Tax planning

Switzerland’s Federal Administrative Court has ruled that the agreement for UBS to disclose the identities of 4,450 U.S.-based taxpayers to the IRS violates the country’s banking secrecy laws.

BMG CPAs LLP has created iDonatedIt, an iPhone and iPod Touch application that calculates, tracks, and reports non-cash charitable donations.

Liberty Tax Service has taken a cue from the Subway sandwich shop chain and hired a “Jared-like” customer as the official spokesman for its eSmartTax.com online tax prep service.

The effects of the economic downturn have been particularly hard on states, which will make life interesting in the year ahead for firms that sell services in the state and local tax area.

Grant Thornton anticipates state budgets will remain under pressure this year even if the economy improves.

The devastating earthquake in Haiti last week is spurring relief efforts from countries around the world, but the U.S. is playing a key role in providing both help and security, along with much-needed funds.

Calvetti, Ferguson & Wagner, P.C., a CPA and business advisory firm specializing in tax, audit and advisory solutions, sealed a partnership with global transactional concern Verse Consulting that will bolster its international tax offerings to mid-market companies.

A bipartisan group of lawmakers in Congress plan to introduce legislation that would allow individuals who make charitable contributions to help victims of the earthquake in Haiti to claim an itemized charitable deduction on their tax return this year instead of waiting until next year.

As Wall Street firms prepare to hand out record levels of bonuses, a group of lawmakers on Capitol Hill have co-sponsored a bill that would slap a 50 percent tax on many of the bonuses.

The White House has reportedly cemented a deal with labor union leaders scaling back the tax on so-called “Cadillac” health insurance plans.

Although most observers are on board with the new proposals to register, test and license tax return preparers, some questions about the goals and the process remain.

Jackson Hewitt Tax Service warned in a regulatory filing that it only has enough funding to cover 50 percent of the refund anticipation loans it anticipates making this tax season.

Tax prep chain H&R Block opened a new flagship office in Times Square on Thursday, complete with a giant “smart wall” where clients can be guided through an interactive “tax experience.”

Sometimes, being too quick to take advantage of a tax break from Congress can turn out to be a very bad thing.

A bill signed into law by New York State Governor David Paterson provides an exemption from the state's new tax preparer registration requirements for CPAs, including those who hail from outside the state.

The economic crisis and the downfall of the real estate market spurred a slew of tax law changes that will impact the upcoming filing season.

Tax return preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on returns prepared for their clients are a major concern for the Internal Revenue Service during the upcoming filing season, according to a spokesman for the service.

While the shape of tax policy remains uncertain in some areas - at press time, Congress was considering a wide range of tax bills, including changes to the estate tax regime, and the extension of a number of tax credits and deductions, among other things - there are a few areas of certainty.

HOUSE APPROVES 45% ESTATE TAX EXTENSION

The ongoing economic downturn offers accountants the opportunity to extend their reach and help their clients at a time when they are most needed.