Tax

A group calling itself US Uncut organized a series of protests over the weekend at Bank of America branches across the country to protest large corporations with unpaid income taxes.

Responding to press reports that the Obama administration is considering hitting small business with more tax hikes, U.S. Senator Orrin Hatch, R-Utah, ranking member of the Senate Finance Committee, called on the White House to take these tax increases off the table that threaten to “destroy the economic recovery our nation deserves.”

Halfpricesoft.com has added data import and upload features to the new edition of ezW2, its software for filing W2 and 1099 forms.

Whether or not the Obama administration budget proposal to add some clarity to worker classification sees the light of day, the employee vs. independent contractor issue will surely be undergoing increased scrutiny.

H&R Block said Thursday that the IRS’s inability to accept certain tax return filings prior to Feb. 14 led to changes in taxpayer filing patterns this year, with a delayed start to tax season, and declines in the number of tax returns prepared through Jan. 31.

A tax credit that is supposed to help poverty-stricken communities is instead being used to finance at least two luxury hotels, an antique car museum, a small theater in an upscale neighborhood, and other dubious projects, while lining the pockets of wealthy banks and investors.

Intuit reported growth in its quarterly revenue for its second fiscal quarter ending January 31, but noted that the Internal Revenue Service’s late acceptance of itemized returns this tax season would push more of its revenue into the next quarter.

We’ve been operating without a budget for the past year, and despite the budget proposal this week, it appears likely that we will continue to operate the government under a series of continuing resolutions.

IMGCAP(1)]The Minnesota Society of CPAs has released its list of the most outrageous tax deductions proposed by clients.

Intuit has added Wells Fargo Advisors to its list of financial institutions included in ProLine Tax Import, which allows tax professionals to securely download their clients’ data directly into their tax returns within Lacerte and ProSeries.