Practice Management

The Internal Revenue Service has released the new form that eligible homebuyers need to claim the First-Time Homebuyer Credit this tax season and said that processing of those tax returns will begin in mid-February.

As Wall Street firms prepare to hand out record levels of bonuses, a group of lawmakers on Capitol Hill have co-sponsored a bill that would slap a 50 percent tax on many of the bonuses.

CCH has published a Special Tax Briefing on the IRS’s new program for registering, educating and testing paid tax preparers.

The White House has reportedly cemented a deal with labor union leaders scaling back the tax on so-called “Cadillac” health insurance plans.

The free electronic filing service has been made available to even more taxpayers.

Although most observers are on board with the new proposals to register, test and license tax return preparers, some questions about the goals and the process remain.

Long-standing problems with S corporation tax compliance should be addressed by Congress and the IRS, according to a new report by the Government Accountability Office, which recommended that S corps need to do a better job of reporting shareholder compensation and calculating the ownership shares of corporations.

Jackson Hewitt Tax Service warned in a regulatory filing that it only has enough funding to cover 50 percent of the refund anticipation loans it anticipates making this tax season.

Tax prep chain H&R Block opened a new flagship office in Times Square on Thursday, complete with a giant “smart wall” where clients can be guided through an interactive “tax experience.”

President Barack Obama has proposed levying a fee on large financial firms and banks to pay for the costs of the financial bailout.