Tax

The tax plan advanced by Republican presidential candidate Newt Gingrich would have the effect of adding over $1 trillion to the federal deficit in a single year and give the overwhelming share of tax benefits to those at the upper end of the income scale.

A new study has cast doubt on claims from legislators and lobbyists that a tax holiday for multinational corporations on their repatriated foreign earnings would spark an economic revival in the U.S.

A bipartisan group of lawmakers are seeking to make sure an extension of the deduction for state and local sales tax payments is included in the tax extenders package that is expected to come before Congress early next year.

A pro-business lobbying group is disputing the claims in a recently released report that found some of the most profitable corporations avoiding billions of dollars in state taxes.

CCH has given users of the Comtax system access to its World Tax Treaties information through CCH’s IntelliConnect research service.

The American Institute of CPAs told the Internal Revenue Service at a hearing Thursday that it supports the agency’s overall goal of changing the U.S. tax system to one that matches tax return filings in real time with information returns from third parties.

Over half the financial professionals in a new survey said that tax increases should not be taken off the table in order for Washington to reach a deficit reduction agreement.

Nearly half of senior executives favor changing how corporate income earned outside the United States is taxed, according to a new survey, although many don’t expect much progress on the issue of corporate tax reform before the 2012 elections.

Senate Majority Leader Harry Reid, D-Nev., offered Monday to compromise on how to pay for the payroll tax cut extension in an effort to convince more Republican lawmakers to vote for the bill.

Online sales tax collections would help states manage their budget problems, but could impose heavy burdens on small online merchants, executives from Internet and brick-and-mortar businesses told a congressional committee.