Tax planning

Although the overall effects of the Obama administration's health care reforms may not be known for years, they promise to significantly affect CPAs and their clients.

2010

The recently enacted Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010, relies heavily on new tax provisions in the Internal Revenue Code to implement many of the goals of health care reform. The effective dates for many of these tax provisions are delayed - some do not take effect until 2013, 2014 or even 2018.

The majority of CFOs see state taxes increasing for their companies and believe that state and local tax compliance has become more demanding than federal tax compliance, according to a new survey by Grant Thornton.

The initial meeting of the White House deficit commission kicked off as a bipartisan panel considered ways to curb the growing federal budget deficit and the national debt.

A change in the structure of the taxation of carried interest, passed by the House last December and included in the Obama administration budget for 2011, is becoming more likely as the Senate searches for revenue offsets.

In an economy still struggling on many fronts, installment sales offer a useful tool for many taxpayers to create liquidity to buy and sell property in an otherwise "credit-sparse" environment. With correct planning, the installment method can also defer taxable gain on these sales and, therefore, provide an additional reason to commit to an installment sales strategy.

A flood of enacted and proposed legislation and regulations is making the international tax arena one of particular interest to CPAs and their clients.

The House Ways and Means Committee held a hearing Wednesday on ways to provide energy-related tax incentives to encourage more “green” jobs.

The Internal Revenue Service said that members of the military and certain civilians providing earthquake relief in Haiti have additional time to file their 2009 returns and pay any taxes due.

IBM has introduced software to help governments around the world collect delinquent tax debt.

Paychex has introduced a new Web page and online calculator to help businesses determine their tax savings if they take advantage of the recently passed HIRE Act to hire new employees.

Both the American Institute of CPAs and the American Bar Association Section of Taxation have urged Congress to correct the current state of federal estate, gift and generation-skipping transfer taxes.

With economic uncertainty still lingering, many Americans plan to use their tax refunds conservatively, according to a new survey.

Vertex has enhanced its corporate tax software, the Indirect Tax O Series, with extra features including better management of tax exemption certificates.

Tea Party activists are planning an Online Tax Revolt that will send an army of avatars on a virtual march on Washington on Tax Day, April 15.

Rep. Charles Rangel, D-N.Y., who has temporarily stepped aside as chairman of the tax-writing House Ways and Means Committee amid ethics investigations of unpaid taxes and other matters, is now facing criticism for a recent mailing to constituents offering tax advice.

The Senate voted 56-43 on Thursday to approve a set of improvements to the sweeping health care reform bill that was passed by the House on Sunday night, but it needed to send the bill back to the House after two provisions were changed in the student lending part of the bill.

JPMorgan Chase is reportedly close to receiving $1.4 billion in tax refunds from its acquisition of Washington Mutual.

Simonton Windows is offering customers $150 off the tax preparation fee for their 2010 returns, which will be prepared in 2011, when they purchase 12 or more energy-efficient windows and have their returns prepared at H&R Block.