President Obama has written to congressional leaders encouraging them to eliminate special tax breaks for the oil and gas industry.

Nearly 1,200 Electronic Filing Identification Numbers were reported to the Internal Revenue Service as compromised over a five-year period, allowing an individual to electronically submit a federal income tax return using another individual’s EFIN without that person's knowledge, according to a new report.

IMGCAP(1)]The current uncertain political, economic, and tax environment has led many people to postpone preparing or updating their estate plans.

CCH has enhanced its CorpSystem Sales Tax Office software by integrating it with an exemption certificate management system from Imaging Science and Services Inc.

Thomson Reuters released the latest Onesource Indirect Tax report on changes to state and local sales and use tax codes for the first quarter of 2011. According to the report, 83.3 percent of the changes are increases and new taxes and most are at the city and county level. They are likely a response to cut-backs in federal and state funding.

One of the added chores of preparing tax returns is dealing with clients who receive notices from the IRS. Typically, the IRS issues several million notices a year, commonly because information on a return doesn’t match information reported to the IRS on a Form 1099.

Less than half of affluent parents (49 percent) in a nationwide poll felt it was important to leave a financial inheritance to the next generation, according to the U.S. Trust Insights on Wealth and Worth Survey.