Tax practice

A self-proclaimed priest has been convicted of tax fraud after his accountant and girlfriend pleaded guilty.

Average U.S. taxpayers subsidize executive compensation by more than $20 billion per year, thanks to various tax and accounting loopholes, according to a new report.

Web electronics site Newegg has sent an e-mail to customers saying that it will not comply with a controversial New York State law requiring Internet retailers to collect sales tax for purchases by state residents.

A federal court has permanently barred a Tacoma, Wash., woman from selling a tax scam, according to the Justice Department.

The Internal Revenue Service is planning to increase its enforcement efforts by sending out warning letters to a larger group of taxpayers who may be underreporting their income.

The Internal Revenue Service has released its revised instructions for the redesigned Form 990 that tax-exempt organizations must submit.

The Internal Revenue Service released its summer 2008 Statistics of Income Bulletin, featuring tax year 2005 data on the growth of profits and tax liability at foreign-controlled domestic corporations.

A recent study on corporate tax payments has been making waves on the Internet and in Washington in the past week.

IRS REDUCES BIZ TAX EXTENSIONSWashington, D.C. — The Internal Revenue Service has moved up the extended due date for partnership, estate and trust tax returns from Oct. 15 to Sept. 15 to avoid overlapping with the extended deadline for individual taxes.

John Gutfreund, former CEO of investment bank Salomon Brothers, is facing a lien of over $430,000 from the Internal Revenue Service on his 16-room Fifth Avenue apartment.

The Internal Revenue Service has offered more ways for employers to make voluntary corrections in their employee retirement plans to bring them into compliance with tax laws and regulations.

National Taxpayer Advocate Nina E. Olson’s list of objectives — detailed in the first of her two annual required reports to Congress — zeroes in on the problems that she intends to focus on during the fiscal year ahead.At least one of the objectives — which focuses on the liabilities of incentive stock options under the Alternative Minimum Tax — has a good chance of being resolved, according to Tim Carlson, president of the Coalition for Tax Fairness and pro bono attorney for a number of victims of the anomaly. “Pending legislation will fix it, and it has support from both sides of the aisle,” he said.

With volatile economic times threatening, flexibility in all aspects of financial affairs, including charitable giving, is more desirable than ever. While there is an increased need for charitable donations, there are also fewer resources among potential donors. One charitable giving vehicle that has grown popular over the past ten years because of its efficiencies is the charitable remainder trust.A CRT can provide a new income stream for the donor and a benefit to charity — a classic win-win situation. CRTs should continue to have viability for present-day donors, especially those who maximize the flexibility that the rules allow. In pushing CRTs to their legal limit, however, taxpayers also must heed restrictions that, if not followed, can result in disastrous tax consequences.

An audit of the Internal Revenue Service's program for examining and penalizing tax return preparers by the Treasury Department's inspector general could not be completed because the IRS was unable to provide most of the documents.

The Internal Revenue Service needs to do a better job of managing its sales of seized property, recommends a report by the Treasury Department's inspector general.

The National Football League is asking for an exception to new Form 990 rules that require tax-exempt organizations to disclose the names and salaries of any executives who earn more than $150,000 per year.

The Internal Revenue Service has introduced a free e-mail service to provide tax information to small business owners and the self-employed.

Two senators criticized the nonpayment of federal taxes by many U.S. companies and foreign companies doing business in the U.S. after a report was issued this week.

Approximately two-thirds of U.S. companies and foreign companies doing business in the U.S. paid no federal income taxes between 1998 and 2005, according to a new report.

A court ruling last week by the U.S. Court of Federal Claims could increase claims for tax refunds by insurance policy holders who sold stock in insurance providers that went public.