Tax practice

While many of the non-tax provisions of the Housing and Economic Recovery Act of 2008, enacted on July 30, 2008, appear directly focused at the problems arising from the housing and mortgage crisis that has developed over the last year, the tax provisions appear at best to have only an indirect effect on the individuals most impacted by the subprime mortgages and declining home values.The tax title to the legislation includes many provisions focused on the low-income housing credit, housing and mortgage bonds, and real estate investment trusts. This column, however, will take a closer look at some of the individual tax breaks and revenue raisers most likely to impact individual taxpayers and their tax returns in 2008 and coming years.

Congressman Charles Rangel, D-N.Y., chairman of the tax-writing House Ways and Means Committee, never reported rental income from a vacation property he has owned in the Dominican Republic since 1988.

The Internal Revenue Service has thousands of insecure, unauthorized Web servers connected to its network, putting taxpayer information at risk.

An Iowa man has been indicted for claiming a $240,009 refund of all the taxes he has paid, contending the Internal Revenue Service has no jurisdiction over him because the U.S. is a "fictional entity" and he is a "citizen of heaven."

U.S. and foreign tax rules increasingly influence where multinational companies are reporting their income is being earned, according to a new report that may influence tax legislation in Congress.

The Internal Revenue Service has been asked to investigate James Manning, the pastor of Atlah World Missionary Church in Harlem, and the church's tax-exempt status after Manning repeatedly attacked Sen. Barack Obama, D-Ill., from the pulpit.

The mayor of Raceland, Ky., informed a startled city council at an emergency meeting Wednesday night that the Internal Revenue Service has seized close to $100,000 from the city coffers because of non-payment of 2006-2007 taxes.

Charles Grassley, R-Iowa, ranking member of the Senate Finance Committee, said he planned to co-sponsor a bill that will update the deductible cost of operating a vehicle for charitable purposes.

The Internal Revenue Service is providing tax relief to flood-ravaged victims of Hurricane Gustav in the affected areas of Louisiana by postponing some tax-filing deadlines.

With gasoline taxes much in the news lately, CCH has introduced an online Oil and Gas Taxation Library on its CCH Tax Research NetWork.

Teachers and other school employees returning from summer vacations are dealing with the prospect of an IRS rule change on deferred compensation that could see their taxes increase by 20 percent if they aren't careful.

The Republican Party approved its 2008 platform containing several planks related to tax cuts and tax policy.

In response to a letter from several members of Congress, the Internal Revenue Service will stop trying to enforce collection of alternative minimum taxes due on incentive stock options for the rest of the month.

The Internal Revenue Service should make some changes in its software code to reduce delays in reissuing some undelivered refund checks, recommends a new report.

The Research Credit Group has introduced CrediTrak, a Web-based program that helps companies evaluate and track their research and development tax credits.

A Tax Court judge has decided that a retired Internal Revenue Service auditor's greyhound-breeding business does not qualify for business deductions and criticized the dogs' treatment.

A man threatening to kill himself over his finances instead rammed his car into an Internal Revenue Service building.

A chiropractor was sentenced to 21 months in prison for following the tax defiance advice promoted by actor Wesley Snipes' recent co-defendant.

The Democratic Party approved its platform at its national convention in Denver, including a number of planks related to taxes.

A former Internal Revenue Service agent was sentenced to 30 months in prison for helping a heroin dealer to buy a $65,000 BMW 745i while concealing his ownership of the vehicle.