Tax planning

The House Ways and Means Committee held a hearing Wednesday on how the Tax Code’s burdens on individuals demonstrate the need for comprehensive tax reform.

President Obama outlined his plan for reducing the budget deficit by $4 trillion in the next 12 years during a speech Wednesday in which he said taxes would need to be raised on the wealthy and itemized deductions limited.

A new study from Ernst & Young examines the impact on flow-through businesses of the tax reform proposals, and cautions against lowering corporate tax rates at the expense of S Corporations.

The Senate Finance Committee held a hearing Tuesday to examine tax administration systems around the world.

A pair of U.S. lawmakers has introduced a bill that would allow the courts to intercept tax refunds from delinquent debtors who owe restitution to victims or have outstanding court fees.

Internal Revenue Service Commissioner Doug Shulman described his vision for a next-generation tax compliance system that would allow the IRS to pre-populate a taxpayer’s return with W-2, 1099 and other information reporting forms before a taxpayer files a return.

As Washington moves closer to the brink of a federal government shutdown, the battle lines are already being set for the next budget turf war.

The Supreme Court has ruled in favor of an Arizona government program that provided tax credits to individuals who contribute to nonprofit groups that offer scholarships for private school students, including those at parochial schools.

The House Ways and Means Committee has passed a bill that would limit tax breaks for health insurance policies that cover abortions.

Any move on tax reform should take into consideration what the European Union and various countries are doing with their tax systems, observed David Lifson, past president of the New York State Society of CPAs and a tax partner at Crowe Horwath.

IMGCAP(1)]Tax season is here. If you or your clients are among the thousands of Americans who have overpaid their annual tax obligation, you can look forward to a refund from the federal government.

The Senate Finance Committee held a hearing Wednesday on the effectiveness of various tax incentives.

General Electric is a company that has long been known for innovation going back to the days of founder Thomas Alva Edison, but now some of its greatest innovations may be in the way it avoids paying corporate income taxes.

A high-ranking Treasury Department official has come out against calls by some multinational corporations for a tax holiday on earnings repatriated from abroad.

The Congressional Budget Office has released a report on taxing the number of miles traveled by vehicles to help fund the highway system, as an alternative to raising fuel taxes.

More than three-quarters of oil and gas finance executives said transfer pricing was the most important tax issue they are facing, according to a survey by Ernst & Young.

One of the dilemmas facing many accountants and tax preparers this tax season is the problem of how to account for uncertain tax positions and deal with them on the IRS’s new Schedule UTP.

Rep. Jan Schakowsky, D-Ill., has introduced a bill that would levy taxes of 45 to 49 percent on millionaires and billionaires.

It’s comforting to know that tax reform is proceeding apace on several different fronts.

House Ways and Means Committee Chairman Dave Camp, R-Mich., has proposed reducing the top individual and corporate tax rate to 25 percent.