NEWSWIRE

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.