Tax

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.

In comments submitted to the Internal Revenue Service,the National Society of Accountants supported the agency's proposed taxpreparer registration requirements, but suggested broadening them to includeeven more preparers.

The economic realities of budget shortfalls faced bygovernments worldwide will accelerate a shift toward indirect taxes such asvalue-added taxes and present new risks, challenges and opportunities for U.S.businesses operating globally, predicts a new report from KPMG LLP.

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.

I am a trained accountant with a Bachelor of Science and a Master of Business Administration degree with a major in accounting. I do not practice public accounting and enjoy reading Accounting Today and get some educational benefit from reading many of the articles.

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 First-Time Homebuyer Credit turned the 2010 tax filing season into a briar patch for the Internal Revenue Service, a frustrating experience for many taxpayers, and a new opportunity for scammers to rip-off the public, an IRS official told Congress.