Tax

The plaintiffs who lost a recent lawsuit trying to prevent the federal government from providing tax credits to purchase health insurance on federal exchanges have filed for an expedited appeal in the case.

Even though tax season for individual tax returns has been delayed until January 31, the Internal Revenue Service and the Free File Alliance are opening up free electronic filing for taxpayers with adjusted gross incomes of $58,000 or less.

American Citizens Abroad, a group representing U.S. expatriates, has submitted a tax proposal to the Senate Finance Committee recommending a number of international tax reforms, with the American Institute of CPAs also submitting its recommendations to the same committee on tax administration and simplification.

Senator Marco Rubio, R-Fla., plans to introduce legislation that would provide a replacement for the Earned Income Tax Credit in the form of a “wage enhancement.”

Greatland Corp. has released speedEfiler.com, online reporting software designed for small and midsized businesses and professional accountants to file W-2 and 1099 forms online, meeting filing requirements for federal, state and recipient reporting.

As the holidays recede in the rear-view mirror, many CPAs begin to observe a worrisome trend. The stack of paperwork on the corner of the desk, the number of emails in the inbox, and the items on the to-do list begin to expand as if by magic. It is a sign that the busy season is upon us, yet again.

The United States is falling behind Europe and China in efforts to capitalize on globalization and could potentially miss out on future economic growth as a result, according to a new survey by the international accounting and consulting network UHY.

A laundromat in the Bronx, N.Y., plans to offer tax prep services while New Yorkers wash their clothes.

The Internal Revenue Service should give taxpayers clear rules on how it will handle transactions involving Bitcoin and other digital currencies, Nina Olson, the National Taxpayer Advocate, said.

Lyle Benson, founder of L.K. Benson & Co. and chairman of the AICPA's PFP Section, discusses how tax planning is becoming a more important part of a client's overall financial planning, in an interview with Accounting Today editor-in-chief Daniel Hood.