Tax

Lacking Congress’ ability to address problems with deficit spending, financially squeezed state legislatures across the country are considering desperate tax increases that would have been politically unthinkable just a few years ago.

H&R Block blamed the recession for a drop-off in tax filings so far this season.

The Senate approved a job creation bill Wednesday after 13 Republicans agreed to vote for the measure, which includes tax breaks for businesses that hire or retain employees.

The White House has published the health care reform package that President Obama plans to present to Republican and Democratic congressional leaders at the summit on Thursday.

New York State’s budget deficit and dysfunctional legislative process may prompt the government to withhold state income tax refunds, according to embattled Governor David Paterson.

The Treasury Department announced plans to extend and expand the New Markets Tax Credit with a proposal in the fiscal year 2011 budget to provide $5 billion in credits to speed recovery in hard-hit communities.

U.S. taxation of international operations was named as the top business tax concern in 2010, according to a poll of senior tax executives at multinational companies and trade associations.

The Tax & Accounting business of Thomson Reuters has introduced two new online services to help businesses stay informed of changes in sales and use tax and value-added tax.

Former New York Mayor Edward Koch used to gauge his job performance with the catch phrase, "How'm I doing?" Throughout his reign in the 1980s, the colorful Koch would repeat the question to the citizenry of the Big Apple, until it almost became synonymous with his tenure.

As part of the IRS's continuing efforts to require greater disclosure of tax positions and strategies on returns, it recently released new, mandatory disclosure rules for grouping passive activities. Rev. Proc. 2010-13 for the first time mandates that passive-activity groupings and regrouping, as required under Code Sec. 469 regulations, be disclosed on the taxpayer's return.