Tax

Presidential hopeful Sen. John McCain, R-Ariz., proposed cutting the corporate tax rate to 25 percent from 35 percent, matching Rudolph Giuliani's plan.

A watchdog group, Americans United for Church and State, has asked the Internal Revenue Service to investigate a Nevada church whose pastor called for the election of Democratic presidential hopeful Sen. Barack Obama, D-Ill.

S corporations are the nation's most common corporate tax designations.

The Internal Revenue Service said it has increased its enforcement efforts, auditing 84 percent more returns in fiscal year 2007 of individuals with incomes of $1 million or more compared to fiscal year 2006.

Gilman Ciocia has acquired Edward W. Halleran Accounting & Tax Service.

Thomson Tax & Accounting has upgraded its zCalc fiduciary practice system, adding an advanced estate tax calculator program for determining federal and state estate taxes.

Diane Siriani, a CPA and principal of Siriani and Associates, has formed a joint venture with Don Burniac of Associated Tax and Accounting to introduce an online tax-filing service.

The Congressional Budget Office has released a report on various options for stimulating the economy, including cutting personal and corporate taxes.

Congress’s Joint Committee on Taxation has released a list of tax provisions that expired at the end of last year, as well as several scheduled to end this year and in subsequent years.

The Supreme Court has handed down a unanimous decision in a case involving the deductibility of investment advisory fees by trusts, ruling that the expenses are deductible only to the extent that they exceed 2 percent of the adjusted gross income.