About 21 million taxpayers will be spared the AMT for 2007 after the House approved an "AMT patch."
Replacing the business income tax with a tax based on gross receipts would be beneficial, suggested the Treasury.
The House approved legislation that would shield millions from the AMT by raising taxes on hedge fund managers.
H&R Block will record $74.8 million in restructuring charges related to shutting down its Option One Mortgage division.
The tax preparer's second quarter saw the shuttering of its troubled Option One Mortgage business.
The Senate approved a bill that would prevent 19 million middle-class taxpayers from paying the AMT this year.
The controversial 6% tax on investment advice was repealed in a late-night session of the state legislature.
Mark Ernst resigned as chairman, president and CEO of H&R Block following losses tied to subprime mortgages.
There will be delays for the 2007 tax year both in processing and sending out refunds to the taxpayer.
Because Congress was slow to take up legislation to protect taxpayers with moderate income from having to pay the alternative minimum tax, it is likely that the Internal Revenue Service will have to delay processing 50 million taxpayers, the acting chief of the agency told the nation's accountant association last week.
The House passed a one-year reprieve from the alternative minumum tax for an estimated 23 million taxpayers.
The IRS could miss its early season filing peak if Congress waits until December to complete its tax bill.
The IRS is investigating how private-equity and hedge fund managers account for themselves.
Millions have the potential to realize additional tax savings by donating securities with long-term appreciation.
The Oregon College Savings Plan will combine principal protection with upside potential.
In addition to advising services, the new tax would also apply to astrology reading, escort services and ski-lift tickets.
The move would “hinder America’s ability to compete in the global economy,” said Treasury chief Henry Paulson.
Charles Rangel, chairman of the House Ways and Means Committee, has drafted a bill that would slash corporate income tax rates, The Wall Street Journal said.
House Republicans have introduced a bill that would repeal the AMT with an optional “simplified tax.”
Tax preparer Jackson Hewitt has named Michael Yerington as its new president and chief executive.
