Tax research

The federal government has lost a Son of Boss tax shelter case involving taxpayers who invested in foreign currency options.

The Senate Finance Committee held a hearing on the tax aspects of a cap-and-trade program to control carbon emissions.

An Ohio jury ruled that Fifth Third Bancorp is not entitled to a $5.6 million tax refund for its 1997 tax year after the bank sought to take tax deductions related to complex leasing transactions involving passenger rail cars.

The Internal Revenue Service has withdrawn proposed regulations that would have treated mortgage loans as capital assets and restricted the deductibility of mortgage defaults.

The Public Company Accounting Oversight Board has voted to adopt a new ethics and independence rule concerning communications with audit committees, as well as an amendment to its existing tax services rule.

Financial Executives International filed an amicus curiae “friend of the court” brief on April 4 in support of a court decision in a case involving Textron to protect certain tax work papers and supporting notes from disclosure to the Internal Revenue Service.

With tax season now behind us, accountants can turn their attention to the clients who are on extension and provide advice to other clients to help them save money in the year ahead.

The Tax & Accounting business of Thomson Reuters has introduced an Enterprise Suite containing a set of software for large tax and accounting firms.

Harry Willner, a former Internal Revenue Service agent, was sentenced last week to a year in jail for a tax fraud scheme.

The Senate Finance Committee proposed a new tax bill that seeks to prevent the alternative minimum tax from spreading to more taxpayers next tax season.

Presumptive Republican presidential nominee Sen. John McCain, R-Ariz., has released his 2006 and 2007 tax returns.

Tax preparer Matthew Carl Berry was convicted of federal tax fraud charges for operating a scheme that earned him, family members and associates more than $1 million, according to the Justice Department.

Right on time for the conclusion of tax season, the House has passed a bill that promises to make tax preparation easier, while also repealing the IRS Private Debt Collection Program.

Presidential hopeful Sen. Barack Obama, D-Ill., released the 2007 tax return for himself and his wife Michelle.

The Internal Revenue Service said it would be watching to make sure charities and religious organizations don't violate their tax-exempt status by engaging in political activities this campaign season.

Andrew Rubin and Andrew Ross at Gettry Marcus Stern & Lehrer, CPA, P.C., along with eight other accountants, were featured on the "Late Show with David Letterman" on tax day, presenting the Top 10 list.

The Internal Revenue Service has put out a call for a priority list of items it should address with its upcoming guidance.

Prosecutors are asking the judge overseeing the Wesley Snipes tax evasion case to give the actor three years in prison and a fine of $5 million, even though a jury cleared him of felony charges.

A new study by the Computer & Communications Industry Association recommended that the Internal Revenue Service avoid investing in its own online tax preparation system, saying the proposed "I-File" system would be costly to implement and create little or no benefit for consumers.

The Supreme Court has issued unanimous rulings in two tax cases, MeadWestvaco Corp. v. Illinois Department of Revenue, and U.S. v. Clintwood Elkhorn Mining Co.