Practice Management

Responding to press reports that the Obama administration is considering hitting small business with more tax hikes, U.S. Senator Orrin Hatch, R-Utah, ranking member of the Senate Finance Committee, called on the White House to take these tax increases off the table that threaten to “destroy the economic recovery our nation deserves.”

The Internal Revenue Service is allowing U.S. citizens and residents who also live in Haiti and the Ivory Coast to exclude their foreign earned income and housing costs from their 2010 gross income even if they don’t meet the normal eligibility requirements.

The House has tentatively scheduled a vote on legislation that would repeal the expanded 1099 information reporting requirements passed by Congress last year.

Whether or not the Obama administration budget proposal to add some clarity to worker classification sees the light of day, the employee vs. independent contractor issue will surely be undergoing increased scrutiny.

H&R Block said Thursday that the IRS’s inability to accept certain tax return filings prior to Feb. 14 led to changes in taxpayer filing patterns this year, with a delayed start to tax season, and declines in the number of tax returns prepared through Jan. 31.

Recently merged accounting, tax and business advisory firm EisnerAmper LLP has created its new Web site, www.eisneramper.com.

Senators Tom Coburn, R-Okla., and Claire McCaskill, D-Mo., have introduced a bill that would require the Internal Revenue Service to collect unpaid federal income taxes from civilian federal employees.

The Internal Revenue Service said Thursday that it is making major changes to its tax lien process in an effort to help struggling taxpayers get a fresh start with their tax liabilities.

The Internal Revenue Service has provided guidance on the federal tax consequences of payments made to homeowners under programs established for the hardest hit housing markets, along with the necessary information reporting requirements.

The Internal Revenue Service has given tax-exempt organizations that operate one or more hospital facilities three months’ extra time to file their 2010 Form 990, and said they should actually not file the form until July 1, 2011.