Practice Management

Vice President Joe Biden said the administration would be better prepared to oppose the extension of tax cuts for the wealthiest Americans when they expire in 2012.

Big Four firm Ernst & Young could be hit with fraud charges stemming from its alleged role in the collapse of banker Lehman Brothers, the Wall Street Journal reported.

Vice President Joe Biden indicated the Obama administration intends to limit the newly extended tax cuts when they come up again for renewal in 2012.

With just weeks to go before the end of the year, Congress has cleared tax relief legislation extending the Bush-era individual and capital gains and dividend tax cuts for all taxpayers for two years, as well as a 13-month extension of unemployment benefits.

The House approved an $858 billion extension of the Bush-era tax rates and unemployment benefits late Thursday night, a day after the Senate approved the bill, sending the bill to President Obama’s desk.

The modern era of tax return preparer administration began on Sept. 28, 2010.

Nonprofit charitable tax-exempt organizations filed 313,121 information returns for tax year 2007, according to new statistics released by the Internal Revenue Service, an increase of 4 percent from 2006.

Approximately 13.4 million taxpayers who received the Making Work Pay Credit that was included in the economic stimulus bill may end up owing taxes, according to a new government report.

The American Institute of CPAs has launched a new public service tax website to help taxpayers better understand how the federal tax system works and connect with a CPA for tax help.

Senate Finance Committee Chairman Max Baucus, D-Mont., urged the Senate on Wednesday to pass legislation to eliminate the expanded 1099 reporting requirements for businesses in the health care reform bill.