Tax research

After a two-year battle, the Internal Revenue Service has released thousands of pages of agency statistics to the Syracuse University-based Transactional Records Access Clearinghouse.

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.

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.

Representatives of the McCain and Obama camps sparred politely at a Presidential Tax Forum sponsored by the New York State Society of CPAs.

The financial rescue plan approved by Congress last week included many extensions of expiring tax credits and deductions that helped it win passage in the House, but it also left out some tax issues that will surely be bones of contention for the next Congress.

The Internal Revenue Service issued a notice aimed at calming fears that it would act against insurance-dedicated money market funds that take advantage of a new temporary guarantee program.

Republican vice presidential candidate Gov. Sarah Palin has released her 2006 and 2007 tax returns.

The Internal Revenue Service said that certain lean-burn technology vehicles now qualify for the alternative motor vehicle tax credit.

With the hoopla of both the Democratic and Republican National Conventions still reverberating throughout the country and the election less than a month away, Accounting Today examines the tax plans offered by both Democratic nominee Barack Obama and GOP candidate John McCain as each vies to become the 44th occupant of the White House.The McCain plan Republican presidential candidate John McCain's plan to shake up Washington starts with some serious rattling of the current federal Tax Code, including a proposal aimed at making millions of Americans less dependent on accountants and other professional tax return preparers.

New data from the Internal Revenue Service suggests that American corporations controlled by foreigners are now responsible for a larger share of total U.S. corporate assets and earnings than ever before - despite a U.S. corporate tax rate that is among the highest in the world.The most recently released IRS Statistics of Income bulletin revealed that the total receipts of foreign-controlled domestic corporations in 2005 reached $3.5 trillion, which is $450 billion more than in 2004, twice the 1996 level and almost 90 times the level reported in 1971.

The Internal Revenue Service has been working for a couple of years on revisions to Form 990 (Return of Organization Exempt From Tax), which has not had a major update in 30 years. With the recent release of revised draft instructions, the IRS is close to finalizing the process. The new Form 990 will generally be required for 2008 returns.Although issued as draft instructions, the IRS has indicated that the Form 990 instructions should be thought of as final instructions. They were hurried out to try to get the information in the hands of tax professionals and tax-exempt organizations as soon as possible to prepare for the new requirements. The final instructions are only expected to differ from these draft instructions if there has been a significant error or omission.

New Jersey made the bottom of the list in a ranking of business-friendly state tax systems, while Wyoming ranked as the most friendly.

Race car driver Helio Castroneves, who has won the Indianapolis 500 twice, as well as "Dancing with the Stars," couldn't speed away from tax evasion charges after a grand jury indicted him Thursday.

A Las Vegas man who worked as a real estate broker in Nevada since the late 1970s has pleaded guilty to felony tax evasion and impersonating an IRS agent.

The lead defendant in a nationwide $60 million tax fraud conspiracy was sentenced to more than 18 years in prison.

A case currently on appeal to the Supreme Court could affect the tax-exempt status of thousands of nonprofit health maintenance organizations.Vision Service Plan, the largest not-for-profit vision benefits and services company, was initially granted a tax exemption in 1960 as a social welfare organization under Section 501(c)(4).

Nearly a third of the income tax returns prepared by volunteer preparers for an IRS program were incorrect, according to a report by the Treasury Department's inspector general.

The Treasury's financial rescue plan includes a tax change that would allow banks to treat Fannie Mae and Freddie Mac preferred stock as ordinary losses.

The House approved the $700 billion financial industry rescue package by a 263-171 margin on Friday, after defeating it on Monday.

Congress should consider making all taxpayers reporting rental real estate activity subject to the same information reporting requirements as other taxpayers with a trade or business, according to the Government Accountability Office.