Tax planning

Rep. Sander Levin, D-Mich., the ranking Democrat on the tax-writing House Ways and Means Committee, said Wednesday he would re-introduce legislation later this year to end the tax break on carried interest income.

A White House-appointed group of business, academic and labor leaders recommended corporate tax reforms and other measures to increase jobs and improve the economy.

CPAs are more optimistic about business growth predictions for 2012 in their respective states than the nation as a whole, according to a new survey of CPAs in Indiana, Michigan, Ohio and Pennsylvania.

President Barack Obama plans to include tax incentives in his fiscal 2013 budget to encourage more U.S.-based multinational companies to relocate jobs from foreign countries back home.

IMGCAP(1)]A new bill making its way through Congress has the potential to change the world of e-commerce quite drastically and hurt the viability of small businesses across the country to compete in a growing sector of our economy.

Ernst & Young and its affiliates have begun reimbursing lesbian, gay, bisexual and transgender employees for any additional federal and state taxes they incur for their same-sex domestic partners’ medical benefits in the U.S., starting Jan. 1, 2012.

With individual filing season underway, it’s questionable how many taxpayers are aware of their use tax obligations, and actually track their Internet purchases during the year in order to accurately report and pay them.

Tighter IRS scrutiny of preparers and returns, staffing issues and a stagnant economy are facing tax professionals as they ready their practices for a new filing season.

The Internal Revenue Service is encouraging more taxpayers to take advantage of the "saver's credit."

Both the House and Senate passed a two-month extension of the payroll tax cut, unemployment benefits, and the “doc fix” for preserving the current Medicare reimbursement for physicians by unanimous consent on Friday morning, sending the measure to President Obama’s desk.

Bowing to pressure from fellow Republicans, a leading House Republican said Thursday he would introduce a bill Friday to extend the payroll tax cut and unemployment benefits for two months.

The Internal Revenue Service is offering some tips to help taxpayers lower their 2011 taxes before the calendar page changes to 2012.

President Obama and Senate Minority Leader Mitch McConnell, R-Ken., pressed House Republicans on Thursday to agree to a two-month extension of the payroll tax cut, even as Speaker of the House John Boehner, R-Ohio, insisted he was ready to negotiate.

House Republicans blocked the Senate’s two-month extension of the payroll tax cut and emergency unemployment benefits on Tuesday, setting up a confrontation between the two chambers.

The Senate has passed a two-month extension of the payroll tax cut and unemployment benefits, but House Republican leaders and some Democrats balked at the short-term extension.

Congressional leaders in both parties signaled they were working on a deal to extend the payroll tax cut and unemployment benefits for at least two months, while also agreeing on a spending bill that would avert a government shutdown.

New information released Wednesday on the holdings of U.S.-based multinational corporations is adding fresh ammunition to the dispute over whether companies should be given a tax holiday on repatriated foreign profits.

The tax plan advanced by Republican presidential candidate Newt Gingrich would have the effect of adding over $1 trillion to the federal deficit in a single year and give the overwhelming share of tax benefits to those at the upper end of the income scale.

A new study has cast doubt on claims from legislators and lobbyists that a tax holiday for multinational corporations on their repatriated foreign earnings would spark an economic revival in the U.S.

A bipartisan group of lawmakers are seeking to make sure an extension of the deduction for state and local sales tax payments is included in the tax extenders package that is expected to come before Congress early next year.