Tax

Jackson Hewitt Tax Service filed for Chapter 11 bankruptcy, but said it has reached a definitive agreement with its secured lenders on a restructuring plan.

A coalition of Republican and Democratic lawmakers has introduced a trio of bills aimed at protecting access to medical marijuana under tax and banking laws, and changing the existing laws to reflect the medical efficacy of marijuana.

House Republicans introduced a 10-page document outlining their “Plan for America’s Job Creators Agenda,” including lowering the top tax rate for businesses and individuals from 35 to 25 percent and reforming the Tax Code to encourage U.S.-based businesses to repatriate their overseas profits.

A majority of banking executives believe they will have a difficult time addressing the tax implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III accords, according to a new survey.

The American Institute of CPAs held its annual ritual this week of visiting lawmakers’ offices on Capitol Hill to press the case for tax simplification, a ban on tax patent strategies, changes in tax-filing due dates, and other legislative priorities.

The House Ways and Means Committee held a hearing Tuesday on how other countries have used tax reform to help their companies compete globally.

The National Society of Accountants has begun offering a new self-study course to prepare for the exam that the Internal Revenue Service will require all registered tax return preparers to pass.

The Justice Department has filed an antitrust lawsuit to prevent H&R Block from acquiring the company that develops the tax software TaxAct.

The American Institute of CPAs kicked off its 2011 Spring Meeting of Council on Sunday with a discussion of the Institute’s legislative priorities.

A bipartisan pair of U.S. senators from Florida, Democrat Bill Nelson and Republican Marco Rubio, have introduced a bill that would simplify the tax-filing requirements of senior citizens.