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The U.S. House Ways and Means Committee approved $310 billion of tax breaks, as Republicans defeated Democratic objections to the plan’s budgetary costs. Are you keeping up with what Uncle Sam has in mind?

By Michael Cohn, Accounting Today

Now that tax season is over for most of us, now would be a good time to re-evaluate your resources to make sure you're getting the most bang for your accounting buck.

The Internal Revenue Service today reminded people with home-based businesses that this year for the first time they can choose a new simplified option for claiming the deduction for business use of a home.

The House Committee on Oversight and Government Reform reports that the IRS had a political agenda in regulating tax-exempt organizations

from the Wall Street Journal
by Ben Leubsdorf and Jeffrey Sparshott
(Bloomberg) House Speaker John Boehner said an IRS official should be held in contempt if she continues to refuse to testify on the agency’s scrutiny of Tea Party groups.
The Internal Revenue Service said Thursday that only three weeks after the opening of tax season, it has already received about one-third of the individual income tax returns it expects to receive in 2014.

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