Tax

House Ways and Means Committee Chairman Sander Levin, D-Mich., introduced legislation Wednesday that would extend the Bush-era tax cuts only for those making less than $250,000 a year, and provide a two-year AMT patch.

One promising sign of President Obama’s meeting with congressional leaders Tuesday was that he didn’t emerge with his lip bleeding from a fresh elbow jab in the face.

The Senate voted Monday evening on a competing pair of amendments to repeal the expanded 1099 information reporting requirements that were included in the health care reform bill, but failed for the second time this fall to roll back the controversial requirements.

Intuit has launched an online sweepstakes contest that will award free Lacerte Tax or ProSeries Tax software to two winners for a year.

California’s Franchise Tax Board said it would no longer directly mail tax booklets to taxpayers in the Golden State, as more taxpayers and preparers migrate to electronic filing.

A group of 45 millionaires has signed a letter to President Obama urging him to allow the Bush tax cuts to expire for those earning over $1 million a year.

Warren Buffett said that wealthy people should be paying “a lot more” money in taxes, and that the Bush tax cuts should expire for “people at the high end.”

As 2010 winds to a close, tax and accounting information and software provider CCH, a Wolters Kluwer business, has released a short list of four tax-planning moves for companies to make the most of current federal tax laws.

The Internal Revenue Service failed to ensure that only eligible taxpayers received education credit tax relief that was only supposed to be available to taxpayers in Midwestern disaster areas, according to a new government report.

This month the Illinois CPA Society is launching a new program, "Generating Results from Your Generation Y Staff ," that is geared to help young accountants understand how to deliver a better return on investment for their firm through bridging the expectation gap and better communication between themselves and their senior partners - especially during busy season.