Tax

The two leaders of the Senate Finance Committee, chairman Max Baucus, D-Mont., and ranking Republican member Orrin Hatch, R-Utah, have begun developing proposals for reforming the U.S. Tax Code, including giving the Internal Revenue Service the clear statutory authority to regulate tax preparers in case the IRS loses its appeal of a recent court case invalidating its Registered Tax Return Preparer regime.

As U.S. lawmakers drafted a bill extending wind-energy tax credits in August, they revised a key clause that opens the door for a much bigger boost to the industry than just the one-year addition that was eventually passed.

The United States is now facing two deficits—a government budget deficit and a balance of trade deficit. These two deficits, together, will ultimately put the future of the United States in peril unless the government and its citizens take strong action.

House Republicans have passed the budget plan introduced by House Budget Committee chairman Paul Ryan, R-Wis., for fiscal year 2014, which shrinks the number of tax brackets to two brackets of 10 and 25 percent.

CCH has improved its CCH Tax News Highlights App for iPhone, iPad and Android mobile devices with social media sharing features, a new interface and access to more content.

In the world of trust and estate administration, where tax planning typically involves special attention to federal tax law compliance, it’s easy to lose focus on state income taxation issues. And while some states do not tax income related to trusts, states that do tax trust income have a variety of rules and criteria for which trusts are subject to tax.

The Internal Revenue Service is giving relief from late-payment tax penalties to individuals and businesses that request a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January.

The U.S. economy will be between 1.5 and 2.6 percent smaller over the long-term because other nations’ corporate tax rates are considerably more competitive, according to a new study by Ernst & Young and the RATE Coalition, a group lobbying for lower corporate tax rates.

Headquartered in a former Rothschild chateau in an affluent Parisian neighborhood, the Organization for Economic Cooperation and Development is best known for earnest conferences on economic and social policy.

The Minnesota Department of Revenue has reinstated Intuit’s consumer and professional tax products to its approved vendor list.