Tax

Tax return preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on returns prepared for their clients are a major concern for the Internal Revenue Service during the upcoming filing season, according to a spokesman for the service.

While the shape of tax policy remains uncertain in some areas - at press time, Congress was considering a wide range of tax bills, including changes to the estate tax regime, and the extension of a number of tax credits and deductions, among other things - there are a few areas of certainty.

HOUSE APPROVES 45% ESTATE TAX EXTENSION

The ongoing economic downturn offers accountants the opportunity to extend their reach and help their clients at a time when they are most needed.

The Obama administration is handing out $2.3 billion in Recovery Act Advanced Energy Manufacturing Tax Credits for clean energy projects to provide jobs across the U.S. after announcing a disappointing employment report for December.

Call it what you like, but the first decade of the millennium has passed with many a whimper.

The Kansas Department of Revenue warned that it may take up to 16 weeks to process state tax returns filed on paper as the state copes with budget cuts.

Jackson Hewitt has signed an amended agreement with Republic Bank & Trust to act as a partner for refund anticipation loans after the tax prep chain’s previous partner, Santa Barbara Bank & Trust, was forced to stop providing RALs.

Tax revenue for state and local governments fell 6.7 percent in the third quarter, according to the U.S. Census Bureau, marking the fourth consecutive quarter of negative growth.

The Treasury Department said a new protocol amending the income tax treaty with France has entered into force.