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Tax

Tax (1273)

Drake Investor Buying TaxAct

 Private equity firm Cinven, which invested in Drake Software last year, has agreed to buy TaxAct for about $720 million.

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Tax Security Week Underway

Lock data 1This week is the 7th National Tax Security Awareness Week, promoted by the Internal Revenue Service and its Security Summit partners. The sponsors noted that the holiday shopping season is a prime time for identity thieves to attempt stealing  personal financial information.

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Council: IRS Must Reduce Paper

PaperThe Internal Revenue Service must continue to reduce the amount of paper it processes, the Internal Revenue Service Advisory Council has said it its annual report for 2022.

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CPAs Allegedly Helped Hide $100M Income

gavelThree tax professionals, including two owners of a Waxahachie, Texas-based CPA firm, have been accused of helping a lawyer who helped clients falsely shelter $1 billion in income from the Internal Revenue Service.

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Thomson Buying SurePrep for $500M

 DollarsThomson Reuters is acquiring SurePrep for $500 million in cash. The deal is expected to close in the first quarter of 2023.

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CCH Axcess IQ Finds Law Changes

DoorsThe newest release of CCH Axcess IQ can now notify customers about pertinent federal and state legislative changes. The company said this week the system can also explain their impact on tax returns and provide advice, recommending next steps.

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Feds: Gang Stole 9K Firm Client IDs

RoberryEight individuals have been accused of purchasing credentials for computer servers of CPA and tax preparation firms. The eight, all Florida residents, were  indicted on racketeering charges for allegedly stealing IDs from 9,000 firm clients and filing thousands of fraudulent tax returns, according to a partially unsealed indicment.

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IRS Seeks Energy Guidance Comments

Three notices about possible changes to energy tax benefits have been submitted by the Internal Revenue Service. The IRS seeks the comments about possible extensions and enhancement to the benefits that were included in the Inflation Reduction Act.

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IRS Hires 4,000 Customer Reps

The Internal Revenue Service has hired 4,000 additional customer service representatives this year. The agency said this month it intends to hire another 1,000 to help answer telephones—which have been understaffed in past years—and provide other services in the upcoming filing system.

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Feds: Tax Atty. Helped Shelter $1B

gavel A Dallas, Texas, tax attorney has been accused of allegedly helping high-net-worth clients conceal more than $1 billion in income. Joseph Garza this month was accused of helping cheating the Internal Revenue Service out of $200 million in taxes while lining his own pockets.

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