Tax

House Republicans have passed the budget plan introduced by House Budget Committee chairman Paul Ryan, R-Wis., for fiscal year 2014, which shrinks the number of tax brackets to two brackets of 10 and 25 percent.

CCH has improved its CCH Tax News Highlights App for iPhone, iPad and Android mobile devices with social media sharing features, a new interface and access to more content.

In the world of trust and estate administration, where tax planning typically involves special attention to federal tax law compliance, it’s easy to lose focus on state income taxation issues. And while some states do not tax income related to trusts, states that do tax trust income have a variety of rules and criteria for which trusts are subject to tax.

The Internal Revenue Service is giving relief from late-payment tax penalties to individuals and businesses that request a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January.

The U.S. economy will be between 1.5 and 2.6 percent smaller over the long-term because other nations’ corporate tax rates are considerably more competitive, according to a new study by Ernst & Young and the RATE Coalition, a group lobbying for lower corporate tax rates.

Headquartered in a former Rothschild chateau in an affluent Parisian neighborhood, the Organization for Economic Cooperation and Development is best known for earnest conferences on economic and social policy.

The Minnesota Department of Revenue has reinstated Intuit’s consumer and professional tax products to its approved vendor list.

As the April 15 tax filing date draws closer, millions of taxpayers still find themselves somewhere between putting the final touches on their tax return and just starting the process.

New York State Attorney General Eric Schneiderman issued advice Tuesday to taxpayers on hiring tax preparers, saying it is needed to avoid “deceptive and fraudulent practices this tax season.”

Some small businesses have shown questionable judgment in claiming SpaghettiOs, dog clothes, plastic surgery and undergarments as tax deductions, according to a new survey of accountants.