Tax research

A study of both presidential candidates' tax plans finds that they will both reduce millions of taxpayers' liability to zero.

The Senate passed a bill that would extend expiring tax cuts, patch the alternative minimum tax for another year, provide clean energy incentives and equalize the disclosure standards for tax preparers and taxpayers.

Washington, D.C.-With the hoopla of the Democratic and Republican National Conventions still reverberating throughout the country and the election less than two months away, Accounting Today will examine 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 OBAMA PLAN

The recent hearings by the Internal Revenue Services on its proposed preparer penalty rules under Code Section 6694 were the proverbial "last shot" for any concerns to be voiced before the rules become final.Five organizations - including the American Institute of CPAs, the American Society of Appraisers, Padgett Business Services, the National Association of Bond Lawyers, and H&R Block - took the opportunity to testify, while everyone acknowledged the efforts put in by the Treasury and the IRS.

In the world of executive compensation, Internal Revenue Code Section 162(m) limits the deduction that a publicly held corporation can claim in any tax year for compensation paid a top executive to $1 million, with several exceptions. Two recent Internal Revenue Service rulings explored these exceptions.In Rev. Rul. 2008-13, the IRS reversed its position regarding the availability of the performance-based exception from the million-dollar cap if payment may be made in the event of involuntary termination, even if the performance standards discussed below are met. Rev. Rul. 2008-32 deals with whether a director can be an outside director for Sec. 162(m) purposes after briefly serving as an interim chief executive.

IRS WARNS ON DONOR-ADVISED FUNDSWashington, D.C. - The Internal Revenue Service has issued a guide sheet for organizations that maintain donor-advised funds to help safeguard against abuses. The guide sheet includes a series of questions to establish whether an organization qualifies as a sponsoring organization.

While the tax law cannot exactly make lemonade out of the lemons produced by a bad economy, it can help many businesses prevent a bad situation from becoming worse. Several Tax Strategy columns back, we outlined some tax planning ideas for individuals in a troubled economy. This column takes up where that advice left off, suggesting several tax strategies that can help businesses better deal with an economic downturn.INTRODUCTION

The Internal Revenue Service’s Office of Appeals has improved its handling of collection due process cases, but there are still instances where taxpayers were not provided with their right to a hearing, according to a new report.

The Internal Revenue Service still has problems with protecting the privacy of taxpayers' personally identifiable information on the printed documents it mails, according to a new report.

The Internal Revenue Service said that Texas taxpayers harmed by Hurricane Ike qualify for tax relief and can postpone their tax-filing and payment deadlines until Jan. 5, 2009.

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

A former District of Columbia tax office manager has pleaded guilty to running a scam that resulted in nearly $50 million in fake property tax refund checks being issued to her and her associates.

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.

KPMG was on the losing side of a $17.6 million verdict in a case involving an investor who claimed the firm gave him bad tax advice.

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.

Tax preparers in Oregon may set a standard for future regulation of tax preparers nationwide, according to a new report from the Government Accountability Office.

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.