Tax

Washington is preparing to do battle over the decade-old question of whether income tax cuts should be extended to taxpayers at the upper income scales.

The Tax & Accounting business of Thomson Reuters recently added several titles to Checkpoint, its research service with more than half a million users.

A spokesman for Senate Minority Leader Mitch McConnell, R-Ken., said Senate Republicans are uniformly opposed to letting the Bush tax cuts expire for even the wealthiest taxpayers.

The question, "What happens if the Bush tax cuts sunset?" may seem a little silly at first.

Jones & Luscombe wrong on K-1 taxation K-1 taxation correction

Having prepared tax returns for a number of years, we have come to the conclusion that individual income tax returns have their own personalities, as do the taxpayers that they represent.

Although the pundits have already weighed in on theeconomic effects of the administration's latest proposals at improving jobs andinvestment, the specific legislation to enact the proposals faces hurdles,which will diminish the likelihood of an effect any time soon.

President Obama is proposing to expand and simplify the permanent research and experimentation tax credit, increasing the rate of the simpler form of the credit 17 percent to simplify the process for businesses.

President Obama has not yet formally unveiled his plans for stirring up the sleeping job market through business tax breaks and infrastructure spending, but his ideas are already provoking skepticism.

The National Society of Accountants has written to Treasury Secretary Timothy Geithner and the Internal Revenue Service urging them not to agree to calls by the American Institute of CPAs to exempt non-signing preparers at CPA firms from the IRS’s new tax preparer registration requirements.