Tax practice

The Treasury Department's Troubled Asset Relief Program needs to do a better job of ensuring integrity, accountability and transparency, according to a report from the Government Accountability Office.

A federal grand jury has indicted a man after he crashed a motor vehicle twice into the side of a building that contains the offices of both the Internal Revenue Service and the Small Business Administration.

The IRS is not well prepared in the event of serious disasters, according to two new reports by the Treasury Department's inspector general.

The Internal Revenue Service has added two new appeals programs for taxpayers who are disputing IRS actions.

December's a perfect time for accountants to check their lists twice to make sure they have all their bases covered before busy season starts cranking.

The Internal Revenue Service said that taxpayers who make qualifying cash contributions for disaster relief efforts in the Midwest are able to benefit from a recently passed law that suspends the percentage-of-income limits that would normally apply when taxpayers deduct the contributions on their 2008 federal tax returns.

Treasury Secretary Henry Paulson announced a program to allocate $20 billion to back a $200 billion Federal Reserve facility for consumer lending.

The Internal Revenue Service issued the fall 2008 edition of its Statistics of Income Bulletin, showing growth in income for both individuals and businesses in 2006, but that was before the economic downturn had really hit.

A small business advocacy group is accusing President-elect Barack Obama of backing away from his campaign promises before he even takes office.

Lately we’ve been hearing so many contradictory statements from Treasury Secretary Henry Paulson in such a short period of time that I’m beginning to wonder if we have two look-alikes running around Washington testifying on Capitol Hill and giving impromptu news conferences where they say exactly the opposite.

President-elect Barack Obama announced the key members of his economic team on Monday, including his pick for Treasury Secretary, New York Federal Reserve president Timothy Geithner.

The Internal Revenue Service has reduced the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile, citing lower gas prices.

A new report on President-elect Barack Obama's tax policies sees his mantle of change perhaps leading him to change some of his tax proposals as he works with Congress next year.

An IRS revenue agent was arrested at Los Angeles International Airport after he was indicted a few days earlier by a grand jury on charges of tax fraud and obstructing an investigation into his tax return.

An Internal Revenue Service advisory group has released a report detailing a wide-ranging set of 70 recommendations, including new requirements for tax preparers.

President-elect Barack Obama plans to shift tax incentives to encourage more use of renewable energy sources, according to one tax expert.

The House Small Business Committee convened a hearing on the financial rescue program and found that $1.6 trillion in bailout funds have provided little assistance to small businesses so far.

With tax season coming up, the IRS is reaching out to tax-exempt organizations and preparers to spread the word about the revised Form 990 and the extra information it will require.

Prosecutors have indicted John B. Ohle III, a former member of a bank's tax shelter promotion group, on charges of conspiring with lawyers at the law firm of Jenkens & Gilchrist and others to defraud the U.S. Treasury of an estimated $100 million in the sale of a tax shelter known as "HOMER."

A new career in income tax preparation could be a safety net for some of the thousands of bank and financial services employees who are losing their jobs due to the current economic crisis. Many of those being laid off are older employees who would not be able to find another comparable full-time job, but are not ready to retire.Tax professionals need many of the same qualifications that bankers and financial professionals possess. A tax preparer must be able to conduct a thorough interview to extract financial and personal information from their client and hold that information in complete confidence. Preparing income tax returns requires similar skills as completing banking, mortgage or investment documents.