Tax

New York City has launched a free Web-based tax preparation and electronic filing service that is available to all residents who earn less than $58,000.

The Senate has unanimously approved a bill that would prevent small businesses from incurring large tax penalties aimed at large corporations and wealthy individuals who invest in tax shelters.

Senate Democrats have begun circulating a draft version of the jobs bill they plan to introduce, with a series of tax breaks and tax extenders designed to lure Republican support.

A coalition of charities, aid groups, unions, and movie actors and directors has launched a campaign calling for a global 0.05 percent tax on banks’ speculative financial transactions, with the proceeds going to combat poverty and climate change.

Sen. Barbara Boxer, D-Calif., and Jim Webb, D-Va., have introduced legislation that would impose a tax on large bonuses paid by Wall Street banks and other firms that received more than $5 billion from the Troubled Asset Relief Program in 2009.

Despite its massive tax increases, the President’s 2011 Budget Plan contains a number of revenue provisions calculated to encourage business expansion and move the economy upward.

Treasury Secretary Tim Geithner and Chilean Finance Minister Andrés Velasco signed a new income tax treaty between the United States and Chile to provide certainty and stability of tax treatment for U.S. and Chilean cross-border investors.

The United States and Hungary have signed a new income tax treaty that brings an existing agreement signed by the two countries in 1979 into closer conformity with current U.S. international tax policy.

IMGCAP(1)]Google has contrived a convoluted way to determine its income tax responsibilities to the U.S. and other taxing jurisdictions, in part by shifting income to its operations in Ireland.

A new report from BNA Tax & Accounting on transfer pricing predicts that tax authorities in different countries will continue to closely scrutinize intercompany transactions across national borders and will begin simultaneous audits of several large companies’ intercompany prices this year.