Tax planning

Legislation that extends soon-to-expire provisions of last year's tax cuts for families -- at a cost of about $146 billion over a 10-year period -- easily sailed through Congress late yesterday.

Outsourcing provider Xpitax has added accounting services for clients, including bookkeeping and write-up solutions, work paper conversion, and year-end accounting work and financial analysis, to its offerings.

The tax burden on middle- and higher-income families would rise if the package of tax breaks is allowed to expire at year-end, according to an analytical breakdown by Deloitte Tax.

Securities and Exchange Commission chief accountant Donald T. Nicolaisen has asked KPMG LLP to correct a statement that he says the firm attributed to him in a letter it sent to clients.

Washington (Sept. 21, 2004) -- In its aggressive crackdown on credit counseling abuse, the Internal Revenue Service filed a $15 million suit against Germantown, Md.-based AmeriDebt Inc. in anticipation that the company's tax-exempt status would be overturned.