Tax news May 2011

Tax

IRS watchdog tells of billions of dollars in losses

Improper payments by the IRS are costing taxpayers billions each year. At issue are several kinds of refundable tax credits, but most of the fraud stems from the Earned Income Tax Credit, or EITC.
Tax

Tax amnesty program surprisingly successful in Washington State

Hundreds of businesses that somehow eluded detection by state tax authorities helped boost Washington’s haul from a tax amnesty program that was far more successful than envisioned.
Technology

Roundup of tax software reviews

Are you disappointed with the tax software you've been using? Have you outgrown your program? Have your needs changed? For whatever reason, are you in the market for new tax software?
Tax

IRS and the mileage rate increase

The last time we saw a steep increase in gas prices at the pump, the IRS helped ease the pain with an increase in the allowable standard mileage deduction/reimbursement rates. There was a mid-year mileage rate adjustment in 2005, and another one in 2008.
Tax

CFOs speak out on economy, health care, wages, and benefits

In a national biannual survey of U.S. Chief Financial Officers and senior comptrollers conducted by Grant Thornton LLP, 54% of respondents say the best way to reduce the U.S. federal deficit is to reduce spending.
Tax

Taxes are finished; which documents should you keep or pitch?

You’re done with the taxes for another year. Time to dump all the receipts and paperwork associated with preparing the return, you think. Not so fast!
Tax

IRAs for minors are an investment in a child's future

As traditional retirement age draws near for the Baby Boomer generation, many are wishing they had started saving earlier and more aggressively. If you want to help your children avoid that mistake, now is a perfect time to start them on the road to saving for a comfortable retirement.
Tax

Survey results: Heightened call for transparency is biggest challenge for multinationals

A majority of multinational company tax executives predict that a broadened international regulatory focus on increased transparency will be the most significant change their company can expect in international taxation over the next year.
Tax

AICPA wants IRS to allow e-file for S corporation election

The AICPA has recommended that the IRS allow electronic filing of the form electing S corporation status so that taxpayers will have immediate and verifiable conformation of the status.
Tax

Late filing attorney gives up right to practice before IRS

A Texas attorney accused of willfully failing to file his federal tax returns has been disbarred from practicing before the IRS. The attorney argued that his failures to file and pay were not the result of willful conduct but were due to personal circumstances beyond his control.
Tax

Tax planner jailed for tax evasion

A Salt Lake City tax planner has been sentenced to 10 months of prison, 12 months of supervised release, and ordered to pay the costs of prosecution for willfully failing to file a federal income tax return for 2001.
Tax

IRS wants comments on employer provisions of Affordable Care Act

The Treasury Department and IRS have requested public comment on issues relating to the shared responsibility provisions included in the Affordable Care Act.