Tax

One of the added chores of preparing tax returns is dealing with clients who receive notices from the IRS. Typically, the IRS issues several million notices a year, commonly because information on a return doesn’t match information reported to the IRS on a Form 1099.

Less than half of affluent parents (49 percent) in a nationwide poll felt it was important to leave a financial inheritance to the next generation, according to the U.S. Trust Insights on Wealth and Worth Survey.

The Internal Revenue Service has been doing a better job of detecting and preventing fraudulent refunds this filing season, but programming bugs and inadequate controls are still allowing erroneous claims to get through for various tax credits.

Taxpayers set a record over the weekend, surpassing the 100 million mark for electronically filed tax returns so far this season.

The House passed the controversial budget plan introduced last week by House Budget Committee Chairman Paul Ryan, R-Wis., in a largely party-line vote on Friday.

The White House introduced the ability to generate a “federal taxpayer receipt” on its Web site Friday.

Tax filers who paid an accountant or CPA to prepare their returns registered a high level of satisfaction with their method of preparation, with 75 percent stating that they were “very satisfied” in working with the accountant or CPA, according to a new survey.

It’s doubtful whether the tax changes proposed by the President in his speech on Wednesday would generate much of a dent in the deficit, even if they were to be accepted by Congress.

The Internal Revenue Service issued final regulations Thursday lowering the initial enrollment and renewal of enrollment user fees for enrolled agents and enrolled retirement plan agents, and separating the enrolled retirement plan agent user fees from the enrolled agent user fees.

CCH has received Oracle’s nod for integrating two of its sales tax products with the latest Oracle E-Business Suite, allowing CCH to market the product specifically for Oracle users.