Tax

Senate Democrats have decided to wait until after the mid-term election in November to hold a vote on legislation to extend the Bush tax cuts of 2001 and 2003, which are due to expire at the end of this year.

The Senate Finance Committee held hearings Thursday on tax reform and the lessons learned from the Tax Reform Act of 1986 in the wake of a recently published report from a presidentially appointed panel.

The Internal Revenue Service’s Modernized e-File system is facing “significant challenges” processing individual tax returns, according to a new government report.

The Senate Finance Committee held hearings Wednesday on the effects of tax and fiscal policy on the military and veterans and how those could be alleviated through the Tax Code.

BNA has introduced an online tax research library with information on the latest state sales and use tax information.

The Internal Revenue Service disagreed with the recommendations of a new government report that it freeze more taxpayer refunds to give it time to validate them using information supplied by third parties.

Financial Executives International has written to congressional leaders criticizing President Obama’s proposal to close foreign tax credit loopholes in exchange for making the research & development tax credit permanent.

Taxpayers stuck in the current economic downturn will get at least some relief in 2011 thanks to the mandatory upward inflation-adjustments called for under the Tax Code, according to CCH

Positions have hardened on the subject of tax preparer registration and the proposed regulations slated to become final before the program of registering for preparer tax identification numbers begins.

Senate Finance Committee Chairman Max Baucus, D-Mont., introduced the latest version of the tax cuts extenders bill on Thursday in another effort to extend a large number of tax breaks that have either expired or are about to expire for individuals and businesses, including new incentives for companies to hire workers.