Tax

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.

Nearly three quarters of nonprofit organizations are concerned that tax exemptions will be revoked in the next year or two, according to a new survey.

Before 2007, any part of a mortgage forgiven after a foreclosure, such as when the house was sold and the bank forgave a mortgage exceeding the home’s sale price, was considered taxable income, but that has changed now.

With the tax deadline quickly approaching, businesses are reviewing their bookkeeping to find possible deductions, including some valuable ways to write off expenses.