Practice Management

Here’s some good news for those who haven’t renewed their Preparer Tax Identification Number by the end of the year. The process to renew it will be the same beginning in January as it is now, and it takes only about 15 minutes to do online.

Nearly 99 million individuals filed their federal income tax returns electronically during 2010, a 3 percent increase in the IRS e-file rate, mainly due to taxpayers who prepared and filed their own taxes from their home computers.

H&R Block released an update on its lawsuit against its refund anticipation loan provider, HSBC, saying the two have been “in discussions.”

Homeowners making energy-saving improvements this fall can cut their winter heating bills and lower their 2010 tax bill as well.

The bi-partisan panel appointed in February by PresidentObama and charged with reducing the mammoth U.S, deficit, has released a draftproposal calling for billions in spending cuts as well as overhauling the taxcode in an effort to cut U.S. debt down to 60 percent of GDP by 2024.

A bipartisan pair of U.S. senators has written to the co-chairmen of the federal deficit commission asking them to consider raising the gas tax to finance highway construction nationwide.

A bipartisan group of key congressional committee chairmen pledged to patch the alternative minimum tax this year and wrote to IRS Commissioner Doug Shulman telling him to plan for AMT relief.

President Obama and congressional Republicans are laying out their positions more openly on the fate of the expiring Bush tax cuts as they prepare for negotiations later this month.

Individuals inappropriately received at least $380million in personal tax exemptions and tax credits in 2007 as a result of themultiple use of Taxpayer Identification Numbers according to a new reportreleased from the Treasury Inspector General for Tax Administration.

CCH has introduced CCH Mobile, a mobile application that extends CCH’s IntelliConnect tax research service to the RIM BlackBerry and Apple iPhone, at its user conference in Orlando on Monday.