Tax

A change in the structure of the taxation of carried interest, passed by the House last December and included in the Obama administration budget for 2011, is becoming more likely as the Senate searches for revenue offsets.

In an economy still struggling on many fronts, installment sales offer a useful tool for many taxpayers to create liquidity to buy and sell property in an otherwise "credit-sparse" environment. With correct planning, the installment method can also defer taxable gain on these sales and, therefore, provide an additional reason to commit to an installment sales strategy.

I am a trained accountant with a Bachelor of Science and a Master of Business Administration degree with a major in accounting. I do not practice public accounting and enjoy reading Accounting Today and get some educational benefit from reading many of the articles.

A flood of enacted and proposed legislation and regulations is making the international tax arena one of particular interest to CPAs and their clients.

The First-Time Homebuyer Credit turned the 2010 tax filing season into a briar patch for the Internal Revenue Service, a frustrating experience for many taxpayers, and a new opportunity for scammers to rip-off the public, an IRS official told Congress.

President Barack Obama and First Lady Michelle Obama released their joint income tax return on Tax Day, April 15, reporting adjusted gross income of $5.5 million, not including his Nobel Peace Prize winnings.

BNA Tax & Accounting has introduced its first iPhone application, BNA Quick Tax Reference, an electronic version of the company’s Quick Tax Reference Guide.

Recent tax law changes continue to bedevil the Internal Revenue Service, according to a new government report on tax season.

The House Ways and Means Committee held a hearing Wednesday on ways to provide energy-related tax incentives to encourage more “green” jobs.

The Internal Revenue Service said that members of the military and certain civilians providing earthquake relief in Haiti have additional time to file their 2009 returns and pay any taxes due.