The majority of insurance agents say they refer their clients seeking tax services to an accountant or certified public accountant, according to the latest IFAwebnews.com poll.

U.S. Senate Republican Leader Mitch McConnell (R-Ky.) said Nov. 29 he was crafting a plan with other Republicans to extend payroll tax cuts, which if allowed to expire this year could could cause the average family making $50,000 per year to have to pay an additional $1,000 in income taxes for 2011.

New cost-basis legislation requires investors, even if they do not have the help of a broker, to calculate and report their cost basis for securities.

A Cincinnati, Ohio, man was ordered to serve 30 months in prison for aiding and assisting in preparing false client tax returns and filing a false individual income tax return.

Self-employed people will see a 15.3% reduction in their self-employment tax because of a change in federal tax law.

The Internal Revenue Service is permitting for the first time self-employed people to deduct their Medicare Part B health insurance premiums.

The Internal Revenue Service delayed the start date for processing tax returns until Feb. 14 so it could adapt to federal tax law changes.

A Saginaw, Mich., tax preparer facing charges of filing tax returns with fictitious Schedule A deductions is now charged with trying to defraud Progressive Michigan Insurance Co. for in-home health services.

Insurance and financial service professionals who prepare income tax returns for their clients could face increased regulation by the Internal Revenue Service.

A committee of the Internal Revenue Service wants all tax preparers who file at least 200 returns a year to file electronically.

The Electronic Tax Administration Advisory Committee included the recommendation …  Read →