Tax

The Internal Revenue Service said Monday that its systems are operational for all remaining individual and business tax returns.

President Obama said that he hoped to work with members of both parties in Congress to stop the damaging impact of the $85 billion in automatic spending cuts that officially began on Friday.

A late start to tax season leaves tax prep -- and planning -- in limbo

The number one concern of leading business tax executives for the year ahead is that in light of the current political and fiscal environment, Congress will enact revenue offsets to fund other legislative initiatives rather than make the U.S. tax system more competitive.

The Internal Revenue Service’s risk assessment process does not provide a reliable assessment of the risk of the improper payments in the IRS’s revenue funds, according to a new report.

Will Rogers has been quoted as saying, “The only difference between death and taxes is that death doesn’t get worse every time Congress meets.” Earlier this year, Congress passed the American Taxpayer Relief Act of 2012, which may have prevented us from falling off the fiscal cliff, but further complicated the already complex world of income taxation of estates and trusts.

The Internal Revenue Service plans to allow more of the remaining tax forms that have not been available for electronic filing yet this tax season to go through during the first week of March.

The Financial Crimes Enforcement Network, one of the Treasury Department’s lead agencies in the battle against money laundering and other crimes, has issued an advisory to financial institutions warning them to beware of tax refund fraud and identity theft, and to report such activity by filing Suspicious Activity Reports.

Private equity fund managers are beginning to be concerned that they may lose their tax break on carried interest as lawmakers in Washington again debate tax reform.

Free online bookkeeping and tax software maker Outwright.com is offering a new version of its mobile iPhone app with automated gas mileage tracking and receipt picture saving and storing capabilities.