Tax planning

The United States is falling behind Europe and China in efforts to capitalize on globalization and could potentially miss out on future economic growth as a result, according to a new survey by the international accounting and consulting network UHY.

The Internal Revenue Service should give taxpayers clear rules on how it will handle transactions involving Bitcoin and other digital currencies, Nina Olson, the National Taxpayer Advocate, said.

Lyle Benson, founder of L.K. Benson & Co. and chairman of the AICPA's PFP Section, discusses how tax planning is becoming a more important part of a client's overall financial planning, in an interview with Accounting Today editor-in-chief Daniel Hood.

Many considered Dec. 31, 2013, the final date for year-end tax planning, but there are numerous planning actions that you can take in 2014 retroactive to 2013. Here’s a quick and easy guide to help you with your planning.

There are already numerous studies attempting to peg the effect of tax rates on economic activity. There will undoubtedly be more, as politicians, economists and tax experts seek the magic formula to maximize both economic activity and government revenue.

The American Institute of CPAs has updated its Total Tax Insights calculator with information from 2013 to help taxpayers gauge the impact of more than 20 different federal, state and local taxes, including a new Medicare surtax that took effect last year, on their own taxes for this year.

National Taxpayer Advocate Nina E. Olson urged the Internal Revenue Service to adopt a comprehensive Taxpayer Bill of Rights in her annual report to Congress Thursday, saying it would increase trust in the agency and, more generally, strengthen the IRS’s ability to serve taxpayers and collect tax. She also recommended allowing voluntary certification of unenrolled tax preparers if the IRS fails to win a court appeal of a ruling invalidating its testing requirements for tax preparers.

Lyle Benson, founder of L.K. Benson & Co. and chairman of the AICPA's PFP Section, discusses how some of the tax changes in the past year could affect a client's financial planning this year, in an interview with Accounting Today editor-in-chief Daniel Hood.

The tax and business advisory firm WTP Advisors is predicting that Congress will renew the expired Research and Experimentation Tax Credit as it has traditionally done over the years.

The airline industry and one of its prominent allies are gearing up to fight a possible push in the U.S. Congress to tax baggage fees and other air-travel charges as a way to generate additional federal revenue.

The Internal Revenue Service has issued a revenue procedure providing a safe harbor to those who invest in renovations of historic commercial buildings, addressing concerns stemming from a 2012 appeals court decision that upset users of historic tax credits, or rehabilitation credits.

Among the nation’s billionaires, one of the most sought-after pieces of real estate right now is a quiet storefront in Sioux Falls, South Dakota.

The Internal Revenue Service is urging individuals and businesses that are making contributions to charity to keep in mind several important tax law provisions that have taken effect in recent years. Accountants can pass along the advice to their clients who are making charitable contributions that they can claim on their taxes next year.

With the New Year right around the corner, business owners are likely scrambling to identify tax credits they can take advantage of or a tax professional to help them ensure they’re properly reporting their tax information for 2013.

Switzerland’s 300 banks have enlisted an army of auditors, lawyers and in-house workers as they race to meet a Dec. 31 deadline on whether to seek U.S. amnesty for helping American clients evade taxes.

President Obama has nominated Senate Finance Committee chairman Max Baucus, D-Mont., as the next ambassador to China, potentially setting back efforts at comprehensive tax reform.

“It’s never too late for tax planning,” a wise CPA once told me. “You’ve got till the ball drops to take action, and if you do it later than that, then you’ve got an early start for next year.”

The U.S. has signed six more intergovernmental agreements with a half dozen jurisdictions, including several traditional offshore tax havens, to implement the Foreign Account Tax Compliance Act, or FATCA.

The Internal Revenue Service has issued guidance on the application of rules in the Tax Code relating to health savings accounts and flexible spending accounts to same-sex couples in the aftermath of the Supreme Court’s landmark decision earlier this year striking down the Defense of Marriage Act.

The popularity of the shelter, known as the Walton grantor retained annuity trust, or GRAT, shows how easy it is for the wealthy to bypass estate and gift taxes.