Tax

The Internal Revenue Service may be on the verge of loosening recent restrictions on conservation easement tax breaks that were imposed at the end of the Obama administration.

Imagine that you arrive home one day to find a letter from the Internal Revenue Service: “Dear Taxpayer: Although you paid your taxes in full four years ago, Congress has since decided to eliminate a deduction that you took at that time. The deduction was legal when you took it but isn’t legal anymore. We therefore require immediate payment of $10,000, the amount by which you benefited from the deduction that no longer exists.”

President Donald Trump said he’s willing to raise the U.S. gas tax to fund infrastructure development and called the tax-overhaul plan he released last week the beginning of negotiations.

With the continued growth of the sharing economy, millions of Americans are utilizing services offered by companies such as Uber and Airbnb, and states are struggling to apply their existing tax laws to transactions for these and other new technologies.

H&R Block said that its e-filings were down for tax season, but that it still gained in market share.

There are nine spots open for stakeholders starting in January 2018.

With April 18 in the past, tax practices should start assessing their performance.

A bipartisan group of lawmakers have reintroduced the Marketplace Fairness Act in another effort to bring more consistency to the imposition of state sales and use taxes on online purchases.

Uber and Amazon may be the models for the tax preparation process of the future, according to Keith Alessi, the former Jackson Hewitt chairman and CEO who recently joined the board of upstart tax prep franchiser Happy Tax.

Many of the president's "core principles" were similar to promises he made on the campaign trail, including a reduction to 15% in the rate for businesses.