WASHINGTON, Sept 18 (Reuters) – President Barack Obama, in a rallying call to his Democratic base, will vow on Monday to veto any cuts in Medicare if Congress fails to raise taxes on corporations and wealthy Americans to curb the U.S. deficit. Obama’s recommendations to a congressional “supercommittee” would deliver deficit savings of more than [...]

President Obama addressed a joint session of Congress on Thursday evening to present a jobs bill containing an expansion of the payroll tax cut, tax breaks for new hires and salary raises, and other tax reform measures.

The Internal Revenue Service issued the summer 2011 issue of the Statistics of Income Bulletin, which features sole proprietorship data for tax year 2009.

The Internal Revenue Service announced on August 18, 2011 interest rates will decrease for the calendar quarter beginning Oct. 1, 2011.

The Internal Revenue Service issued guidance on August 5, 2011 on the treatment of basis for certain estates of decedents who died in 2010. The guidance assists executors who are making the choice to opt out of the estate tax and have the carryover basis rules apply.

According to IRS statistics, audits in 2010 ran at a rate of 1.11%, which are at the highest level since 1997.  Taxpayers who earn more than $1 million were audited at a rate of 8.36%.  The three other classes of taxpayers who experience major audits include: Filers with incomes of at least $200,000 but less [...]

Heads up, everyone! If you plan on selling your primary home at a substantial gain after 2012, it may cost you a 3.8% levy for the Medicare surtax.

The Internal Revenue Service announced that the spring 2011 issue of the Statistics of Income Bulletin is now available, with this issue featuring information on high-income individual income tax returns filed for tax year 2008.  Taxpayers filed more than 4.3 million returns with adjusted gross income of $200,000 or more for tax year 2008, which [...]

The Internal Revenue Service announced that interest rates for the calendar quarter beginning July 1, 2011, will remain the same as in the previous quarter.

On March 4, 2011, the Internal Revenue Service released the 2011 version of its discussion and rebuttal of many of the more common frivolous arguments made by individuals and groups that oppose compliance with federal tax laws. Anyone who contemplates arguing on legal grounds against paying their fair share of taxes should first read the [...]