Tax practice

The next Congress and the Obama administration are expected to make major changes in both individual and business taxes, said a panel of Ernst & Young tax experts.

The House Committee on Oversight and Government Reform held hearings on the role of hedge funds in the financial crisis and whether they should be more strictly regulated.

The Internal Revenue Service is doling out nearly $8 million in matching grants to groups around the country participating in its Volunteer Income Tax Assistance program.

CCH has introduced two online tax research products for solo practitioners and small to midsized CPA firms.

The Treasury Department’s financial rescue plan has quickly provoked controversy in the month since it was passed, not least because of an IRS rule change that could well violate the Tax Code.

President-elect Barack Obama is looking for a new chairman of the Securities and Exchange Commission to replace departing chair Christopher Cox.

President-elect Barack Obama is expected to begin working on passing an economic stimulus package, possibly even before he takes office.

Tax-related ballot initiatives went down to defeat in several states, including one in Massachusetts that would have repealed the state income tax.

Alma J. Batson and her son Kelcee L. Batson, operators of a tax prep business in Riverside, Calif., have pleaded guilty to federal tax charges.

The results of Tuesday's election are increasing the balance of power on the Democratic side of the aisle in both the House and Senate.

An IRS tax compliance officer has been charged with accepting a bribe in exchange for preparing a false audit report for a taxpayer, and stealing another taxpayer's federal income tax refund and economic stimulus check.

The Internal Revenue Service will begin conducting an annual survey of tax professionals early this month.

A Charlotte, N.C.-based florist is battling national competitors who market themselves as local merchants but don't charge their customers sales tax.

Governments at all levels are faced with the need to raise more revenue in the wake of the current fiscal crisis. Both the Treasury Inspector General for Tax Administration and the Government Accountability Office have issued reports addressing the weakness in unpaid tax collection, the role of private debt collectors in attempting to collect some of that debt, and the misreporting of rental real estate activities that contribute to the tax gap.The GAO said that while collecting unpaid tax debt is part of any strategy to help ensure compliance and confidence in the tax system and reduce both the annual tax gap and the cumulative unpaid tax debt inventory, Congress and other stakeholders have raised questions about the effectiveness of the Internal Revenue Service collection process in helping ensure compliance.

IRS TO ADDRESS PTP TERMINATIONSWashington, D.C. - The Internal Revenue Service plans to issue guidance on technical terminations of a publicly traded partnership resulting in multiple short tax years within one calendar year.

This year-end is proving to be one of the most difficult for investors in many years. There's the uncertainty resulting from the financial credit crisis and government reactions to the crisis. There's the uncertainty from the close presidential election. There is also the uncertainty from the existing tax laws, under which the tax rates for capital gains and dividends and the top marginal tax rates for ordinary income would increase in 2011 under current law even if nothing were done by Congress.Faced with this uncertainty, the market has been in retreat, evaporating gains and producing potential losses. While most investment advisors are advising clients to remain in the market, and even use downturns such as this as an opportunity for further investment, taxpayers facing investment losses should keep in mind some tried and true tax planning opportunities, as well as some potential new developments in the tax law.

IRS OFFERS GUIDANCE ON ARSWashington, D.C. - The Internal Revenue Service issued a revenue procedure that provides guidance on the treatment of taxpayers who accept certain types of settlements of potential legal claims relating to auction rate securities.

Tax-related measures will be on the ballots of at least 23 states on Tuesday, and they could have far-reaching ramifications.

Learn what practitioners should be focusing on in their upcoming year-end and general tax planning with both individual and corporate clients in this free webcast.

The Internal Revenue Service distributed roughly $1.6 billion in refunds to taxpayers who filed falsified tax returns in 2006 and 2007, despite efforts to stop them, according to a new report from the Treasury Department's inspector general.