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In the Zone: Tax Zone
July 21, 2010    
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Editor's Note
Gail Perry, CPA, Managing Editor Inevitably, U.S. companies are going to be required to make the jump to International Financial Reporting Standards (IFRS). Ultimately, companies will need to address tax provisions, compliance, and uncertain tax positions. Our article on tax planning for IFRS adoption provides some insights as to what the experts think will happen in this arena.

Meanwhile, Yankees owner George Steinbrenner's death called attention to the fact that Congress has been so busy signing unread legislation that it hasn't had time to address the fact that there's no federal estate tax in place at the moment and money it could be counting is instead slipping through its fingers. No worries, says Congress – it can just pass a new estate tax bill and make it retroactive to January 1, in effect, imposing a tax on the dead.

Best wishes,
Gail Perry, CPA
Managing Editor
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Tax planning for IFRS adoption might be slowing
The sense of urgency once felt in tax departments to prepare for the potential implications of IFRS might have been replaced in recent months by uncertainty, as regulatory bodies issued statements seeming to indicate a slowing in the pace of movement toward adoption of IFRS.
First-time homebuyer credit is complicated
I have now filed about 800 homebuyer credit tax returns (1040 and 1040X). That's probably more than any one office in the nation. With that volume of processing, we have seen every possible iteration of error that the IRS makes.
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Block and Liberty: A marriage in the tax prep industry?
John Hewitt, founder of Liberty Tax Services, is reaching out to H&R Block to see if there might be a commercial marriage in their future.
Former Tennessee inmate indicted for filing false tax returns while in jail
A Tennessee grand jury has indicted Walter Allen Johnson, aka "Beau" Johnson, of Sevierville, TN, for filing false claims against the United States as well as conspiring to defraud the United States.
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Justice Department shows no compassion for church's alleged tax shenanigans
The U.S. Department of Justice has asked a federal court to permanently bar Kevin Hartshorn from promoting an allegedly false church-based tax fraud scheme.
Death of New York Yankees owner sends lawmakers scrambling
Members of Congress had years to close the loophole that would eliminate the estate tax completely in 2010. But they didn’t. Now that high-profile billionaire George Steinbrenner has died, some of them are scrambling to find a way to tax his wealth.
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