Tax

House Democrats met Thursday and overwhelmingly voted to block the Bush tax cut extension compromise announced earlier in the week by President Obama and Republican congressional leaders.

President Obama’s announcement on Monday of a compromise agreement with the Republican leadership should bring some end-of-year certainty to the tax landscape, but questions remain.

Edward S. Karl, vice president of taxation for the American Institute of CPAs, will host the U.S. Small Business Administration’s year-end tax-planning Web chat on Thursday.

The Tax & Accounting business of Thomson Reuters is launching its first-ever series of federal tax eBooks, the first of which will be released on Friday.

President Obama held a news conference in which he sought to quell criticism from lawmakers from his own party of the deal he had struck with Republicans to preserve the Bush tax cuts even for upper-income earners for two more years.

Despite confusion created by recent and probable year-end tax legislation changes, the 2010 federal income tax environment is still quite favorable.

CCH, a Wolters Kluwer business, has entered into a partnership with Comtax, a provider of international tax planning software, to offer the Comtax System, which helps tax professionals reduce the tax costs of cross-border transactions.

The Senate failed on Saturday to overcome Republican-led opposition to two bills extending the Bush-era tax cuts to taxpayers making less than $250,000 and $1 million a year, prompting leaders to talk Sunday of progress toward a deal extending tax cuts for people at all income levels on a temporary basis, along with unemployment benefits.

Senate Finance Committee Chairman Max Baucus, D-Mont., has introduced a package of tax cuts for middle-class families after the House passed tax cut legislation Thursday extending the Bush-era tax rates.

Preparers looking for a wish list of provisions for the lame duck session of Congress to pass have a number of items to consider.