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IRS Offers Renewal Extension for Enrolled Agents

The Internal Revenue Service said it is giving an extension to enrolled agents whose renewal applications for their enrollments have been postponed due to a processing delay.

House Passes Paul Ryan Budget, Consolidating Tax Brackets

The House has passed a Republican-sponsored budget alternative to President Obama’s fiscal 2013 budget, mostly based on the plan put forward by House Budget Committee Chairman Paul Ryan, R-Wisc., for creating only two tax brackets of just 10 and 25 percent.

New York CPAs Want Changes in Revenue Recognition Proposals

The New York State Society of CPAs has told the Financial Accounting Standards Board and the International Accounting Standards Board that they need to make changes in their latest set of proposals for changing revenue recognition standards.

Congress Introduces Bill to Provide Tax Relief for Mortgage Foreclosure Victims

A trio of House Democrats have introduced a bill that would provide tax relief to homeowners who were wrongly foreclosed upon and receive money from the recent nationwide mortgage foreclosure settlement.

BofA Introduces Small Business 401(k) Plan

Bank of America has introduced a 401(k) retirement plan for small businesses through its Merrill Edge unit.

House Panel Passes GOP Small Business Tax Cut Bill

The House Ways and Means Committee has passed a Republican-sponsored bill aimed at reducing taxes for small businesses that would also benefit larger companies.

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IRS Increases Audits of Wealthy

The Internal Revenue Service has been increasing its audits and examinations of high-income individuals in the past year, examining nearly 30 percent of the tax returns of those earning $10 million and more, nearly twice the rate of a year earlier.

H&R Block Manager Arrested for Identity Theft of Tax Clients

An H&R Block manager in Southern California has been arrested for using the identities of his former tax preparation clients in an identity theft scheme.

IRS Says Tea Party Groups Aren’t Targets

Internal Revenue Service Commissioner Douglas Shulman denied that the agency is targeting Tea Party groups and giving them extra scrutiny before granting them tax-exempt status.

IRS Volunteer Program Needs Database Fix

The Internal Revenue Service’s new database for keeping track of the performance of organizations that provide free tax preparation services to low-income and elderly taxpayers leaves something to be desired, according to a new government report.

IRS Makes Partnership Interest Reporting Optional

The Internal Revenue Service said that reporting partnership interests using Form 1065/Schedule K-1 would be optional for tax year 2011.

Bloomberg BNA Publishes Tax Essentials eBook

Bloomberg BNA has published the latest edition of its “Tax Essentials: Individuals” reference as both a printed book and an e-book that can be downloaded from Apple’s iBooks store.

IRS Reorganizes Corporate Tax Agreement Programs

The Internal Revenue Service has made organizational and administrative changes in the programs governing agreements between large businesses and the IRS over how tax transactions can be reported, particularly for multinational corporations using transfer pricing.

Congress Passes JOBS Act for Small Business

Congress approved legislation Tuesday intended to spur investment in small businesses and help them access the capital markets, despite criticisms that it would weaken audit safeguards and investor protections.

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Recent metropolitan commuter transportation mobility tax changes Recent law changes will reduce or eliminate the MCTMT for many small businesses and sole proprietors. See if your business qualifies.

New York State tax preparer registration Register online for the 2012 calendar year.

Do your clients owe back taxes? Our Voluntary Disclosure program allows eligible taxpayers to avoid penalties and possible criminal charges if they satisfy their tax obligations.

Have each of your clients signed E-ZRep Form TR-2000? A signed E-ZRep TR-2000 allows you to access and receive confidential information about a client and conduct transactions on their behalf through your Tax Professional Online Services account.

New reporting requirements Learn about requirements for entities making payments to merchants as reimbursement for credit and debit card transactions.

Clothing and footwear sales tax exemption increased to prior level Starting April 1, certain clothing and footwear is exempt from New York sales tax, and in certain cities and counties too.Read more.

Lowest income tax rates in 58 years New personal income tax rates in New York State began January 1, 2012.

Consumer Bill of Rights regarding tax preparers Most tax preparers act within the law and treat their clients fairly, but there are some that don’t. The Consumer Bill of Rights Regarding Tax Preparers describes your rights and tells you how to protect yourself from unfair practices.

File your income tax return by April 17

• Learn about the income tax e-file requirement.
• Use Free File or e-File like most taxpayers.
• Get free help preparing your income tax return at a VITA location.
• Get your refund safely and quickly with a debit card or direct deposit.
• Understand how the Marriage Equality Act applies to taxes administered by this department.
• Request an extension.
• View your 1099-G information.

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IRS Didn’t Fully Comply with Improper Payments Law

The Internal Revenue Service is not fully compliant with a federal law requiring the agency to eliminate and report improper payments made to taxpayers, according to a new government report.

IRS May Share Tax Information with Police to Fight Fraud

A surge in tax refund fraud and identity theft has prompted the Internal Revenue Service to consider sharing more tax return information with police, a senior official told a congressional hearing on Tuesday.

IRS Commissioner Shulman Addresses Tax Delays

Internal Revenue Service Commissioner Doug Shulman warned Thursday of a delayed tax season next year unless Congress resolves questions over the alternative minimum tax patch and other tax extender items, and talked about the tax refund delays this tax season.

Rangel Introduces Mortgage Tax Relief Extender Bill

Rep. Charles Rangel, D-N.Y., has introduced a bill aimed at extending tax relief to Americans in danger of losing their homes.

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Former IRS Agent Sentenced for Investment Scam

A former Internal Revenue Service revenue agent has been sentenced to nearly three years in prison for his involvement with a scam that bilked investors out of more than $8 million by persuading them to buy unregistered securities in various Internet companies.

TaxMasters Goes Bankrupt

Tax resolution chain TaxMasters has filed for Chapter 11 bankruptcy protection.

House GOP Proposes Tax Bracket Consolidation

House Budget Committee chairman Paul Ryan, R-Wisc., has introduced a Republican-backed alternative to the Obama administration’s fiscal 2013 budget, including a proposal to consolidating the current six individual income tax brackets into just two brackets of 10 and 25 percent.

IRS Forms 'SWAT Team' for Tax Dodge Crackdown

The Internal Revenue Service is staffing up with high-powered talent to crack down on companies shifting profits from country to country to lower their tax bills, a hot strategy the agency has targeted before with only limited success.

Retirement Optimism on the Rise

More Americans are feeling optimistic about their retirement savings, according to a new survey.

IRS Proposes Requiring Periodic Updates of Employer Information

The Internal Revenue Service has proposed regulations that would require taxpayers with Employer Identification Numbers to periodically provide the IRS with up-to-date information.

Mets Owners Settle with Madoff Trustee

An investment group including New York Mets chairman and CEO Fred Wilpon and Mets president Saul Katz have agreed to pay $162 million over five years to settle with the trustee overseeing the liquidation of Bernard Madoff’s investment firm.

Tax Preparer Convicted of Promoting $763M Tax Refund Scheme

A Southern California tax preparer was convicted in a Seattle courtroom for helping nearly 1,000 people claim more than $763 million in fraudulent tax refunds by preparing falsified tax returns on their behalf.

IRS Needs to Fix Security Controls

Weaknesses in the Internal Revenue Service’s financial and tax-processing systems continue to jeopardize the confidentiality, integrity and availability of sensitive taxpayer information, according to a new report by the Government Accountability Office.

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IRS Software Glitch Delays Some Tax Refunds

The Internal Revenue Service's new software system for handling electronic tax returns has experienced problems during the tax filing season, angering some taxpayers whose refunds have been delayed.

Controls Too Weak over IRS Undercover Agents

The Internal Revenue Service’s Criminal Investigation division needs to strengthen its controls over the undercover operations used to detect and probe criminal tax activities, according to a new government report.

IRS Opens Registration for Tax Forums

The Internal Revenue Service’s National Tax Forums are now open for registration.

IRS Updates Status of Tax Refund Delays

The Internal Revenue Service is providing an update on the status of the tax refund delays that plagued the agency this season.

IRS Warns of New Emerging Tax Scam

The Internal Revenue Service is warning senior citizens, working families, church members and other potential victims to beware of an emerging tax scam that tempts them into filing fraudulent tax returns claiming bogus refunds.

Changes Proposed for Engagement Team Ethics

The International Ethics Standards Board for Accountants has released for public exposure proposed changes to the definition of “engagement team” in the IESBA Code of Ethics for Professional Accountants.

IRS Probe of Tax-Exempt Political Groups Questioned

The Internal Revenue Service is facing renewed pressure over its reluctance to grant tax-exempt status to political fundraising and advocacy organizations, particularly Tea Party-affiliated groups.

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Sweep Nets Hundreds of NYC Tax Preparers Violating Laws

The New York City Department of Consumer Affairs conducted a two-week-long enforcement sweep of tax preparers across the city and issued violations to one out of every three preparers it inspected, mainly for violating laws governing refund anticipation loans and disclosure of their true qualifications and fees.

IRS Caught $1.6B in Erroneous Homebuyer Tax Credits

The Internal Revenue Service disallowed nearly $1.6 billion in erroneous First-Time Homebuyer Tax Credits, but could have flagged even more, according to a new government report.

Congress Cooperates on Small Business Jobs Bills

In a rare sign of bipartisanship, Congressional Republicans and Democrats are moving forward with a group of widely supported jobs bills, aimed at improving capital formation for small businesses and spurring the growth of startups.

Small Biz Owners Not Prepared for Retirement

Many small business owners are unprepared for retirement, with a third of the women and a quarter of the men in a new survey having no estimate of how much they will need when they retire.