Practice Management

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.

Republicans in Congress hardened their resistance to President Barack Obama’s proposed higher taxes for top earners and demanded a spending-cut plan, as lawmakers in both parties said it’s becoming less likely an agreement can be enacted before the Christmas holiday.

With less than 30 days left in 2012, there is still time to do some year-end tax planning. This 2012 tax year is more difficult in that no one knows how the tax laws may change before the end of the year.

Montreal-based Richter, formerly RSM Richter Chamberland, merged with Toronto-based SBLR LLP Chartered Accountants.