Tax

The House voted Tuesday to extend the closing deadline for taxpayers seeking the Homebuyer Tax Credit.

H&R Block reported a decline in its fiscal 2010 net income, attributing it to a drop in its tax season business as a result of the economy, while its rival Jackson Hewitt reported that it had received a warning about its listing on the NYSE, also brought on by tax season problems.

Senate Democrats may be forced to set aside tax extenders and unemployment benefits legislation after they were unable to overcome a Republican-led filibuster for the third time.

Senate Democrats have introduced the latest version of their mammoth tax extenders and unemployment benefits extension legislation, further modifying provisions such as the taxation of carried interest of hedge fund managers and private equity firm partners and reducing the cost to under $110 billion in part by scaling back Medicaid aid to states.

Top companies were able to dramatically reduce their corporate risk profile, and maintain compliance with sales and use taxes and value-added taxes, by leveraging automated tax management tools, ranging from tax calculation engines, filing and remittance systems, to audit control solutions, according to a new report.

Gulf Coast residents contending with the oil washing up on their shores could find that the checks from BP come with a few mucky strings attached.

The Tax & Accounting business of Thomson Reuters has integrated the latest tax holidays into its Sabrix sales and use tax solutions.

The U.S. Environmental Protection Agency has sent a letter to Congress in support of reinstating lapsed tax provisions that require polluters to pay for the Superfund for environmental cleanup.

IMGCAP(1)]Currently, about 32 million Americans do not have health insurance.

Senate Finance Committee Chairman Max Baucus, D-Mont., and ranking member Charles Grassley, R-Iowa, have introduced legislation to lower taxes for small and large businesses by allowing them to write off more of the cost of purchases, such as equipment and machinery, more quickly than they would otherwise be able to under current law.