Tax

President Bush is considering the possibility of simplifying the corporate tax system, as long as the changes don't affect the amount of taxes the government collects.The president's announcement came on the heels of a conference convened by Treasury Secretary Henry Paulson in July, in which he proposed a cut in corporate taxes to make the U.S. more competitive.

The House Ways and Means Committee held hearings on proposals to raise taxes on managers of private equity firms and hedge funds, and to combat the expanding impact of the alternative minimum tax, as well as listening to testimony about the impact of the Bush tax cuts.

Thomson Corp. said it would acquire the Deloitte Tax LLP Property Tax Services business for an undisclosed sum.

Busy season, long days, work on weekends, that’s all inevitable, right?

The Internal Revenue Service is providing taxpayers' personal and financial information to agencies in all 50 states, but is not adequately safeguarding the security of that information, said a report from a Treasury Department watchdog.

Relatively few taxpayers are making use of the Advanced Earned Income Tax Credit, but many of those who do receive the AEITC do not comply with the requirements of the program, according to a government report.

President Bush made several proposals late last week to relieve homeowners from the burden of the imploding mortgage market, just in time to grab Congress's attention as it returns this week from summer recess.

The federal government is itself a tax delinquent, owing approximately $45 million in employment taxes, according to a report from a Treasury Department watchdog.

A federal court has permanently barred a Georgia man from advising clients that they do not have to pay income taxes because they belong to a group called the Yamassee Native American Tribe.

House Ways and Means Committee Chairman Charles Rangel, D-N.Y., plans to hold a hearing on fairness and equity in the Tax Code.