Tax

It might be tempting for small business owners, and their advisors, to contemplate the higher tax rates on individuals spawned by the American Tax Relief Act, and conclude that switching their S corporation to a C corporation makes sense.

Rep. Keith Ellison, D-Minn., introduced a bill Wednesday that would establish a tax on the trading of stocks and other financial products.

The Internal Revenue Service does not always recognize and properly investigate signs of tax fraud, according to a new report, foregoing at least millions of dollars in potential fraud penalties.

The Internal Revenue Service granted a three-month tax filing and payment extension to Boston-area taxpayers and others affected by Monday’s explosions at the Boston Marathon.

The Internal Revenue Service is struggling to respond to an onslaught of tax returns filed on April 15, which is delaying acknowledgements to both federal and state returns.

The Tax & Accounting business of Thomson Reuters has acquired select assets of the TaxWorks software line from RedGear Technologies, the customers of which will be transitioned to UltraTax CS—part of the CS Professional Suite.

A pair of Congressmen have introduced legislation that would allow the Internal Revenue Service to provide taxpayers with a tax form already containing information received from employers and banks to streamline the tax prep process.

Small businesses are more likely to comply with the tax laws if they are in certain comunities of the country and if they have more trust in their tax preparer, according to a report by the Taxpayer Advocate Service.

The Internal Revenue Service said Monday that it would provide tax penalty relief to anyone unable to file on time due to severe storms in parts of the South and Midwest over the past few days.

Rep. Lloyd Doggett, D-Texas, introduced legislation on tax deadline day to close offshore tax loopholes for corporations and encourage greater financial transparency.