Tax research

Both the House and the Senate have passed the American Job Creation Act of 2004 by wide margins, putting it on the path to the desk of President Bush, who, despite expressing some misgivings over the bill's voluminous special interest provisions, has indicated that he will sign it.

House and Senate negotiators agreed to a corporate tax bill that repeals the Foreign Sales Corporation-Extra Territorial Income Tax regime, and cuts taxes across a broad swath of businesses.

The Internal Revenue Service has unveiled a new tool to help tax professionals determine whether their clients are eligible for the earned income tax credit.

As expected, President Bush signed into law the Working Families Tax Relief Act of 2004 on Monday, extending a number of tax breaks for families and businesses and marking his fourth tax cut in four years.

South Carolina regulators are reportedly mulling disciplinary action against KPMG LLP over the firm's past sales of allegedly abusive tax shelters.

A new revenue ruling will shut down an abusive employment tax arrangement involving double employer reimbursements for an employee's parking expenses.

RIA has introduced two new modules for its InSource Sales & Use Tax software.

Intuit unveiled a new offering this week aimed at small business owners who still rely on pencil and paper, Excel spreadsheets or shoeboxes to track expenses and keep their business records.

Almost half of fast-growth chief executives surveyed expect a major increase in their company's business taxes over the next two years, according to PricewaterhouseCoopers.

Republican and Democratic lawmakers in a conference this week agreed to extend $145 billion worth of President Bush's tax cuts.

Legislation that extends soon-to-expire provisions of last year's tax cuts for families -- at a cost of about $146 billion over a 10-year period -- easily sailed through Congress late yesterday.

Outsourcing provider Xpitax has added accounting services for clients, including bookkeeping and write-up solutions, work paper conversion, and year-end accounting work and financial analysis, to its offerings.

The tax burden on middle- and higher-income families would rise if the package of tax breaks is allowed to expire at year-end, according to an analytical breakdown by Deloitte Tax.

Securities and Exchange Commission chief accountant Donald T. Nicolaisen has asked KPMG LLP to correct a statement that he says the firm attributed to him in a letter it sent to clients.

Washington (Sept. 21, 2004) -- In its aggressive crackdown on credit counseling abuse, the Internal Revenue Service filed a $15 million suit against Germantown, Md.-based AmeriDebt Inc. in anticipation that the company's tax-exempt status would be overturned.