Practice Management

The Internal Revenue Service has requested that private sector transmitters of e-filed returns stagger their submission of returns over the course of this week, according to one industry group.

A watchdog group is calling on the Office of Congressional Ethics to investigate whether members of Congress who sleep in their offices are violating House ethics rules and tax laws by failing to report lodging as a taxable fringe benefit.

The unveiling of the Obama administration’s budget this week appeared to be only the opening act for what promises to be a long-running series of episodes involving spending, taxes, and cuts to favored and not-so-favored programs.

The Internal Revenue Service said Tuesday that it has begun processing the 1040 individual tax returns and itemized deductions that were delayed by the tax cuts extension legislation that Congress enacted in December, but there are still delays in processing some non-1040 business tax returns.

The average combined U.S. sales and use tax rate increased to a record high of 9.64 percent compared to the previous record of 8.63 percent in 2009, according to a new report.

The increased use of mobile devices in the workplace has emerged as the top business technology concern for CPAs and financial executives, according to a new survey by the American Institute of CPAs.

Two Republican congressional leaders are asking the Internal Revenue Service about recent reports that it has been paying out billions of dollars for improper Earned Income Tax Credit claims.

Senate Finance Committee Chairman Max Baucus, D-Mont., and Sen. Chuck Grassley, R-Iowa, have introduced legislation that would permanently extend income tax relief for ranchers, farmers and other landowners who donate agricultural land for conservation.

The House Committee on Small Business held hearings on repealing the unpopular expansion of 1099 information reporting in the health care reform bill.

The White House released its budget proposal for fiscal year 2012 on Monday, with plans for eliminating capital gains taxes on small business investment, while also getting rid of tax breaks for the wealthy and for fossil fuels.