Tax practice

A recent study of unpublished Internal Revenue Service data has found that wealthier people are hiding their income at greater rates than those in lower income brackets.

The dispute between the American Bankers Association and the Financial Accounting Standards Board heated up as ABA president Edward Yingling called for a new accounting oversight board that would hold sway over FASB.

The Internal Revenue Service reported that it has seen a strong response to its settlement offer for two types of tax shelters, with companies agreeing to pay back taxes totaling billions of dollars.

Federal Reserve Chairman Ben Bernanke has given new life to calls for an economic stimulus package, but exactly what it will be is anybody's guess.

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Security guard company Superior Protection Inc. and four of its executives were indicted for failing to pay employment taxes and other charges.

One of the defendants in a $60 million trust tax scheme has been sentenced to more than 13 years in prison.

Two recent reports suggest that the movement to register tax return preparers will continue.

Getting a handle on 2008 year-end tax planning is especially challenging this year because of several areas of uncertainty.

The Securities and Exchange Commission plans to hold the first of two roundtable discussions on mark-to-market accounting and current market conditions on Wed., Oct. 29, at 9 am ET.

The Internal Revenue Service said personal exemptions and standard deductions would rise in 2009 to keep pace with inflation, providing more than three dozen tax benefits.

Two of the Internal Revenue Service's newest modernized computer systems were deployed with known security vulnerabilities that could expose confidential taxpayer information, according to a new report from the Treasury Department's inspector general.

Former Securities and Exchange Commission Chairman Arthur Levitt blamed recent SEC actions for contributing to the credit crisis and urged legislators to expand fair value accounting.

Presidential candidate Sen. John McCain, R-Ariz., and his rival Sen. Barack Obama, D-Ill., have proposed differing tax and retirement plan measures to deal with the economic downturn.

The Internal Revenue Service has explained how eligible homeowners who received federal reimbursement grants stemming from Hurricanes Katrina, Rita or Wilma can take advantage of a new tax provision.

The Tax Court has amended its rules of rules of practice and procedure for whistleblower actions, making it easier for informants to keep their identities confidential.

The Internal Revenue Service issued a last-chance warning that only a few days remain until the Oct. 15 deadline for retirees and disabled veterans to file an income tax return that will allow them to receive an economic stimulus payment this year.

A new audit by the Treasury Inspector General for Tax Administration has found security weaknesses on each of the three computer systems it reviewed in the Office of Research, Analysis and Statistics.

Sen. Hillary Rodham Clinton, D-N.Y., has proposed a $150 billion Emergency Stabilization Fund to help small businesses, universities, students and municipalities cope with the credit crisis, with the money coming from the $700 billion financial bailout package.

The Internal Revenue Service issued a notice late last week that allows U.S. corporations to get more tax-free loans from their foreign subsidiaries.