The Internal Revenue Service said today that the total number of tax returns received by the agency for the tax season through March 12 fell by 2.9 percent as the number of returns electronically filed rose by .2 percent. Meanwhile, taxpayers were turning away from professional preparers and towards self-prepared returns. All these trends have been viewed as a reaction to economic conditions.While the IRS termed the drop slight, it was greater than had been predicted by many observers before the season began in January.

Thomson Reuters is expanding its Tax & Accounting business internationally with the planned launch of what it calls the OneSource Global Tax Workstation, following a reorganization that reflects its intention to tax what has been largely an American operation into other countries.

PARSIPPANY, N.J. - A tough year for Jackson Hewitt Tax Services may get tougher as the tax preparation chain, which said it would likely breach financial covenants in its credit facility, said it may not be able to refinance a $25 million term loan payment at the end of April. The company has classified the $25 million as a current obligation. It would need an amendment to the credit facility or waiver of any default or Jackson Hewitt would need to classify the $364 million  balance outstanding under the credit facility as a current portion of long-term debt.