Tax

The Senate Finance Committee held a hearing Wednesday to discuss the soon-to-expire 2001 and 2003 tax cuts and how to extend any of them without increasing the budget deficit or hurting economic growth.

SurePrep has added 1120, 1120S and 1065 preparation as a part of its outsourcing service, allowing firms to leverage the company’s technology and staff to prepare more types of tax returns.

Before departing on its holiday break, the Senate left a number of important issues unresolved, including the fate of the unemployment extension and tax extenders legislation, not to mention the financial reform bill.

The Federal Tax Authority, a private company that aims to make it easy for online merchants to collect sales tax, has launched TaxCloud, a free sales tax calculation and remittance service.

IntelliConnect, the tax research system from CCH, has added many new features that enable researchers get to their answers faster and more effectively.

The Supreme Court’s much-anticipated Bilski decision earlier this week affirmed that business methods can be patented, although it rejected the specific patent at issue.

Senate Finance Committee Chairman Max Baucus, D-Mont., has launched an investigation into the tax practices of Transocean Ltd., the owner of the offshore drilling rig that exploded in the Gulf of Mexico this past April, leading to the disastrous oil spill.

A set of tax provisions that are scheduled to expire at the end of this year will change the tax landscape for many investors who will need advice on how to adjust.

The House voted Tuesday to extend the closing deadline for taxpayers seeking the Homebuyer Tax Credit.

H&R Block reported a decline in its fiscal 2010 net income, attributing it to a drop in its tax season business as a result of the economy, while its rival Jackson Hewitt reported that it had received a warning about its listing on the NYSE, also brought on by tax season problems.