursday.

The Internal Revenue Service has shelved hundreds of balance-due accounts for taxpayers who owe more than $1 million.

The current economy has transformed valuation of property for tax purposes into an increasingly complex area and, at the same time, one that is increasingly critical for many taxpayers.

TAX REVENUES DIVE

The Swiss government said it is ready to confiscate UBS client information to prevent the bank from violating secrecy laws by handing documents over to the U.S. government.

Under pressure from Congress, the Internal Revenue Service has agreed to temporarily suspend until Sept. 30 its efforts to collect penalties for some listed tax shelter transactions.