Tax

President Barack Obama summoned congressional leaders to a White House meeting three days before a year-end deadline to avoid $600 billion in spending cuts and tax increases as lawmakers gave little sign they intend to act together on a budget plan.

A variety of tax breaks are due to expire at the end of 2012 (or have already expired at the end of 2011) unless Congress and the Obama administration manage to agree on a deal to extend the current tax rates and avert the fiscal cliff. Here's a sampling of some of the most notable tax breaks before they're going, going, gone.

The Internal Revenue Service has finalized its regulations regarding how tax preparers can use and disclose the information on their clients’ tax returns.

A new Web site aims to help small business owners and their accountants deal with the increased burdens of Form 1099 filing by preparing and filing the forms online.

A new Web site aims to establish a competitive bidding system where tax preparers can compete for clients.

Congress is scheduled to return Thursday, with one of its top priorities a deal to avert the December 31 “fiscal cliff” deadline of looming tax increases and automatic spending cuts, but it will need to work quickly or reach some type of interim agreement.

Mitch McConnell, the Senate minority leader who has stayed largely outside the U.S. budget fight this year, will be thrust into prominence just five days before the deadline for tax increases and spending cuts.

In the face of major uncertainty regarding the upcoming tax season, Jeff Gramlich, president of tax software developer CCH Small Firm Services, is urging tax preparers to get in touch and stay in touch with their clients.

IRS Acting Commissioner Steven T. Miller warned Congress on Wednesday that if lawmakers fail to extend the traditional alternative minimum tax patch, up to 100 million American taxpayers could be affected, and most taxpayers might not be able to file their tax returns until late March 2013 or later.

Payroll service provider Paychex has provided a list of five tax benefits that small businesses, and their accountants, should consider before the end of the year.