Tax

The Internal Revenue Service, working in partnership with state tax authorities and the tax preparation industry as part of their Security Summit initiative, reported significant progress Tuesday in the battle against tax-related identity theft, with new steps planned for next tax season.

If tax reform lowers U.S. rates, it could spark a race to the bottom.

A group of seven Senate Democrats and one independent has written a letter to the Financial Accounting Standards Board asking FASB to require multinational corporations to disclose their taxes, profits, and revenues on a country-by-country basis, echoing a recent letter from a group of House lawmakers.

The Internal Revenue Service said that for the upcoming 2018 filing season, it‎ will not accept electronically filed tax returns where the taxpayer does not address the health coverage requirements of the Affordable Care Act, the first tax season it has refused to accept such returns.‎

The service will also be warning preparers about due diligence requirements.

Steve Bannon won’t abandon his war against congressional Republican incumbents, not even after President Donald Trump publicly pleaded for a truce that could salvage the tax overhaul at the heart of his legislative agenda.

Cutting the corporate tax rate to 20 percent, as President Donald Trump has proposed, would increase average household income by at least $4,000 a year, according to estimates in a White House study.

A retired tax practitioner takes issue with proposals to lower rates for pass-through business income.

President Donald Trump and Senate Majority Leader Mitch McConnell appeared to give themselves some breathing room on their goal of completing a tax overhaul before year’s end in remarks that emphasized the difficulty of passing major legislation.

Many accountants have just completed their “second” tax season finalizing the extended returns, and life must go on.