Tax practice

Treasury Secretary Timothy Geithner told a House subcommittee that he intends to simplify the Tax Code and devote more money to IRS enforcement.

The IRS should be doing a better job of ensuring that the sensitive personal and financial information on taxpayers’ paper documents doesn’t fall into the wrong hands, according to a new report.

The Internal Revenue Service has increased its audit rates of the wealthiest individuals and corporations, according to testimony by IRS Commissioner Douglas Shulman.

A California congressman has introduced legislation that would require federal agencies to use interactive data-tagging technology to track the use of government bailout funds by companies.

Accounting firm Marks Paneth & Shron has assembled a team to help clients with holdings in Swiss bank accounts comply with the IRS’s stepped-up enforcement efforts.

The Senate Finance Committee released a set of policy options for financing health care reform, including modifying the current tax treatment of health-related expenses.

The Making Work Pay Credit is this year's economic stimulus to help get the economy going, just as the economic stimulus payments and related recovery rebate credit were last year's effort to stimulate the economy.

Proposed legislation that was written initially to target hedge fund managers could impact a much larger array of partnerships in areas such as real estate.

COS. FORESEE MORE TAX AUDITS

H&R Block said it is re-aligning its tax and corporate structures and putting CEO Russ Smyth in charge of tax operations.

The IRS is providing a new withholding adjustment option for pension plans as a way to get around some of the glitches that have developed with the new Making Work Pay tax credit.

The IRS should follow the lead of state motor vehicle bureaus to improve customer service, according to a new report from an IRS watchdog.

The Obama administration and the Treasury Department are calling for greater regulatory control of the over-the-counter derivatives market.

The Senate Finance Committee held hearings to determine how to pay for health insurance reform, including through new taxes and tax credits.

Financial professionals gathered at a recent life insurance conference expressed relief about two revenue rulings issued by the IRS this month.

The IRS has found that a nonprofit foundation that gathered a group of pastors in 2006 for a series of public conferences in advance of a Texas gubernatorial campaign did not violate the tax laws governing nonprofits.

Most of the major banks passed the financial stress tests with flying colors last week, in no small part thanks to some key concessions by the Federal Reserve.

New York City CPA Jonathan Medows specializes in helping small business owners and freelancers cope with the economic crisis.

Two current and two former Ernst & Young partners were found guilty of tax fraud and conspiracy charges related to tax shelters.

The “greenbook” released by the Obama administration on Monday includes a number of proposals of special interest to tax preparers.