Tax

President Obama’s State of the Union address gave a preview of several of the administration’s tax policies over the coming year, including tax incentives to encourage more U.S.-based multinational corporations to bring jobs back home.

President Barack Obama called for millionaires to shoulder a greater share of taxes, but also agreed to lower corporate taxes fpr companies that hire in the U.S., during his State of the Union address on Tuesday night.

The Tax & Accounting business of Thomson Reuters has entered into an agreement with automated document generation product developer HotDocs Corp. to develop applications for the Thomson Reuters Checkpoint online information system.

CCH has added several four new titles to its Expert Treatise Library for tax and accounting professionals.

Payroll provider Paychex is offering a free federal and state tax practice sheet that accountants can pass along as a tax season gift to their clients, branded with the CPA practice’s own name.

The Internal Revenue Service plans to hold the second in a series of public meetings next Wednesday to get feedback on its plans to create a “real-time tax system” that would be able to catch incorrectly reported tax return information at the time it is filed.

Republican Presidential candidate Rick Santorum’s tax plan would reduce federal tax revenues substantially, according to a preliminary analysis by the Tax Policy Center.

Rep. Sander Levin, D-Mich., the ranking Democrat on the tax-writing House Ways and Means Committee, said Wednesday he would re-introduce legislation later this year to end the tax break on carried interest income.

A White House-appointed group of business, academic and labor leaders recommended corporate tax reforms and other measures to increase jobs and improve the economy.

While the Internal Revenue Service is making gains in its processing capabilities due to increased electronic filing, the agency still needs to offer taxpayers more self-service tools, according to a new report.