Tax

Evidence suggests that some medical device manufacturers are shifting the burden of the medical device excise tax directly to American hospitals and other health care providers, an industry association charges.

The Internal Revenue Service re-launched its annual outreach campaign Friday, in conjunction with community organizations, to promote awareness of the Earned Income Tax Credit.

Tax preparers charge an average of $246 to prepare an itemized Form 1040 with a Schedule A and a state tax return, according to a survey by the National Society of Accountants.

The Republican chairman of the tax-writing House Ways and Means Committee, Dave Camp, R-Mich., released a draft document Thursday proposing a series of tax reforms for various types of financial derivatives and other financial products, building on work done by his committee over the past two years.

The Internal Revenue Service said it will appeal a court’s ruling that it lacks the power to license tax preparers, a decision that might affect as many as 700,000 people who work on clients’ returns.

Four states have signed up for a new system aimed at combating the growing problem of identity theft-related tax fraud.

Mergers and acquisitions are expected to increase in 2013, according to a new survey, with 76 percent of the more than 300 M&A professionals in the U.S. who were polled anticipating that their company will make at least one acquisition in 2013.

The Internal Revenue Service provided advice to taxpayers Wednesday on dealing with the late opening of tax season on January 30 that could also prove helpful to tax preparers.

Unfortunately, recent events make fundamental tax reform, already a heavy lift, much less likely.

While Section 179D of the Tax Code expires at the end of 2013, opportunities exist in two areas: accelerating future projects into 2013 and reviewing projects dating back to Jan. 1, 2006 that resulted in energy savings.