Tax

The Internal Revenue Service has introduced a new online tool for taxpayers who need to repay their First-Time Homebuyer Tax Credit.

Sen. Sheldon Whitehouse, D-R.I., has introduced legislation to implement President Obama’s proposal in his State of the Union speech that millionaires should pay at least a minimum 30 percent income tax rate.

I can't tell you how often I hear my "older-school" counterparts tell me that their clients aren't using the Internet ... in any way. This includes portals, social media and, specifically, e-commerce (i.e., eBay and other online sales platforms). But I'm here to tell you this misconception is going to cause many professionals some serious issues once all the 1099-Ks start showing up.

With the filing season well underway, the IRS is estimating that more than 144 million individual tax returns will be filed this year - some 4 million more than last year - and it expects to receive most of them by the April 17 deadline.

A SLOW START

The Internal Revenue Service needed to put the brakes on its tax refunds this tax season when newly installed filters to prevent tax fraud and identity theft held up processing for a week or more.

The Senate Finance Committee held a hearing Tuesday to examine the growing number of tax extenders in the Tax Code that need to be renewed every year or two, and how there could be greater predictability with overall tax reform.

President Obama encouraged Congress to act on a package of legislative proposals to expand tax breaks and financing for startups and small businesses.

The Internal Revenue Service has increased its forecasts for the number of information-reporting forms it expects to receive this year and in subsequent years as a result of increased reporting requirements.

The break-up of Switzerland's oldest bank Wegelin on Friday shows the need to settle a dispute with U.S. authorities over tax cheats hiding cash in secret Swiss accounts, the finance minister said on Saturday.