The Internal Revenue Service should take immediate action to strengthen its controls over the processing of refunds issued to nonresident aliens to prevent such individuals from receiving erroneous refunds, according to a new government report.

The Tax & Accounting business of Thomson Reuters has issued a comprehensive analysis of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 on its Checkpoint research service.

H&R Block shares fell Monday after it received notice from HSBC that the bank is immediately terminating refund anticipation loans and refund anticipation checks for Block as a result of a regulatory directive from the Office of the Comptroller of the Currency.

Personal exemptions and standard deductions will rise and tax brackets will widen due to inflation in 2011, the Internal Revenue Service said Thursday.

Following last week’s tax law changes, the Internal Revenue Service announced Thursday the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until mid- to late February to file their individual tax returns.

BNA Software has released a new version of its income tax-planning application to help the clients of accountants and tax practitioners plan around the changes in the tax cut extension law.

Changes to tax provisions in a bill providing health coverage for 9/11 emergency responders helped enable the legislation to pass Congress despite the opposition of some leading Republican lawmakers.