Tax

The Internal Revenue Service warned U.S. taxpayers Monday that if they are hiding income in undisclosed offshore accounts, time is running out for them to take advantage of its second Offshore Voluntary Disclosure Initiative, which will expire on Aug. 31, 2011.

CCH has expanded its Expert Treatise Library with a new title that deals with the federal taxation of partnerships.

President Obama proposed a new tax credit for businesses that hire unemployed veterans.

The average fee for preparing an itemized federal and state individual tax return was $233 during the 2011 tax season, only a 1.7 percent increase over 2009.

After the passage of a New York State law allowing same-sex couples to marry, a New York City wealth management firm has named a new CPA partner to provide same-sex couples with financial planning advice.

President Barack Obama and congressional leaders said Sunday night that they have agreed on the framework of a budget deal that both Democratic and Republican leaders plan to present to their caucuses on Monday.

Senate Majority Leader Harry Reid, D-Nev., saw his plan to raise the debt ceiling turned back Sunday afternoon by a vote of 50-49.

A group of Democratic lawmakers has introduced a bill in Congress aimed at leveling the playing field for sales tax charges between online retailers and brick-and-mortar stores.

Sixty-four percent of small business owners do not believe tax increases should be part of the federal government’s plan to reduce the deficit, according to a new survey.

The House Ways and Means Committee held a hearing to weigh the pros and cons of two different consumption tax models: the value-added tax and the FairTax.