Tax

Naming a trust as an IRA beneficiary may offer many benefits. If drafted properly, a trust can protect the account from creditors and reduce the risk that money will be mishandled.

The $1.1 trillion spending bill passed by Congress this week and signed into law by President Obama on Tuesday contains a provision directing the Treasury Department to implement uniform standards for taxpayers claiming refundable credits such as the Earned Income Tax Credit to stem improper payments.

The Internal Revenue Service received fewer phone calls from taxpayers this year than in recent years, according to a new government report, but the percentage of callers seeking help who received it remained low while wait times remained high compared to prior years.

Payroll service provider Paychex has highlighted five key tax provisions that small business owners should evaluate before the end of the calendar year that could benefit their businesses.

Companies planning for a merger or acquisition have various issues to consider as they prepare for the transaction. One of the issues is golden parachutes.

Payroll giant ADP provided a set of year-end tax and payroll tips and reminders to small business owners, their accountants and other advisors, to help streamline the tax-filing process.

Affordable Care Act-related tax issues await CPAs and those who prepare their own returns this upcoming tax season, according to the National Conference of CPA Practitioners.

Outgoing House Ways and Means Committee chairman Dave Camp, R-Mich., officially introduced Thursday the comprehensive tax reform package he has been laboring over in recent years.

Sen. Tom Coburn, R-Okla., has released a report highlighting billions of dollars in tax breaks for “special interests.”

Highlights of some of our favorite tax-related blogs from the past week.