Tax

With lawmakers under pressure to find ways to reduce the deficit while avoiding the more painful spending cuts in the sequester, the Senate Budget Committee held a hearing to examine how to reduce the deficit by eliminating wasteful spending in the Tax Code.

The Internal Revenue Service reminded practitioners that they should not include advertisements for their services when sending out W-2 forms.

Taxes are increasingly spreading beyond national and state borders to make more of a global impact, affecting economic activity across the world.

The Internal Revenue Service’s Criminal Investigation unit is issuing a stern warning to New Jersey tax preparers as it cracks down on preparers who falsify tax returns, while cautioning taxpayers to choose preparers carefully.

The Internal Revenue Service said Tuesday that its Modernized e-File Production system is taking longer to generate federal acknowledgments for tax return filings.

The Internal Revenue Service said that budget sequestration would require reductions in refundable credits for certain tax-exempt bonds and the refundable portion of the Small Business Health Care Tax Credit for some small tax-exempt employers.

The Internal Revenue Service said Monday that its systems are operational for all remaining individual and business tax returns.

President Obama said that he hoped to work with members of both parties in Congress to stop the damaging impact of the $85 billion in automatic spending cuts that officially began on Friday.

A late start to tax season leaves tax prep -- and planning -- in limbo

The number one concern of leading business tax executives for the year ahead is that in light of the current political and fiscal environment, Congress will enact revenue offsets to fund other legislative initiatives rather than make the U.S. tax system more competitive.