Tax planning

The Internal Revenue Service needs to take additional steps in order to expand its audits to include returns from prior or subsequent years when taxpayers being audited may owe substantial taxes.

IMGCAP(1)]In the current business and economic climate, the value of being a pro-active tax and financial advisor for your business owner clients cannot be understated.

The airline industry’s trade organization, the Air Transport Association of America, is asking Congress to reject President Obama’s plan to levy $3.5 billion a year in new taxes and fees for airlines and passengers, saying it would increase fares or reduce service, resulting in job losses.

As multinational corporations and lobbyists push for a reduction in the corporate tax rate and a tax holiday on repatriated foreign profits, the tax loopholes that have encouraged companies to shift their income abroad have managed to stay largely intact.

A bipartisan trio of lawmakers have introduced a bill that would update the existing tax law to allow formerly homeless young people to pursue a four-year college education and still qualify for housing built with Low Income Housing Tax Credits.

The chairman of the House Ways and Means Oversight Subcommittee demanded Tuesday that the Internal Revenue Service suspend a proposed regulation that would require banks to disclose the amount of interest paid to nonresident aliens.

Republican presidential candidate Herman Cain pulled off an upset victory in the Florida straw poll over the weekend, campaigning on his 9-9-9 plan to cut taxes.

The Tax & Accounting business of Thomson Reuters has introduced a series of sales and use tax courses on its Checkpoint Learning system.

CCH has issued a new Tax Briefing on President Obama’s new deficit reduction plan, with its $1.5 trillion in tax increases.

The plan for Economic Growth and Deficit Reduction recently released by President Obama offers a view into specific tax provisions that Congress may be asked to enact before the end of the year.

IMGCAP(1)]As an accountant, I have a unique vantage point to observe how entrepreneurs change their decisions based on tax policy.

A bipartisan group of 75 lawmakers has written to IRS Commissioner Doug Shulman asking him to fix inequities in the Tax Code that place married same-sex couples and registered domestic partners at a disadvantage.

The two leaders of the Senate Finance Committee have introduced legislation to make the simplified research and development tax credit permanent.

President Barack Obama introduced a $3 trillion deficit reduction plan on Monday that includes a new tax on millionaires, lower corporate tax rates, and the closing of tax loopholes and tax breaks, especially for the wealthy.

Credit Suisse has reached an agreement with German prosecutors to pay 150 million euros, or approximately $204 million, to resolve a tax dispute stemming from secret accounts at the Swiss bank belonging to German citizens.

President Barack Obama is expected to propose a new tax rate for millionaires as part of his long-term deficit reduction plan on Monday.

President Obama signed the patent reform bill into law on Friday with provisions outlawing patents on tax strategies.

Taxpayers still trying to cope with the fallout from the recession are expected to get some tax relief next year from mandatory annual adjustments in tax brackets, according to CCH.

Will $447 billion in new taxes help to create jobs, or kill them?

The National Association of Tax Professionals is asking the Internal Revenue Service to clarify a murky provision in the updated Circular 230 rules that seemingly prohibits registered tax preparers from providing “tax advice” to clients unless they're preparing a tax return.