Tax

Although it¨s just one of many new taxes in the health care reform law, and its effective date is more than a year away, the new Form 1099 reporting requirements are suddenly on everyone's radar screen.

In the midst of their August recess, House lawmakers returned to Capitol Hill to vote to approve legislation to provide $26 billion in aid to states to avoid teacher layoffs and Medicaid cuts, paid for in part by clamping down on foreign tax credits.

The battle to extend or not to extend the Bush tax cuts has drawn comments from both sides on the potential positive or negative effects of the cuts.

Starting next tax season, the Internal Revenue Service will no longer provide tax preparers and financial institutions with a so-called “debt indicator” that is often used to facilitate refund anticipation loans.

The vast majority of U.S. business executives are against the imposition of a value-added tax and would need time to prepare for it, according to a new poll.

CCH has expanded its Tax Prep Partner Series with four new compliance guidance titles.

The Treasury Department has released a new state-by-state report on the number of newly hired workers whose employers are eligible to claim tax credits under the HIRE Act, increasing the estimate from 4.5 million to 5.6 million workers.

CCH has introduced CCH TaxPlan, a new product on its IntelliConnect online research service that combines tax planning guidance with interactive practice tools to help practitioners with tax planning engagements.

House Democrats blasted Republicans for blocking a bill with tax breaks for small businesses and the removal of a controversial 1099 information reporting requirement after the bill failed to garner the two-thirds margin needed for passage.

House Ways and Means Committee Chairman Sander Levin, D-Mich., has introduced a bill that would close tax loopholes blamed for encouraging multinational companies to ship jobs overseas.