Practice Management

In his best impersonation of a fiscal conservative, President Obama last week called for $1 trillion tax hikes on the wealthiest Americans as part of an effort to reduce the deficit by $4 trillion over the next dozen years.

The House passed the controversial budget plan introduced last week by House Budget Committee Chairman Paul Ryan, R-Wis., in a largely party-line vote on Friday.

The White House introduced the ability to generate a “federal taxpayer receipt” on its Web site Friday.

Tax filers who paid an accountant or CPA to prepare their returns registered a high level of satisfaction with their method of preparation, with 75 percent stating that they were “very satisfied” in working with the accountant or CPA, according to a new survey.

The Internal Revenue Service is asking the public for recommendations on items that should be included on its 2011-2012 Guidance Priority List.

Problems with administering the First-Time Homebuyer Credit and similar tax credits indicate the Internal Revenue Service needs to strengthen its controls over all refundable credits, a new government report recommended Friday.

It’s doubtful whether the tax changes proposed by the President in his speech on Wednesday would generate much of a dent in the deficit, even if they were to be accepted by Congress.

President Obama signed legislation Thursday repealing the expanded 1099 reporting requirements in the health care reform law and Small Business Jobs Act.

The Internal Revenue Service issued final regulations Thursday lowering the initial enrollment and renewal of enrollment user fees for enrolled agents and enrolled retirement plan agents, and separating the enrolled retirement plan agent user fees from the enrolled agent user fees.