Taxes

Most businesses may use losses incurred during the economic downturn to reduce income from prior tax years, under a revenue procedure issued today by the IRS.

Attention tax professionals: the IRS will host a panel of practitioners who will discuss e-filing during a free webinar Nov. 18. The hour-long program will air three times: 10 a.m., 1 p.m. and 4 p.m.

As the financially astute are no doubt aware, the U.S. has quite a bit of debt, in the same way that the Pacific Ocean has quite a bit of water. While we’re nowhere near the levels of, say, Japan, which has the largest public debt on Earth, the amount of money the U.S.

With year-end approaching (only 60 days to go!), taxes are the talk of the town -- and who is the media looking to for advice?

NYSSCPA members, of course!

FOX Business News talked to both Scott Cheslowitz and Alan Straus in two separate segments focused on taxes, both available on the Web.

The IRS' Information Reporting Program Advisory Committee (IRPAC) has released the advisory group’s 2009 recommendations on a wide range of tax administration issues.

It’s tax season and two of the Society’s tax stars will be featured during a one-hour web interview Friday with FOX Business News anchor Tracy Byrnes.

The new Form 990 got you down? The IRS wants to put a smile back on your face with a series of videos and a theoretical case study intended to demystify the required filing for exempt orgs.

The Social Security Administration announced today that payments will remain flat next year, something that has not happened since such cost of living adjustments (COLA) were first introduced to the system in 1975. The problem is inflation, or, rather, a lack thereof.

Grammy-winning rapper Method Man is learning first-hand that New York state "ain't nothing to mess with."

Method Man, co-founder of the Wu-Tang Clan, reportedly failed to pay the New York State Department of Taxation and Finance nearly $33,000 between 2004 and 2007. He was arrested Monday.

His arrest comes shortly after William Comiskey, deputy commissioner for enforcement at the department, told attendees of a FAE Conference that the state is working with other agencies and third parties to track down all those who owe it money.

A member of the Wu-Tang hasn't faced such a tough battle since they had to take on Shaolin. No word on whether he'll face severe punishment, but it may be time for Meth to call on his killa beez for backup.

Voluntary disclosure: the IRS wants it.

Bad enough to ask for it in six foreign languages.

With the Oct. 15 deadline ticking down for those with unreported offshore funds to come clean, the IRS is looking to get the word out about the program to possible evaders who speak Chinese, French, Korean, Russian, Spanish and Vietnamese.

According to IRS spokesman Kevin McKeon, "the agency took this step in order to reach taxpayers whose primary language may not be English."

Ultimately, the goal is to close the roughly $345 billion federal tax gap.