Tax

States are creating fiscal risks for themselves by neglecting to control the costs of tax incentives for economic development, according to a new report from the Pew Center on the States.

Tax preparation solution vendor Drake Software is offering a new online tax prep solution, Drake Zero.

A recent Gallup survey found eight in 10 Americans consider it extremely or very important that Congress and President Obama agree on a plan to avoid the so-called fiscal cliff — automatic budget cuts and the expiration of Bush-era tax increases set for Jan. 1.

After a Sunday meeting between President Obama and Speaker of the House John Boehner, R-Ohio, their staff members reportedly continued negotiations Monday on how to avoid the fiscal cliff.

Google Inc. avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show.

Online accounting software maker has added a set of new features including 1099 and GAAP compliance additions for the U.S. market, as well as an integration to the Track1099 e-filing and preparation tool.

CCH has issued a new tax briefing explaining the Internal Revenue Service’s proposed regulations on the Additional Medicare Tax and Net Investment Income Tax that will take effect in January as a result of the health care reform law.

As Democrats demand tax concessions from Republicans to avert a collision over the federal budget, Senate Democratic leaders are signaling that they may be willing to trade an entitlement spending overhaul to secure a deficit- reduction deal.

The American Institute of CPAs has written a letter to the Internal Revenue Service and the Treasury Department asking for changes in proposed regulations for tax practitioners.

Failure by Congress to act on the alternative minimum tax by year’s end will lead to “significant” delays in tax filing and a strain on taxpayers, said Steven Miller, the Internal Revenue Service’s acting commissioner.