Tax

Faced with possible dissent in their party, U.S. Senate Democrats are dropping estate tax language backed by President Barack Obama from their proposal to extend most George W. Bush-era tax cuts through 2013.

Democrats on the House Ways and Means Committee have introduced a bill to provide tax credits to businesses that brings jobs and business operations back to the U.S. from abroad.

The Internal Revenue Service is sending out warning letters to paid tax preparers who fail to submit Form 8867 checklists with tax returns that claim the Earned Income Tax Credit.

Thomson Reuters has enhanced its ONESOURCE Transfer Pricing software with updated data collection features.

Rep. Sander Levin, D-Mich., the ranking Democratic member of the tax-writing House Ways and Means Committee, plans to introduce legislation that would require Presidential candidates to make public 10 years of tax returns and disclose any overseas accounts.

A new report from Ernst & Young finds that allowing tax cuts to expire for upper-income taxpayers would cost the economy approximately 710,000 jobs.

Democratic lawmakers are trying to take a hard line with Republicans, threatening to let tax cuts expire at the end of the year rather than simply extend the Bush tax cuts for upper-income taxpayers.

President Barack Obama took aim at Republican rival Mitt Romney’s tax plan at a campaign event in Cincinnati, citing a new study on the effects of tax cuts on foreign corporate earnings.

Mitt Romney has come under increasing pressure from fellow Republicans in recent days to release more of his tax returns to the public.

Democratic lawmakers on the House Ways and Means Committee have introduced legislation to extend the Research and Development Tax Credit through the end of the year.