Tax research

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

Petz Enterprises has introduced TextLink, a text-messaging service for its CrossLink 1040 Professional Tax Software.

British singer and reality TV star Kerry Katona has been forced into bankruptcy after trying to pay off her tax bill.

If you've been to one of this year's assortment of trade shows, user conferences or IRS Forums, you can't help but be impressed with the competence and talent among the vendors purveying their software, hardware and integrated solutions.

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.

An Internal Revenue Service employee who improperly accessed the financial information of 200 celebrities and sports figures was sentenced to three years’ probation, 60 hours of community service and a $1,000 penalty.

SpeedTax introduced an online CPA Questionnaire that allows accounting professionals to determine their clients' sales tax audit risk.

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.

A Utah attorney was sentenced to 120 months in prison and 36 months of supervised release after he was convicted of participating in a $20 million offshore tax fraud conspiracy.

Inventor Gilbert P. Hyatt received a jury award of more than $388 million after suing California's Franchise Tax Board for its conduct in auditing him more than a decade ago.

H&R Block ended an eight-month search to fill its president and chief executive posts as the tax-prep giant, headquartered here, appointed former McDonald’s Corp. executive Russ Smyth to those positions.Smyth, who formerly served as president of McDonald’s Europe, succeeds Alan Bennett, who has served as interim CEO since November 2007. Smyth was scheduled to assume the Block helm August 1.

The Missouri attorney general has filed suit against tax representation chain JK Harris & Co., saying the firm did not provide the services promised to resolve its clients' state and federal tax problems.

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.

The Federation of Tax Administrators has named a new executive director, James R. Eads Jr., the former public affairs director for state tax consulting firm Ryan & Co.

A company may take a position on its tax return in good faith, but due to the complexities of tax law, it’s never a sure thing that it will be sustained.The now two-year-old FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, or FIN 48, establishes a “more-likely-than-not” threshold for the reporting of uncertain tax positions on financial statements. Under the rule, an uncertain tax position may not be recognized on the financial statement unless it is more likely than not that it will be sustained on its technical merits, and then it is measured at the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement.

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.