Income Tax

More families with higher incomes could claim the popular child tax credit under a bill that won approval Friday in the House. But in a dispute that divides Republicans and Democrats, millions of the poorest low-income families would still lose the credit in 2018, when enhancements championed by President Barack Obama are set to expire.

On July 14, 2014, the Michigan Supreme Court ruled that the Multistate Tax Compact (MTC) election applies to both the modified gross receipts and net income tax bases in International Business Machines v. Michigan Department of Treasury.

According to the IRS, a large part of the tax gap is caused by individuals under reporting their income tax by omitting taxable income or claiming erroneous or inflated deductions or credits.

Jurors deliberated about 90 minutes before finding the former Georgia State Fair director guilty of fiduciary theft. The trial began Monday in Bibb County Superior Court.

On his Facebook page, Kyle Baxter advertised that he would complete and file tax returns for $40. According to a post in January 2012: "I am a licensed tax preparer and more than happy to take the task (and the headache!) off your hands."

Are vending machines the next step for marijuana distribution and sales?

Thomson Reuters has released the 2014-2015 edition of the Tax Planning Guide, which accountants, lawyers, tax professionals, and financial advisors distribute to clients and prospects.

As part of its ongoing efforts to deter identity theft, the Internal Revenue Service has issued final regulations on use of truncated Taxpayer Identification Numbers (TINs). The new regulations, which apply to those who furnish and receive payee statements and tax-related documents, generally follow proposed regulations issued last year, albeit with some modifications.