Practice Management

President Barack Obama lowered his tax revenue demand by $200 billion and offered to start tax rate increases at $400,000 in income instead of $250,000, moving closer to a budget deal with House Speaker John Boehner.

The Internal Revenue Service has published amended temporary Repair vs. Capitalization regulations to incorporate the changes announced in the recent Notice 2012-73.

The Internal Revenue Service said its Central Authorization File system, which helps power its Transcript Delivery Service and Disclosure Authorizations systems, will be unavailable from December 26 through January 2.

House Speaker John Boehner offered to raise income tax rates on households earning more than $1 million a year in exchange for containing the cost of federal entitlement programs, as part of a deal with President Barack Obama to cut the federal deficit, according to two people familiar with the talks.

The IRS said that it issued more than nine out of 10 refunds to taxpayers in less than 21 days last year, and expects the same results in 2013.

As talks drag on between President Obama and House Speaker John Boehner, R-Ohio, many business leaders believe there will not be an agreement to avoid the fiscal cliff before the end of the year, according to a new poll by KPMG.

States are creating fiscal risks for themselves by neglecting to control the costs of tax incentives for economic development, according to a new report from the Pew Center on the States.

The Internal Revenue Service said Thursday that low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2012 and the years ahead.

The Internal Revenue Service has given businesses an extra year to make sure they are compliant with new rules on how to treat service charges.

Richmond, Ky.-based accounting firm Baldwin CPAs has merged with Louisville professional services firm Christopher L. Hatcher, CPA.