Practice Management

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.

The Senate has passed a package extending the Bush-era tax rates for two years along with a 13-month unemployment extension.

Jefferson Wells, a global provider of risk advisory and accounting-related services, has launched its Technical Accounting and Financial Reporting Center of Expertise, a unit that will provide guidance in technical and compliance issues related to the financial reporting landscape.

A federal judge’s decision striking down a key provision of the health care reform law, along with the near-certain repeal of the 1099 information reporting requirements in the law, indicate that President Obama’s signature achievement of the past year is likely to be chipped away in the years ahead before many of its provisions even take effect.

As the end of the year fast approaches, the Internal Revenue Service is strongly encouraging paid tax preparers to register now for their new or renewed Preparer Tax Identifications Numbers to avoid any last-minute rush.