Tax

Nearly 99 million individuals filed their federal income tax returns electronically during 2010, a 3 percent increase in the IRS e-file rate, mainly due to taxpayers who prepared and filed their own taxes from their home computers.

H&R Block released an update on its lawsuit against its refund anticipation loan provider, HSBC, saying the two have been “in discussions.”

A bipartisan pair of U.S. senators has written to the co-chairmen of the federal deficit commission asking them to consider raising the gas tax to finance highway construction nationwide.

Payroll and benefits outsourcing provider ADP is nowoffering enhancements in its Taxware Enterprise System with Data Editor - itssales, use, and value added tax system - which includes a hosted version of theproduct.

President Obama and congressional Republicans are laying out their positions more openly on the fate of the expiring Bush tax cuts as they prepare for negotiations later this month.

CCH has introduced CCH Mobile, a mobile application that extends CCH’s IntelliConnect tax research service to the RIM BlackBerry and Apple iPhone, at its user conference in Orlando on Monday.

President Obama urged Republicans in Congress to agree on a compromise on the soon-to-expire tax cuts, even as the prospects for an agreement remained uncertain.

President Obama, chastened by Democratic losses in the midterm elections, said Wednesday he would work with Republican leaders in Congress on the Bush tax cuts and other issues after a “shellacking” in the midterm elections.

Obama administration officials awarded $1 billion in therapeutic discovery project tax credits and grants to nearly 3,000 companies around the country to support promising biomedical research projects.

California voters rejected ballot measures that would legalize and tax marijuana sales, while Washington State voters defeated a proposal to impose a tax on upper-income taxpayers, and Massachusetts voters said no to a ballot question that would have lowered state sales taxes.