News
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IRS Holds $950mn for 2012 Non-Filers
Federal income tax refunds totaling $950,349,000 are waiting for an estimated 1 million taxpayers who did not file a federal income tax return for 2012. Read more »
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Feedback sought on New Partnership Audit Rules
The Internal Revenue Service is looking for comments on the new partnership audit rules that was enacted as part of Congresss budget deal last December. Read more »
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New Guidance on Recovery of Litigation Costs
The Internal Revenue Service has issued guidance on the tax treatment of litigation costs and attorney fees, particularly when there is pro bono representation. Read more »
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New Members Join Taxpayer Advocacy Panel
The Department of the Treasury has approved 32 new members to serve on its nationwide Taxpayer Advocacy Panel. Read more »
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Tax Rules for March Madness Brackets
College hoops fans will be filling in their brackets this month for the March Madness betting, but many may not be aware of the tax rules surrounding gambling wins and losses. Read more »
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Controls over Obamacare Tax Credits to Be Fixed
The IRS plans to strengthen its controls over the accounting for the Premium Tax Credit, after a government watchdog found discrepancies of $447 million. Read more »
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Rubio's Partial 2012 Tax Return Left Question: When Did He Pay?
Florida Senator Marco Rubio notched a personal best for earnings in 2012 as he and his wife, Jeanette, recorded almost $930,000 in taxable income. Read more »
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Tax Foundation Compares State Sales Tax Rates
The Tax Foundation has released an updated report on sales taxes throughout the states in 2016, indicating where the highest and lowest state and local sales tax rates are across the country. Read more »
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Lawmakers Introduce Bill to Provide Tax Credit for Caregiving Expenses
A pair of lawmakers on the tax-writing House Ways and Means Committee have introduced bipartisan legislation to provide a tax credit for caregiving expenses. Read more »
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Companies Rejected by U.S. High Court in $1.5 bn Tax Cases
The U.S. Supreme Court turned away appeals from three financial-services companies that sought to save a total of $1.5 billion by using a tax-avoidance strategy designed by Barclays Plc. Read more »