Tax

As Wall Street firms prepare to hand out record levels of bonuses, a group of lawmakers on Capitol Hill have co-sponsored a bill that would slap a 50 percent tax on many of the bonuses.

The White House has reportedly cemented a deal with labor union leaders scaling back the tax on so-called “Cadillac” health insurance plans.

The free electronic filing service has been made available to even more taxpayers.

Although most observers are on board with the new proposals to register, test and license tax return preparers, some questions about the goals and the process remain.

Jackson Hewitt Tax Service warned in a regulatory filing that it only has enough funding to cover 50 percent of the refund anticipation loans it anticipates making this tax season.

Tax prep chain H&R Block opened a new flagship office in Times Square on Thursday, complete with a giant “smart wall” where clients can be guided through an interactive “tax experience.”

The Internal Revenue Service has added a revised Virtual Small Business Tax Workshop to its Web site with updated content, interactive features and a new reference section.

Intuit has created a Lacerte and ProSeries Tax Certification program that 1040 tax preparers can use to demonstrate their proficiency and firms can use to test their existing staff and find qualified job candidates.

The Internal Revenue Service will be sending out newly redesigned, less confusing notices to taxpayers that aim to improve the way it corresponds with its core constituency.

Tax law changes - both in volume and complexity - will make this season more confusing for taxpayers and preparers alike.