Tax

A group of Democrats on the tax-writing House Ways and Means Committee has introduced a bill to extend federal unemployment insurance through 2012 and provide tax relief to employers in states with outstanding UI loans.

The 280 most profitable U.S. corporations are sheltering half their profits from federal income taxes, and 30 of them paid less than zero in the last three years, according to a new study.

Greatland, a provider of W-2 and 1099 tax information reporting software, has issued a guide to help tax preparers navigate the tax changes enacted into law this past year.

The Internal Revenue Service increased the number of fraudulent tax refund claims it detected and stopped during the 2011 tax-filing season by 171 percent over the previous year.

Most accountants involved in tax preparation are already involved in financial planning, even though they might not realize it.

President Barack Obama pressed for passage of his jobs bill, promising a boost in the economy in exchange for higher taxes on the wealthy.

The Tax & Accounting business of Thomson Reuters has introduced Interactive Decision Tools for its Checkpoint research service to help tax, accounting and audit professionals solve challenging issues.

State tax revenues increased 10.8 percent in the second quarter of 2011, but revenues for local governments headed in the opposite direction.

CCH Small Firm Services is partnering with Versicom Communications on communication services that tax professionals can offer to their clients.

An advisory committee cautioned the Internal Revenue Service that implementation of the Foreign Account Tax Compliance Act could run afoul of foreign laws.