Tax news August 2006

Tax

Wealthy Tax Cheats Getting Away with Billions

The Internal Revenue Service (IRS) commissioner admits it—superrich taxpayers are using accounting tricks to avoid paying their full share of taxes, and they’re getting away with it.Advertisement
Tax

IRS Launching Online Payment Agreement Application

Tax professionals are helping launch a new system that will allow many individuals who owe delinquent federal taxes to apply online for a payment agreement, the Internal Revenue Service (IRS) announced Monday. The IRS estimates that 90 percent of taxpayers who qualify for payment agreement will be able to obtain one through the new Online Payment Agreement (OPA) once the application is available to the general public later this year.The IRS is implementing the new OPA application through national partnerships with the tax professional community.
Tax

Judge Targets Improper Government Pressure in KPMG Case

KPMG created tax shelters that were later declared illegal, but Judge Lewis Kaplan has ruled that the government used improper coercion in seeking KPMG cooperation. The New York Times reports that the statements made by two KPMG partners will not be used at their trials.KPMG vice-chairman Richard Smith and former partner Mark Watson were financially pressured to waive their Fifth Amendment rights and speak with federal prosecutors as well. When they spoke with prosecutors without these rights, they were exposing themselves to legal risk, according to the Assocated Press.
Tax

Acquisition Leads to Industry’s Most Comprehensive Tax & Accounting Suite

CCH, a Wolters Kluwer business and part of the Wolters Kluwer Tax, Accounting & Legal division, on Tuesday announced the signing of an agreement to acquire the assets of ATX/Kleinrock, a supplier of tax preparation, accounting and tax research software solutions to more than 48,000 tax professionals and certified public accountants (CPAs) across the U.S.

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