Tax

The so-called fiscal cliff has politicians in Washington performing the political equivalent of a soap opera as they leave the country in suspense about whether they will manage to resolve a self-inflicted crisis in time to avoid a recession next year.

The Internal Revenue Service has issued proposed regulations on the 0.9 percent Additional Medicare Tax for upper-income taxpayers scheduled to take effect next year as a result of the Affordable Care Act.

Check out the digital edition of the December 2012 issue of Accounting Today.

Small businesses need to deal with several changes in W-2 and 1099 forms and reporting requirements this year as the IRS looks to close the tax gap.

House Republicans, rejecting President Barack Obama’s demand for higher tax rates, countered with a $2.2 trillion deficit-cutting plan that would trim Medicare and Social Security and cap tax deductions for top earners.

CFOs in the U.S. remain uncertain about the future of the economy and their own businesses, according to a new survey.

House Minority Leader Nancy Pelosi, D-Calif., said she would try to use a procedure known as a discharge petition to bring a Senate-passed bill for extending the middle-class tax cuts to the floor of the House.

Many tax practitioners focus on improving their efficiency during tax season, but there are plenty of things they can do in advance to ensure success from January to April, according to 2020 Group chairman and CEO Chris Frederiksen.

With the alternative minimum tax still unpatched for this year and estimated to spread to an additional 28 million households next tax season unless Congress acts to avert the fiscal cliff, newly released statistics from the Internal Revenue Service reveal that even the patched AMT hit millions more households in 2010 than in 2009.

Two former Ernst & Young LLP tax attorneys, Richard Shapiro and Martin Nissenbaum, won reversal of their convictions for developing illegal tax shelters sold by the accounting firm from 1999 to 2001.