Tax practice

The Internal Revenue Service has released a list of industry-specific issues that its auditors may consider when examining a business's returns.

CCH and Thomson Reuters' RIA unit have calculated the inflation-adjusted amounts for tax brackets, standard deductions and exemptions for next tax season.

Rep. Charles Rangel, D-N.Y., plans to hire a forensic accountant to sort through his tax liabilities as he comes under increasing pressure to step down from his chairmanship of the tax-writing House Ways and Means Committee.

Senate leaders in both parties have agreed on patching the alternative minimum tax for another year, passing a set of clean energy tax incentives and extending several expiring tax cuts for businesses and families.

As one investment bank after another falls prey to the expanding crisis in the credit and mortgage markets, accounting regulators are trying to get a handle on the mess.

The Internal Revenue Service has extended tax deadlines for taxpayers affected by Hurricane Ike, which spread devastation over the weekend in Galveston and other parts of Texas, Louisiana and other states.

The Internal Revenue Service does not have authority over the qualified intermediaries who assist taxpayers with completing like-kind exchanges, exposing taxpayers to financial risks, according to a new report.

Women gave nearly $5 billion more to their heirs than men did in 2005, according to an analysis of Internal Revenue Service data by Grant Thornton.

The U.S. tax system is viewed as less fair and simple by tax professionals than the tax system in Hong Kong, Singapore and Canada, according to a new survey.

Democratic vice presidential nominee Sen. Joseph Biden, D-Del., revealed a decade's worth of his tax returns Friday, putting pressure on his Republican rival, Alaska governor Sarah Palin, to release her own returns.

Unenrolled tax preparers made mistakes on the majority of returns they prepared for undercover Treasury Department auditors, according to a new report.

The Senate's Subcommittee on Investigations held a hearing on how foreign investors dodge taxes on U.S. stock dividends with the help of U.S. banks and investment houses.

Rep. Charles Rangel, D-N.Y., refused to resign his chairmanship of the tax-writing House Ways and Means Committee after revelations that he failed to pay taxes on rental income from a vacation villa in the Dominican Islands.

Influential tax protestor Irwin Schiff had his 151-month prison sentence extended by an additional 11 months after he was sentenced for criminal contempt.

The Internal Revenue Service has recently added a page to its Web site for small businesses and the self-employed.

The Congressional Budget Office sees the deficit growing to $407 billion for the year ending Sept. 30 and ballooning to $438 billion next year, with the takeover of Freddie Mac and Fannie Mae threatening to send it far higher.

Approximately $7.6 billion of potentially collectible taxes is lost annually due to withholding noncompliance, according to a report from the Treasury Department's inspector general.

The Internal Revenue Service and the Treasury Department have issued new regulations that will make it easier for charities to gain tax-exempt status.

In the first-ever visit to Congress by the American Institute of CPAs’ Major Firms Group, CPA executive leaders from 81 of the nation’s top 100 accounting firms visited Capitol Hill just prior to summer recess.The firms, representing more than 54,000 employees and their clients, discussed with lawmakers those legislative issues that are important to the accounting profession, including tax patents and uniform non-resident tax standards.

CANDIDATES MAKE TAX PLANSChicago — Sen. Barack Obama, D-Ill., called for an “emergency energy rebate” of $1,000 to be offered to families this fall, along with a $50 billion stimulus package to help jump-start job creation.