Tax research

Audits by the Internal Revenue Service of the tax returns of millionaires nosedived in the just-ended fiscal year, according to a new report.

A federal judge has for the second time rejected a class action lawsuit against the Free File Alliance, the group of tax software vendors who provide free software and electronic filing to low-income taxpayers.

The Internal Revenue Service has added three new forms for correcting errors on employment tax returns.

PayCyle said that it has implemented the payroll tax reduction included in the recently passed economic stimulus bill.

The Internal Revenue Service and a group of community partners plan to open their doors on Sat., March 21, to help people who need free tax preparation services, a question answered or a payment schedule arranged.

In response to public outrage over the $165 million in bonuses awarded to AIG executives, the House voted 328 to 93 to levy a 90 percent tax on the money.

The question of how to pay for universal health care could lead to a troubling answer: taxing health benefits. Congress and the Obama administration will be weighing a variety of approaches in the coming months, with the goal of offering legislation before the August recess. Some legislative leaders, such as former Presidential candidate Sen. John McCain, R-Ariz., and Senate Finance Committee Chairman Max Baucus, D-Mont., have advocated taxing health care benefits as one way to pay for an expensive health care overhaul. Up to now, these benefits have been tax-free.

The Internal Revenue Service plans to discontinue live programming of its Tax Talk Today webcasts on May 12, leaving accountants worried about their continuing professional education credits.

A chartered accountant from the U.K. who served as a former board member and vice chairman at global audit firm BDO Seidman has pleaded guilty to conspiracy with tax shelter promoters while claiming roughly $1 billion in fraudulent losses.

The Internal Revenue Service says that small businesses with deductions exceeding their income in 2008 can use a new net operating loss tax provision to get a refund of taxes paid in prior years. The IRS says it will work to issue refunds within 45 days or less “to the degree possible.”

A federal grand jury has indicted a California tax preparer for claiming he was an enrolled agent with the Internal Revenue Service.

President Barack Obama and Treasury Secretary Timothy Geithner unveiled a new effort aimed at unlocking the tight credit market for small businesses.

Switzerland’s longstanding banking secrecy laws are about to become as holey as Swiss cheese after authorities caved in to pressure from international tax authorities.

Despite the current economic slowdown, the busy season is well underway as firms across the country are preparing the onslaught of returns that roll in during the weeks and months prior to April 15. The increased workloads during this period create the need for more workers to assist with the rush, and temporary employees are an effective resource during these times.In years past, firms have increased staff by up to 40 percent during tax season to supplement full-time staff. Temporary employees offer a number of advantages for big firms, and therefore are a commonly used resource during the busy season.

2008 was a tough year for investors and 2009 so far is shaping up to be more of the same. Nevertheless, investors should not lose sight of the value of capital losses for tax purposes.Capital losses can help lessen the sting of the market's decline. Just as the government shares some of your gains by taxing them, it shares some of the losses by allowing certain deductions and carryovers. This article dusts off a handful of capital loss rules that are particularly relevant in today's economy - rules that may have been forgotten over recent years.

The tiny European countries of Liechtenstein and Andorra are two of the latest tax havens to succumb to pressure from international authorities to share information about assets hidden in bank accounts.

The Internal Revenue Service reported that taxpayers are electronically filing their federal tax returns in record numbers this year.

The Internal Revenue Service released its 2008 IRS Data Book showing big increases last year in tax filings and revenue.

The Internal Revenue Service has been spending tens of thousands of hours auditing nonprofit credit counseling agencies and ordering changes at the vast majority of them, according to newly released data.

The $410 billion spending bill approved Tuesday evening by the Senate to help fund the federal government for the rest of the year includes funding for some nine federal agencies, including the Internal Revenue Service.