Tax research

A Republican-lead effort to repeal the estate tax failed to even reach a vote on the Senate floor.

A former Loveland, Colo., tax preparer charged with filing a false tax return for a couple in 2001 has pleaded guilty in U.S. District Court.

A Los Angeles-based firm who advertised that tax delinquents could settle with the Internal Revenue Service for "pennies on the dollar," is facing two lawsuits.

Having been scrapped from Congress's legislative agenda in the wake of Hurricane Katrina, a vote to permanently repeal the estate tax could be held in the Senate this week.

KPMG LLP received federal court approval for a $153 million settlement with more than 200 wealthy investors who bought questionable tax shelters from the Big Four firm.

Some taxpayers make novel arguments in attempts to be taxed at a favorable capital gains rate. Wolman v. Comm. is a Tenth Circuit Court of Appeals order and judgment affirming a Tax Court decision, and it shows how creative taxpayers can be.

The U.S. Attorney for the Northern District of Ohio has announced the filing of three criminal charges against CPA Kimball E. Rubin, of Beachwood, Ohio, for failure to file income tax returns.

Years ago, I remember watching a news vignette about a drawbridge in some frigid state that kept an operator on duty 24 hours a day.

The 2006 filing season set a series of records, highlighted by 70 million tax returns filed electronically - up 6 percent from last year.

It's been about eight months since the Streamlined Sales Tax Project - the sales tax and use system designed to retrieve lost revenue for states whose tax base is dwindling as a result of online commerce - came into effect on October 1.The goal of the SSTP - which was originally conceived about six years ago - is to formulate a workable interstate agreement that would create a simplified sales and use tax collection system that could be used by retailers regardless of their location. The SSTP establishes uniform definitions of taxable goods, sets rules for sourcing transactions, and centralizes the registration and administration process for retailers to participate in the system.

Although the continuing thirst of states for more dollars to fuel spending increases has led to a variety of efforts to augment tax revenue, they differ widely on what they consider sufficient contact with a business to give them the authority to tax it."Nexus" is the minimum amount of contact between a taxpayer and the state that would permit taxation by the state. It arises from the Constitution's due process clause, which requires a minimum connection between a state and an entity that it seeks to tax, and the Commerce Clause, which prohibits states from unduly burdening interstate commerce.

The U.S. Tax Court announced that Judge John O. Colvin has taken over as chief judge of the U.S. Tax Court as of June 1.

In an effort to encourage savings and more banking, the Internal Revenue Service is creating a program to allow taxpayers who use direct deposit to divide their refunds among as many as three financial accounts.

The Treasury Department and Internal Revenue Service issued final regulations for Section 199 of the tax code, which relates to domestic manufacturing deductions.

The Internal Revenue Service announced a major milestone in its corporate e-file program -- the successful e-filing of the nation's largest tax return from General Electric Corp. on May 18.

The Heroes Earned Retirement Opportunities Act has passed through Congress and is expected to be signed into law by President Bush. The bill would allow excluded combat pay to be treated as compensation under IRA contribution rules.

The founder of Colorado-based Octane International Ltd., a corporation whose primary business was raising money for the development of an alternative fuel additive called "vapor phase combustion," is facing indictment by a federal grand jury.

The Internal Revenue Service announced regulatory revisions that the agency hopes will remove impediments to e-file for corporations and shareholders.

Taxpayers will be able to apply for a refund of the federal excise tax on long-distance telephone service for the past three years.

The U.S. Department of the Treasury announced two initiatives aimed at simplifying the way small businesses, individual taxpayers and tax preparers file and pay their federal taxes.