Tax research

The House Ways and Means Committee held hearings on proposals to raise taxes on managers of private equity firms and hedge funds, and to combat the expanding impact of the alternative minimum tax, as well as listening to testimony about the impact of the Bush tax cuts.

Thomson Corp. said it would acquire the Deloitte Tax LLP Property Tax Services business for an undisclosed sum.

Busy season, long days, work on weekends, that’s all inevitable, right?

The Internal Revenue Service is providing taxpayers' personal and financial information to agencies in all 50 states, but is not adequately safeguarding the security of that information, said a report from a Treasury Department watchdog.

Relatively few taxpayers are making use of the Advanced Earned Income Tax Credit, but many of those who do receive the AEITC do not comply with the requirements of the program, according to a government report.

President Bush made several proposals late last week to relieve homeowners from the burden of the imploding mortgage market, just in time to grab Congress's attention as it returns this week from summer recess.

The federal government is itself a tax delinquent, owing approximately $45 million in employment taxes, according to a report from a Treasury Department watchdog.

A federal court has permanently barred a Georgia man from advising clients that they do not have to pay income taxes because they belong to a group called the Yamassee Native American Tribe.

House Ways and Means Committee Chairman Charles Rangel, D-N.Y., plans to hold a hearing on fairness and equity in the Tax Code.

Two high-ranking senators are calling for the Government Accountability Office to investigate the growing problem of tax fraud related to identity theft and how it contributes to the tax gap.

CCH said it would improve its ProSystem fx Scan software for capturing documents in accounting firms by using EMC's Captiva software as the scanning engine.

The Internal Revenue Service introduced a Voluntary Closing Agreement Program that will help financial firms avoid harsh penalties for violating federal tax laws on arbitrage investment restrictions for municipal bonds.

The Internal Revenue Service appointed four people to high-ranking positions at the agency.

Rep. John Dingell, D-Mich., said he plans to issue a proposal when Congress returns from recess that would impose stiff new taxes on gasoline and end the mortgage interest tax deduction on "McMansions," or homes greater than 3,000 square feet, as a way to discourage over-consumption of fuel.

CCH's Small Firm Services unit introduced software that lets tax professionals scan W-2, 1099 and other information forms directly into clients' tax returns.

The Internal Revenue Service has problems with its tax return preparation assistance, but still offers helpful advice with tax laws, said a report issued by a Treasury Department watchdog group.

Sen. Charles Schumer, D-N.Y., has written letters to the Big Four accounting firms asking what they are doing to let their financial institution clients know about waivers on mortgage accounting standards that could let borrowers refinance their loans.

Republican presidential candidate Rudolph Giuliani announced his tax proposals, saying he would make the Bush administration tax cuts permanent, eliminate inheritance taxes and reduce marginal tax rates.

The Justice Department has filed suit against a Maine tax preparer to keep her from preparing tax returns for others, even though she is currently in prison.

CCH introduced a CPE Podcast Center with downloadable audio files that accountants can listen to on their iPods to earn continuing professional education credits.