Tax strategies

Even with the current downturn in the real estate market, like-kind exchanges continue to be a popular way to dispose of property while deferring the taxable gain.

Drake Software said that it has sold more tax software than ever before in its 32-year history.

There has been talk, and some hope, that the current financial crisis might be the perfect storm for tax reform, allowing the Obama administration to push through significant policy changes.

The Maryland Association of CPAs has created an interactive job board, the MACPA Career Center, to give its members and the CPA profession at large a targeted way to make employment connections.

President Obama’s pick to lead the Department of Health and Human Services, former Senate Majority Leader Tom Daschle, apologized for owing $140,000 in back taxes and interest.

The Internal Revenue Service’s program for allowing “Son of Boss” tax shelter investors to settle their tax disputes often did not lead to greater taxpayer compliance, according to a new report.

The Internal Revenue Service touted Earned Income Tax Awareness Day as a way to raise consciousness about the credit for low-income taxpayers as the economic crisis forces more Americans into lower tax brackets.

New York Governor David Paterson has signed a bill expanding the regulation of CPAs throughout the state.

Over 33 million callers could not reach the Internal Revenue Service’s toll-free assistance number last year to ask about economic stimulus payments, and the IRS could get swamped again this year with calls.

A Republican congressman has introduced a bill that would provide all U.S. taxpayers with immunity from IRS penalties and interest, but the main goal seems to be tweaking his Democratic colleagues.

The House has approved an $819 billion economic stimulus package despite unanimous Republican opposition.

Former H&R Block Chairman and CEO Mark Ernst has taken a job with the Internal Revenue Service as deputy commissioner for operations support.

The Senate Finance Committee has approved approximately $522 billion in tax cuts, incentives and investments by a vote of 14-9.

Congress and the Obama administration are crafting what is shaping up to be the single most expensive spending bill in American history, and nobody can agree on whether it will work.

The Senate Finance Committee is considering President Obama's economic stimulus package as leaders call for increased tax cuts.

Online sales tax management software developer SpeedTax has introduced business partner programs for technology consultants who resell products from Sage, Microsoft and Intuit.

South Florida accounting firm Daszkal Bolton is the latest to offer services to clients who have suffered losses from Bernard Madoff's $50 billion Ponzi scheme.

The House Ways and Means Committee has passed a bill containing $275 billion in tax cuts as part of the overall economic stimulus package, approving it on a party-line vote of 24 to 13.

A former investment advisor has pleaded guilty to helping Ernst & Young market illegal tax shelters.

The continuing economic slowdown means that tax preparation and tax planning will be more critical than ever, and this will be reflected in the questions that taxpayers will ask of their preparers during tax season."Economic uncertainty, coupled with tax law changes, will make this season busier than normal," said Mark Albrecht, CEO of XCM Solutions LLC, a provider of workflow and automation solutions. "Staffing and workload challenges will be even more acute."