Tax

One day after verbally scuffling with fellow GOP Presidential hopeful Mitt Romney, Gov. Rick Perry called for implementing a flax tax in what many saw as a preview of his economic policies.

The Internal Revenue Service is reportedly auditing Google in an effort to learn more about the search giant’s use of foreign subsidiaries to shift profits in the wake of three acquisitions.

The Internal Revenue Service mistakenly sent notices to approximately 80,000 taxpayers telling them they needed to repay the First-Time Homebuyer Tax Credit.

Senate Republicans blocked President Obama’s jobs package with its extension of the payroll tax cuts and unemployment insurance, tax credits for new hires and wage increases, and surtax on millionaires.

A few blocks away from the Accounting Today offices, the Occupy Wall Street movement is encamped at Zuccotti Park in New York.

The American Institute of CPAs is asking the Internal Revenue Service to reconsider some of the fees it plans to charge for competency exams and fingerprinting as part of its tax preparer oversight program.

Senators John McCain, R-Ariz., and Kay Hagan, D-N.C., introduced legislation Thursday allowing multinational corporations to repatriate their foreign earnings at a reduced tax rate.

The Internal Revenue Service issued proposed regulations Thursday that would require tax preparers to file a due diligence checklist with any federal tax return claiming the Earned Income Tax Credit, starting next year.

President Barack Obama said Thursday he was “comfortable” with the changes made by Senate Democrats in his jobs bill on Wednesday, including a 5.6 percent surtax on millionaires starting in 2013.

A new government report recommends that Congress amend the Tax Code to allow the Internal Revenue Service to assess penalties against tax preparers who fail to comply with the electronic filing mandate.