Tax

The Internal Revenue Service has issued proposed regulations to provide guidance on the excise taxes imposed on the sale of medical devices under the health care reform law.

Sometimes it’s possible to predict a legislative outcome by comparing opening statements and testimonies of committee witnesses.

Last year more states, counties and cities lowered their sales tax rates than in 2010, and the number of sales tax changes also went down, according to a pair of new reports.

KPMG has acquired the U.S. assets of Thomson Reuters’ ONESOURCE Indirect Tax Managed Services business.

The Internal Revenue Service has introduced a new online tool for taxpayers who need to repay their First-Time Homebuyer Tax Credit.

Sen. Sheldon Whitehouse, D-R.I., has introduced legislation to implement President Obama’s proposal in his State of the Union speech that millionaires should pay at least a minimum 30 percent income tax rate.

I can't tell you how often I hear my "older-school" counterparts tell me that their clients aren't using the Internet ... in any way. This includes portals, social media and, specifically, e-commerce (i.e., eBay and other online sales platforms). But I'm here to tell you this misconception is going to cause many professionals some serious issues once all the 1099-Ks start showing up.

With the filing season well underway, the IRS is estimating that more than 144 million individual tax returns will be filed this year - some 4 million more than last year - and it expects to receive most of them by the April 17 deadline.

A SLOW START

The Internal Revenue Service needed to put the brakes on its tax refunds this tax season when newly installed filters to prevent tax fraud and identity theft held up processing for a week or more.