Tax

CCH has given users of the Comtax system access to its World Tax Treaties information through CCH’s IntelliConnect research service.

The American Institute of CPAs told the Internal Revenue Service at a hearing Thursday that it supports the agency’s overall goal of changing the U.S. tax system to one that matches tax return filings in real time with information returns from third parties.

Over half the financial professionals in a new survey said that tax increases should not be taken off the table in order for Washington to reach a deficit reduction agreement.

Nearly half of senior executives favor changing how corporate income earned outside the United States is taxed, according to a new survey, although many don’t expect much progress on the issue of corporate tax reform before the 2012 elections.

Senate Majority Leader Harry Reid, D-Nev., offered Monday to compromise on how to pay for the payroll tax cut extension in an effort to convince more Republican lawmakers to vote for the bill.

Online sales tax collections would help states manage their budget problems, but could impose heavy burdens on small online merchants, executives from Internet and brick-and-mortar businesses told a congressional committee.

A new report from the Organization for Economic Cooperation and Development finds the gap between rich and poor in OECD countries has reached its highest level in more than 30 years, and the traditionally redistributive effects of progressive income tax systems have become less effective since the mid-1990s.

Senate Democrats and Republicans were unable to muster the necessary number of votes to pass two competing bills to extend the expiring payroll tax cut on Thursday night.

For those who had hoped that the Joint Select Committee on Deficit Reduction, aka the Supercommittee, would find a way to reduce the deficit, the announcement that they had failed to reach an agreement came as a disappointment.

The National Society of Accountants has found that the cost of preparing an itemized tax return averaged $233 across the country, but there was still variation in different parts of the country.