Tax

The Internal Revenue Service has released Notice 2008-82, which protects reservists from losing funds in their health Flexible Spending Arrangement accounts after being called to active duty.

A majority of tax and financial executives favor the research and development tax credit simplification proposed by the Senate, according to a survey by Grant Thornton.

The Internal Revenue Service plans to issue guidance on technical terminations of a publicly traded partnership resulting in multiple short tax years within one calendar year.

The House has passed a bill that includes extensions of various expiring tax credits and deductions, including the R&D tax credit and incentives for renewable energy, along with a provision equalizing the penalty standards for tax preparers and taxpayers, but its fate remains uncertain as it faces the threat of a veto.

A new Web site uses a financial modeling program to calculate a user's taxes under either of the major presidential candidates.

The House has passed a fix for the alternative minimum tax to keep it from spreading to more taxpayers next year, as well as a separate bill to provide tax relief to businesses and families affected by natural disasters.

A group advocating the First Amendment right of pastors to endorse political candidates plans to stage a protest this Sunday encouraging clergymen to defy the rules governing tax-exempt organizations.

Under pressure from Congress and the IRS, H&R Block has decided that 100 percent of its tax products and services, including its TaxCut software, will now include free federal electronic filing.

The Senate passed by unanimous consent a bill that helps more children leave foster care and join permanent families, while clarifying the definition of a child for tax purposes.

The New York State Society of CPAs plans to hold a conference next month on international accounting standards.