Tax planning

President Barack Obama delivered his acceptance speech early Wednesday morning after winning re-election in a hard-fought campaign against Republican rival Mitt Romney as the U.S. faces the risk of another plunge into recession with the expiration of the current tax rates coupled with deep automatic spending cuts.

The Internal Revenue Service’s decision to modify the timelines for withholding agents and foreign banks to comply with the stiff new due diligence requirements under the Foreign Account Tax Compliance Act is providing them, as well as taxpayers and preparers, with some welcome relief.

The outcome of next week’s election is likely to determine tax policy, but some elements may be outside the control of whoever gets elected to the White House and Congress.

Tax practitioners are working harder nowadays to keep up with a changing profession, an official with the American Institute of CPAs told attendees at Accounting Today’s Growth & Profitability Summit.

PricewaterhouseCoopers US has published a new edition of its annual guide, “Managing Your Wealth: Guide to Tax and Wealth Management.”

President Barack Obama and Republican challenger Mitt Romney argued fiercely over foreign policy during their final debate, with some discussion of tax policy, the budget and the economy also part of the mix.

K&A Accountancy launched a service Monday to help millions of small businesses take advantage of an Affordable Care Act health insurance tax credit that can be worth up to $50,000 per year.

Although the legislative trends decided by next month’s elections won’t be known until the lame duck session of Congress and later, based on what we know now it may be a good time to consider selling a small business.

The Internal Revenue Service said Thursday that more than two dozen tax provisions will be adjusted for inflation for tax year 2013.

President Barack Obama and his Republican rival, former Massachusetts Governor Mitt Romney, engaged in a lively and at times ferocious debate that covered a range of topics, including taxes, the economy, Libya and women’s health.

A circuit court has ruled that severance payments given to employees are not taxable, a decision that could have far-reaching implications.

Financial executives who manage corporate treasuries are becoming increasingly concerned about the so-called “fiscal cliff,” the combination of tax increases and steep spending cuts that are due to occur at the end of the year unless Congress and the administration act to prevent them.

The Internal Revenue Service is paying millions of dollars every year in unnecessary interest payments due to delays in processing net operating loss cases within the required 45 days, according to a new government report.

Facebook has reportedly paid only about $315,000 in taxes in the United Kingdom last year, even though the social networking giant reported U.K. revenues of about $32.8 million and is estimated to have earned over $281 million in the U.K.

Vice President Joe Biden sparred with Republican vice presidential candidate Paul Ryan in a lively debate over taxes, foreign policy, the economy, Medicare and Social Security.

Congress is considering allowing the Internal Revenue Service to report on taxpayers’ tax debts to consumer credit bureaus.

CCH has released a new Tax Briefing: 2012 Year-End Tax Planning to provide guidance and analysis on potential tax rate changes, the anticipated expirations of Bush-era tax cuts, post-election tax triggers and other scenarios.

IMGCAP(1)]Acquisition transactions come in all shapes and sizes. Some take place at seemingly breakneck speed, while others are the result of months of thoughtful planning.

With one debate already in the books, we’re not really any closer to knowing what taxes will be in the books, or not, come January. In fact, when the ball drops on New Year’s Eve, we may still need a crystal ball to tell us in what direction we are headed.

President Barack Obama and Republican presidential nominee Mitt Romney traded barbs about tax policy and how they would control the budget deficit, with Romney telling Obama at one point that he might need to get a new accountant.