Tax

The House Ways and Means Committee has passed a bill that would limit tax breaks for health insurance policies that cover abortions.

Any move on tax reform should take into consideration what the European Union and various countries are doing with their tax systems, observed David Lifson, past president of the New York State Society of CPAs and a tax partner at Crowe Horwath.

The IRS has needed to deal with several challenges this tax filing season, including late tax law changes and an increase in the volume of telephone calls, according to a new report by the Government Accountability Office, but to ensure that the IRS can adequately enforce certain tax provisions, Congress should provide the IRS with math error authority to use tax return information from previous years to ensure that taxpayers do not improperly claim credits or deductions in excess of lifetime limits where applicable.

The Treasury Department and the Internal Revenue Service said Thursday they have extended the deadline beyond April 18 for filing a key tax form for people who died last year.

IMGCAP(1)]Tax season is here. If you or your clients are among the thousands of Americans who have overpaid their annual tax obligation, you can look forward to a refund from the federal government.

The Senate Finance Committee held a hearing Wednesday on the effectiveness of various tax incentives.

Cloud-based expense report and timesheet tracking application developer Nexonia Inc. has released a value-added tax tracking and management system designed to handle VATs across the world and perform different calculations for different types of expenses.

General Electric is a company that has long been known for innovation going back to the days of founder Thomas Alva Edison, but now some of its greatest innovations may be in the way it avoids paying corporate income taxes.

The Internal Revenue Service has provided guidance to tax preparers on the circumstances under which they can be exempted from the electronic filing mandate and mail paper copies of their clients’ tax returns instead.

The Internal Revenue Service increased its audits of high-income taxpayers last year by as much as 75 percent.