Income tax

Tax

IRS Announces 2012 Standard Mileage Rates

The Internal Revenue Service (IRS) has announced the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
Tax

Clock Still Ticking on Payroll Tax Cut Extension Deadline

The impasse between Republicans and Democrats over the proposed payroll tax cut extension grew larger on December 8. Senate Republicans blocked the latest Democratic bill designed to extend the tax cut, and Republicans unveiled their own plan to lengthen the payroll tax holiday.
Tax

'Auld Lang Syne': Don't Forget Your PTIN

Amidst the hubbub of the upcoming holidays, don't forget to renew your Preparer Tax Identification Number (PTIN) before January 1, 2012.
Tax

Alabama Tax Preparer Gets Jail Time for Falsifying Tax Returns

Chiquita Q. Broadnax, a resident of Montgomery County, AL, has been sentenced to 18 months in prison for her involvement in a fraudulent tax return perpetration scheme.
Tax

IRS Launches Competency Testing for Tax Return Preparers

The Internal Revenue Service has announced that it is ready to roll out its new competency test for tax return preparers. Test scheduling will begin the week of November 28.
Tax

Congress Salutes Veterans with New Hiring Tax Credits

Just a week after this year's Veterans Day, President Obama signed new legislation providing a tax credit to employers who hire military veterans. The VOW to Hire Heroes Act is a small piece of a much larger jobs bill that has stalled in Congress.
Tax

Most-Searched Tax Terms for the End of October Tax Season

Intuit has provided AccountingWEB with the tax terms that were most searched for as mid-year tax season winded down this fall.
A&A

CCH 2011 User Conference Focuses on Innovation

Innovative thought is the theme at CCH Connections, this year's annual CCH User Conference, and the Thomas Paine statement of "Lead, follow, or get out of the way," has never been more appropriate than it is today.
Election 2012

Rick Perry's Tax Plan Opens 'Intriguing' Debate

Texas Gov. and Republican presidential candidate Rick Perry entered the tax reform fray recently when he made good on his debate promise to "bump plans" with fellow candidate Herman Cain's 9-9-9 tax proposal by introducing his own "Cut, Balance and Grow" economic stimulus plan.
A&A

Thomson Reuters User Conference Sets the Right Tone for Learning, Innovation

Over 800 members of the Thomson Reuters tax and accounting community gathered in San Diego last week to learn about the latest innovations in their software, experiment with new tools, and connect with peers, colleagues, and members of the Thomson Reuters staff.
Tax

NTEU President Says Workforce Reduction Bill Undermines Essential Government Services

The leader of the nation's largest independent federal employees union this week called on members of Congress to reject legislation that proposes what she is calling an "ill-advised reduction of the federal workforce threatening vital government services."
Tax

Halt! District Court Judge Blocks H&R Block Merger

A district court judge has stopped H&R Block, the country's largest tax-preparation service, from buying out the maker of TaxAct software. The proposed deal would have eliminated a competitor that is undercutting the household name through lower pricing and product innovation.
Tax

Government Forces Showdown over H&R Block Merger with TaxAct

The government is seeking to block a proposed merger by H&R Block, the country's largest tax preparation firm, in its first antitrust action in seven years. The outcome will likely resonate loudly throughout the industry.
Election 2012

Video News Update for the Week of October 24, 2011

AccountingWEB's Weekly News Update for the week of October 24, 2011 is available in video format!
Tax

AICPA: IRS Should Revise Proposed Regs Regarding Competency Exam and Fingerprinting for Tax Preparers

Patricia A. Thompson, chair of the AICPA Tax Executive Committee, is urging the IRS to make changes to the user fee regulations it has proposed for tax return preparers as part of its preparer oversight program.
Tax

Tax Preparers Who Prepare More than 10 Returns Must Now e-File

Starting in January 2012, any paid preparer or firm that reasonably anticipates preparing and filing 11 or more Form 1040 series tax returns, Form 1041 returns, or a combination of Form 1040 series returns and Form 1041 returns, will be required to e-file those returns.
Tax

IRS is Open For Business for PTIN Renewals

Last year at this time the IRS announced that all paid tax preparers must have (and pay for) a preparer identification number (PTIN). The IRS PTIN renewal process is now open for business, so there is no reason to delay any longer.
Election 2012

As Cain's Popularity Swells, Analysts Examine 9-9-9 Tax Plan

As Herman Cain continues to grow his political muscle, the number one read on most financial professionals' lists is Cain's 9-9-9 tax reform plan, which would dramatically impact individual taxpayers, small business owners, corporations, and those who administer their taxes.
Tax

Supreme Court to Decide on Tax Audit Statute of Limitations

Can the Internal Revenue Service go as far back as six years to audit taxpayers, or is it limited to a three-year period?
Tax

IRS to Require Filing of Due Diligence Checklist

IRS issues proposed regulations that would require tax preparers to file due diligence checklist with all Earned Income Tax Credit claims submitted in 2012

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