Tax news March 2006

Technology

IRS Opens New E-mail Box for Reporting Phony E-mails

The Internal Revenue Service (IRS) has created a new electronic mailbox, at phishing@irs.gov, where taxpayers should send information regarding suspicious e-mails claiming to be from the IRS.
Tax

IRS Seeks Applicants for Taxpayer Advocacy Panel

The Internal Revenue Service (IRS) is looking for civic-minded taxpayers interested in applying for membership in the Taxpayer Advocacy Panel (TAP) which helps improve the agency by making suggestions regarding their decision making.“As the IRS continues to examine taxpayers’ needs in the area of service, the Taxpayer Advocacy Panel has emerged as a vital source for gathering and providing information from the perspective of taxpayers,” stated Nina E. Olson, National Taxpayer Advocate.
Tax

KPMG Case Takes Surprise Turn With Guilty Plea

One former KPMG LLP employee pleaded guilty to conspiracy and tax evasion charges in the government's criminal case involving sales of improper tax shelters.Advertisement
Tax

Beware of These 10 Common Tax Filing Mistakes

The American Institute of Certified Public Accountants (AICPA) has identified 10 common and avoidable errors taxpayers make on their federal tax returns that can affect their tax bill, delay processing of their return and even draw the attention of the Internal Revenue Service (IRS).Advertisement
Practice Management

Former Andersen Partners Testify in Trial of Lay and Skilling

John R.
A&A

The Tax Implications of Travel Reimbursements

Employers sometimes reimburse employees for travel related to the business or the employee's job.
Tax

IRS Proposes to Let Tax Preparers Sell Tax Information

A proposal by the Internal Revenue Service (IRS) to permit tax preparers to sell tax information to third parties for marketing purposes if the taxpayer has signed a consent, drew little attention when it was first published in December as part of a set of proposed changes to Section 6103 of the tax code. Section 6103 covers disclosure of taxpayer information.
Tax

Scams Increase As Tax Deadline Approaches

An unsolicited e-mail from the Internal Revenue Service (IRS) is most likely a scam.Identity thieves are using the IRS name, or logo, in an attempt to gain access to financial information and steal the assets of unknowing taxpayers, the IRS warns.
Tax

Tax Deductions for Accounting Professionals

It’s the end of March. Have you filed your tax return yet? In the rush to prepare tax returns for clients, accountants and members of the accounting firm staff, sometimes forget they need to file their own tax returns.
Tax

Ratio of Federal Spending to Tax Revenue Favors Low Income States

A study released last week by the nonprofit Tax Foundation found that states with concentrations of higher income taxpayers sent more money to Washington than they got back in federal spending.
Tax

Federal Contractors Probed as Tax Gap Widens

A new report released by the Government Accountability Office (GAO) shows that more than 3,800 contractors doing business with the General Services Administration (GSA) have tax debts totaling some $1.4 billion, reports Time.
Tax

Tax Preparation Companies Report Mixed Results So Far

The three largest tax preparation companies, H&R Block Inc., Jackson Hewitt Tax Services, and Liberty Tax Service, reported preliminary results last week for the period from January 1 through February 28th, with Block reporting a decline in number of returns prepared, and Jackson Hewitt and Liberty reporting increases.
Tax

Americans Would Rather Have a Root Canal

A recent survey sponsored by GoToMeeting, a leader in online meetings, found that 41 percent of Americans say that a meeting with the Internal Revenue Service (IRS) is the meeting they would most like to avoid. That’s more than twice the 20 percent of respondents who rate going to the dentist as their least favorite meeting.Poll results also reveal that if meetings are going to be held away from the office, most Americans would prefer to hold them at home.
Practice Management

Tax Court Rules C-Corp Is Not a Qualified Personal Service Corporation

When is an accounting firm not a qualified personal service corporation (QPSC)? According to Judge Holmes of the U.S.
Technology

Tax Compliance Vendor With Eye on SMBs Pioneers Access to Foreign Forms

Taxware, a developer of high-end corporate tax compliance software which has expanded into the small and midsize (SMB) and middle market segments recently, via connections with the likes of Sage Software and Microsoft Business Solutions, has rolled out the first tax reporting package that accesses forms of multiple European countries.Advertisement
Tax

Tax Time Stress: Accountants Are Not the Only Ones Frustrated

A new study shows that 37 percent of adults in the U.S. feel frustration when filing taxes comes to mind, no matter if they are filing taxes annually or quarterly. Harris Interactive conducted the survey that was commissioned by Network Solutions. The least favorite parts of doing taxes for U.S.
Tax

Federal Tax Reform to Be a Dizzying, Long Process

You don’t have to be a tax practitioner to know that the federal tax code is in need of major overhaul.
Tax

A Conversation With...Lou Grumet

In the eight years that Lou Grumet has been executive director of the New York State Society of CPAs (NYSSCPA), he and the nation’s largest CPA society have assumed a high profile in an array of accounting profession issues, sometimes in tandem and sometimes at odds with the American Institute of CPAs (AICPA). This year is no exception.With Grumet as their point person, the 33,000-member NYSSCPA has stepped to the forefront in the nation’s tax reform debate, proposing its own resolution and using its perch in the nation's media capital, New York City, to draw attention to its cause.
A&A

EU Threatens US with Trade Sanctions Over FSC Tax Breaks

The European Union (EU) advised the World Trade Organization (WTO), on Monday, that unless the United States ends all provisions of the Foreign Sales Corporation tax program in 60 days, it will reinstate sanctions against a number of US products.
Tax

State Guidelines, Accounting Issues Hold Up Disaster Relief Funds in Louisiana

State officials in Louisiana are delaying access to $7.5 billion in Gulf Opportunity Zone bonds (GO Zone) to public and private companies for nonresidential reconstruction and renovation projects until the state establishes new standards for these projects.

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