Thomson Reuters plans to cut about 2,500 jobs or 4 percent of its workforce this year. The layoffs are coming as the company continues to grapple with the turn around its financial services business and most of the $100 million in estimated severance will come in that area. Meanwhile, the company reported a 6-percent decline in operating profit on a 3-percent revenue for its tax and accounting business for the fourth quarter ended December 31 with organic revenue for the segment up by 1 percent. Read more...

TaxWorks has shut off comments on its blog after the company was hit with a flood of negative statements. It was the second time the company halted the ability of users to post complaints about support at www.taxworks.com in a season in which commented about the new TaxWorks tax preparation software continue to stream in. However, users are still detailing their experiences with the new platform on the Facebook page of TaxWorks parent Red Gear Technologies.

Read more...

The Internal Revenue Service and Justice Department are asking for an injunction against tax preparation regulations to be lifted and plan to appeal the ruling of a judge who granted the move. In the meantime, preparers who have become Registered Tax Return Preparers are wondering what is going to happen with the money they paid to register under the program.

Read more...