Tax
Tax News & IRS Insights for Accounting Professionals
Accounting Today delivers news and analysis for accounting and tax professionals on federal and state tax developments, IRS guidance,information reporting, and operational implications for practices and clients. Our coverage focuses on legislative and procedural shifts that tax practitioners must monitor in planning, compliance, and advisory contexts.
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The Senate voted by a 98-0 margin to extend the First-Time Homebuyer Tax Credit while also expanding the credit to existing homeowners who want to move to another residence.
November 4 -
Lee Zoeller, a partner at the international law firm Reed Smith LLP, recently began leading the Institute for Professionals in Taxation.
November 3 -
During the downturn, many practitioners have found it necessary to brush up on the loss-deduction rules. When the economy is humming, an overabundance of income is usually available to offset any loss that might surface. When times get tough, however, a variety of loss-limiting rules under the Tax Code suddenly demand some attention. The "basket" approach to figuring out what loss can offset what income can be useful under these circumstances, especially as year-to-year tax planning may be available to offset the offsets.
November 2 -
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Tax prep software vendors are counting on an upswing in the professional tax preparation market to fuel their own growth during the upcoming tax filing season.
November 2 -
Vertex has announced an online certification program through which continuing professional education credits can be earned.
October 30 -
House Democrats unveiled their health care reform package after assembling the various components passed this summer by three separate committees.
October 30