Tax research

As increasing client demand for tax services often exceeds a firm's manpower and resources, many firms are turning to outsourcing services and solutions to save time and expenses while increasing profitability. Listen to how one firm did it during an online session on Tax Prep Outsourcing.

The Senate passed a bill that would keep the alternative minimum tax from spreading to 23 million taxpayers, but without including any of the offsetting revenue-generating provisions included in a version of the bill passed last month by the House.

Defying a veto threat from the White House, the House passed legislation that would encourage the use of renewable energy, raise automobile fuel efficiency standards and increase taxes on major oil and gas companies, but the measure promptly stalled when it reached the Senate.

The House has introduced legislation to amend the Tax Code to modify the penalty on the understatement of taxpayer's liability by preparers.

The Internal Revenue Service auctioned off 21 lots of exotic animals, including tarantulas, pythons, wallabies and chinchillas, after seizing the assets of a group called the Living Science Foundation that fell behind in its tax payments.

The Tax Court issued a summary opinion acknowledging that a woman who owned a trucking business took her slot machine playing seriously enough to qualify her as a professional gambler.

A federal grand jury indicted 10 people at a private investigator's office, charging them with a scheme to obtain confidential information on more than 12,000 citizens across the country, including their tax, medical and employment information, by posing as employees of the Internal Revenue Service, the Social Security Administration, doctor's offices and other businesses.

Cosmi Corp. introduced a consumer tax prep package to compete with Intuit's TurboTax and H&R Block's TaxCut, with the help of CCH tax experts providing information and support.

The U.S. Supreme Court issued a unanimous decision that will allow railroads to challenge state methods for determining the value of railroad property, as well as how those methods are applied.

Tax pros have their own rituals for getting ready for tax season, including checking supplies, test-driving software, training staff, sending out organizers, and wrapping up year-end planning tips for their clients.

Senate Finance Committee Chairman Max Baucus, D-Mont., and House Ways and Means Committee Chairman Charles Rangel, D-N.Y., unveiled a $21 billion package of energy tax legislation that Congress will consider this year, although opposition is expected from the White House as the bill would raise taxes on major oil and gas producers.

Tax prep firm Gilman Ciocia has acquired Madison CPA, a Fort Lauderdale accounting firm.

The National Association of Enrolled Agents is calling on the Internal Revenue Service to look into problems with the timing of its correspondence audits of taxpayers.

A 63-year-old homemaker has won a lawsuit against Kmart for improperly charging her tax on the toilet paper she bought.

Electronic tax prep provider Orrtax Software Solutions has released its 2007 IntelliTax Program and Setup package for professional tax preparers.

As Washington struggles to fix the alternative minimum tax to prevent it from spreading to an estimated 23 million taxpayers, consumer tax prep software vendor 2nd Story Software is offering a peek at how the AMT would affect tax returns prepared under either scenario with its TaxAct software.

The Tax Council Policy Institute plans to host a webcast on the business tax implications of the Tax Reduction and Reform Act, a bill introduced by House Ways and Means Committee Chairman Charles Rangel, D-N.Y.

Tax pros have their own rituals for getting ready for tax season, including checking supplies, test-driving software, training staff, sending out organizers, and wrapping up year-end planning tips for their clients.

The Treasury Department issued a report to Congress on three international tax issues: U.S. earnings-stripping rules, transfer-pricing rules and the misuse of tax treaties.

KPMG International saw combined revenues from its member firms rise 17.4 percent to $19.8 billion in fiscal year 2007.