Tax

Ideas for tax planning as 2013 begins to wind up

What companies need to know as the IRS shifts its compliance focus

Seeing signs of movement on changing the Tax Code

The Tax Code giveth and the Tax Code taketh away. The depreciation and expensing provisions in the Tax Code allow taxpayers to recover the cost of property through an annual allowance. As a result, many businesses have taken advantage of the opportunity to write off expenses of equipment and other tangible property by making purchases toward the end of the year, driven as much by the tax advantage it gives them as by the actual need for new equipment. But many of these business owners forget that when they sell an asset, the IRS can take their depreciation allowance back, often at the highest possible tax rate. Taxpayers use depreciation to write down the cost of assets, both tangible assets like capital equipment and real property, and intangible assets such as patent costs and goodwill. But if those assets are sold at a profit, the IRS can recapture the full amount that was depreciated.

The Tax Policy Center, has released new estimates projecting that the share of Americans paying no federal income tax will drop from fully half in 2008 and 2009 to just 43 percent this year and will continue to fall to just a third in 2024.

Amazon.com has enlisted former Solicitor General Ted Olson to file a petition with the U.S. Supreme Court to stop New York State from requiring Amazon customers to pay sales taxes on their purchases.

CCH has updated its CCH Mobile App to enable IntelliConnect research platform subscribers to easily access and share content via Apple, Android, and Kindle Fire HD mobile devices.

Switzerland is paving the way for its banks to settle a dispute with the U.S. over tax evasion, approving a plan after years of diplomatic wrangling.

The Internal Revenue Service has issued a set of tips to help with foreign tax credit compliance.

A pair of Democratic lawmakers in Congress announced they are introducing legislation to curb gun violence by increasing federal taxes on firearms and ammunition.