Tax

The Internal Revenue Service is urging taxpayers to resist the urge to call the agency for answers to tax questions as it anticipates an avalanche of phone calls next week and is instead asking them to go online for help.

The Organization for Economic Cooperation and Development has developed a new global standard for automatic exchange of tax information among nations in response to a mandate from finance leaders of the G20 countries to combat tax avoidance and evasion.

The late start to tax season will re-arrange software maker Intuit Inc.’s revenues by about $120 million, according to the company’s latest outlook, released Tuesday.

Rep. Blake Farenthold, R-Texas, has reintroduced legislation to provide tax exemptions to American athletes who win medals in the Olympics.

Some locations of the Planet Fitness health club chain have begun charging some of their members a portion of the indoor tanning services tax mandated by the Affordable Care Act, whether or not they use the tanning services.

With tax season in full swing, it’s a good reminder that families with household employees have some impending deadlines. As most tax professionals are aware, the often overlooked household employment taxes – or “nanny taxes” – present a unique set of challenges.

The Internal Revenue Service’s new commissioner John Koskinen has released a message to taxpayers for this tax season, urging them to use the agency’s Web site and warning of long wait times on the phone.

The D.C. Circuit Court of Appeals ruled Tuesday that the IRS had no legal authority to impose a nationwide licensing scheme on tax return preparers that would have required testing and continuing education as Registered Tax Return Preparers.

Harvard University pledged to ensure restitution for as many as 11,000 employees after two of its faculty pointed out the impact of a tax error by the school.

The Tax & Accounting business of Thomson Reuters has compiled its annual sampling of quirky sales tax changes passed or implemented in 2013.