Tax

Ten multinational U.S.-based corporations, including Apple, Merck, Microsoft and Pfizer, each increased their foreign profits by $5 billion or more last year, continuing a trend in which U.S. corporations held more of their money in low-tax countries.

House Republicans and Senate Democrats are introducing competing budget plans with starkly different tax proposals.

The chairman of the tax-writing House Ways and Means Committee, Dave Camp R-Mich., released a set of proposals Tuesday discussion draft aimed at reforming the tax laws for small businesses.

John Paulson, a lifelong New Yorker, is exploring a move to Puerto Rico, where a new law would eliminate taxes on gains from the $9.5 billion he has invested in his own hedge funds, according to four people who have spoken to him about a possible relocation.

A federal court has denied for a second time H&R Block’s attempt to prevent Intuit from airing two TV commercials for TurboTax that poke fun at part-time tax preparers who work for retail tax chains like Block.

The IRS recently made it clear that even if taxpayers engage a third party to perform a cost segregation analysis, they cannot avoid penalties for aggressive positions taken in the cost segregation report.

The former manager of an H&R Block outlet pleaded guilty Monday to charges that he used the identities of his former tax prep clients to file false tax returns seeking fraudulent tax refunds.

Small business owners prefer a Tax Code with low rates and fewer deductions, according to a new survey by the National Federation of Independent Business, but their bottom line is whether their taxes rise or fall.

The Minnesota Department of Revenue is advising the state’s tax payers not to use Intuit products to file their 2012 taxes electronically or on paper due to what it claims are “multiple issues” with their products, according to a recent Forbes article.

The Internal Revenue Service is reminding tax practitioners that they cannot electronically file Form 8839, Qualified Adoption Expenses, this year, but instead must mail the forms to the IRS.