IRS will not impose penalties on delinquent Foreign Bank Account Reports
The IRS is in the process of cracking down on offshore activities and, as part of this process, is encouraging voluntary disclosures from taxpayers wh...
IRS spent $19.5 million on cancelled project for new Web portal
The Internal Revenue Service (IRS) spent nearly two years and $19.5 million to develop its new Web portal, but cancelled the project six months before...
FEI Committee on Taxation urges Congress to help U.S. businesses stay competitive
On May 4, 2009, President Barack Obama and Treasury Secretary Tim Geithner unveiled several major international tax proposals that are intended to cor...
'Bad guy' tax preparers keep courts busy
Even with government agencies that include the Secret Service and the Tax Division of the Justice Department working with the Internal Revenue Service...
New Jersey is offering tax amnesty program
The New Jersey Division of Taxation has initiated a limited time Tax Amnesty program for individuals and businesses that, due to tough economic times,...
IRS announces optional withholding increase for pension plans
As part of a wider outreach effort to educate taxpayers about the benefits they will receive under the American Recovery and Reinvestment Act, the Int...
NTEU attempts to save jobs for 1,500 IRS employees
In an attempt to save the economic livelihood of about 1,500 employees at the Internal Revenue Service's (IRS) Andover, MA service center who are faci...
Some California celebrities are in the public eye for owing taxes
California has more than its share of tax cheats, and since so many TV and movie actors call southern California home, a few of them made the rolls of...
Will multinational corporations survive the coming tax changes?
Why are business groups, including the U.S. Chamber of Commerce, spitting nails after President Obama's announcement of tax changes on Monday May 4th?...
Why the secrecy? Public disclosure of taxes not a new idea
Andy Rooney recently brought up the issue of public disclosure of taxes on 60 Minutes after paying the highest taxes of his life. He championed the ca...
States turn federal tax credits into cash for would-be homebuyers
How do you turn a tax credit into a cash benefit that will have the power to stimulate the economy and improve lives? That's the task that 10 or more ...
IRS breaks records with e-file activity this Spring
The Internal Revenue Service has announced a record 90 million tax returns were filed electronically this year, led by a big increase in people using ...
Non-profit officers face May deadline
Officers signing their non-profits' radically revised IRS Form 990 this year may want to read the small print on risking perjury by making false state...
FASB to issue new FIN 48 guidance
FASB will issue a proposed staff position for FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for pass-through and tax exempt ...
Jail for accountants in tax shelter case
A former senior manager and a former partner of KPMG who left the Big Four firm more than a decade ago to form their own business were sentenced and f...
7 Things small business owners should know about payroll tax problems
Past due payroll taxes can cause you to lose your business and in some cases, your freedom. The IRS is focusing increased tax compliance efforts on sm...
IRS clarifies tax treatment of ESOP distributions
The IRS has issued guidance to companies making distributions from an Employee Stock Ownership Plan (ESOP) to participants who have been terminated fr...
Helping your clients survive the dreaded audit: Tips from the IRS
In March, a panel of IRS officials and Enrolled Agents answered common questions that tax practitioners have about helping their clients through the a...
Procrastinators take heart: The experience of the late tax filer is universal
For all you procrastinators out there who look upon April 15th with a dread similar to what George Bailey felt when the IRS showed up in Bedford Falls...
U.S. and Switzerland begin negotiations for tax information exchange
The U.S. Department of the Treasury has announced that the United States and Switzerland will begin negotiation of a protocol to amend their bilateral...
