Tax

Outgoing House Ways and Means Committee chairman Dave Camp, R-Mich., officially introduced Thursday the comprehensive tax reform package he has been laboring over in recent years.

Sen. Tom Coburn, R-Okla., has released a report highlighting billions of dollars in tax breaks for “special interests.”

Highlights of some of our favorite tax-related blogs from the past week.

As year-end approaches, it would be worthwhile for practitioners to consider whether corporate clients could benefit from the following “last minute” tax-saving moves, including adjustments to income to preserve favorable estimated tax rules for 2015, deferral of certain advance payments to next year, and fine-tuning bonuses to make the most of the Section 199 domestic production activities deduction.

Congress has cut the Internal Revenue Service’s budget once again, reducing the tax agency’s fiscal year 2015 budget by 3 percent compared to this year’s funding level.

The other day I spent an hour drafting a long email detailing out the errors I picked up on in a client’s balance sheet.

U.S. Senate Finance Committee Chairman Ron Wyden said he expects Congress to pass legislation that would permanently extend three lapsed tax breaks for charitable contributions.

U.S. states are taking advantage of an expanding economy to cut taxes by the most in 14 years while spending more on education and other programs, according to the National Association of State Budget Officers.

Our weekly roundup of tax-related investment strategies and news your clients may be thinking about.

Wolters Kluwer, CCH Small Firm Services has enhanced its ATX and TaxWise software for the 2014 tax season.