Tax

The Internal Revenue Service is struggling to respond to an onslaught of tax returns filed on April 15, which is delaying acknowledgements to both federal and state returns.

The Tax & Accounting business of Thomson Reuters has acquired select assets of the TaxWorks software line from RedGear Technologies, the customers of which will be transitioned to UltraTax CS—part of the CS Professional Suite.

A pair of Congressmen have introduced legislation that would allow the Internal Revenue Service to provide taxpayers with a tax form already containing information received from employers and banks to streamline the tax prep process.

Small businesses are more likely to comply with the tax laws if they are in certain comunities of the country and if they have more trust in their tax preparer, according to a report by the Taxpayer Advocate Service.

The Internal Revenue Service said Monday that it would provide tax penalty relief to anyone unable to file on time due to severe storms in parts of the South and Midwest over the past few days.

Rep. Lloyd Doggett, D-Texas, introduced legislation on tax deadline day to close offshore tax loopholes for corporations and encourage greater financial transparency.

Married same-sex couples are awaiting a decision by the Supreme Court to help them resolve their tax-filing challenges on tax day.

CCH has released a new tax briefing analyzing President Obama’s fiscal year 2014 budget and the tax ramifications of the President’s proposals.

President Barack Obama and First Lady Michelle Obama earned $608,611 in adjusted gross income in 2012, down 23 percent from 2011 as royalties from Obama’s books continued to decline, tax returns released today showed.

Complexity and inconsistency within the tax code continue to be a major problem for small businesses, with one out of four small businesses reporting that they need to spend 120 hours or more per year on the administration of federal taxes, or three full work weeks, according to a new survey.