The IRS will begin accepting tax returns on Jan. 30 after updating forms and completing programming and testing of its processing systems.
WASHINGTON - Tucked into the "fiscal cliff" tax package approved by Congress are billions of dollars in tax breaks that should make the new year a lot happier for businesses of many stripes, including film producers, race track owners and the makers of electric motorcycles.
More than 50 temporary tax breaks were renewed through 2013, saving businesses and individuals about $76 billion. Congress routinely renews the tax breaks. But this time around, they were allowed to expire at the end of 2011 as lawmakers struggled to reach consensus on a wide range of tax issues.
The package passed by Congress this week and signed by President Barack Obama renews the tax breaks retroactively, so taxpayers can claim them on both their 2012 and 2013 tax returns.
Tucked into the "fiscal cliff" tax package approved by Congress are billions of dollars in tax breaks that should make the new year a lot happier for businesses of many stripes, including film producers, race track owners and the makers of electric motorcycles.
The "fiscal cliff" compromise on taxes leaves a big part of the nation's budget crisis still dangling.
The tax increases because of the fiscal cliff bill are not just for the rich, Social Security Payroll Tax increases by 2 percent.
Congress sent President Barack Obama legislation to avoid the economy-threatening "fiscal cliff" of middle-class tax increases and across-the-board spending cuts late Tuesday night.
Past its own New Year's deadline, a weary Congress sent President Barack Obama legislation to avoid a national "fiscal cliff" of middle class tax increases and spending cuts late Tuesday night.
Maneuvered into a political corner, House Republicans abandoned demands for changes in emergency legislation to prevent widespread tax increases and painful across-the-board spending cuts and cleared the way for a final, climactic New Year's night vote.
The Senate-approved compromise to avert the "fiscal cliff" ran headlong into opposition from the No. 2 House Republican and other GOP lawmakers Tuesday, raising questions about how Congress might be able to give final approval.
A look at why it's so hard for Republicans and Democrats to compromise on urgent matters of taxes and spending, and what happens if they fail.
Legislation to negate a fiscal cliff of across-the-board tax increases and sweeping spending cuts to the Pentagon and other government agencies is headed to the GOP-dominated House after bipartisan, middle-of-the-night approval in the Senate.