Tax Strategies

Michael Bloomberg said Saturday he would raise taxes on the wealthy, increase the corporate tax rate, and curb tax-free inheritances of large estates, elements of a tax plan that he says would raise $5 trillion over a decade.

The Internal Revenue Service announced that it is going to let charities and nonprofits electronically apply for tax-exempt status with a newly revised Form 1023, starting later this month.

Several recent tax law changes promise to help religious groups, houses of worship, charities, private foundations, utilities and other tax-exempt organizations, according to the Internal Revenue Service.

About 135 of the world's countries are negotiating a radical change to the rules about where and how much multinational companies pay in taxes.

The former Treasury Secretary proposed a suite of steps the U.S. government can take to raise trillions of dollars more in revenue from the rich without adopting a wealth tax.

Apple Inc. reduced a massive back tax bill it must pay Ireland after other governments claimed a slice of the payment last year, according to regulatory filings.

One way the rich get richer is through inheritance, and they’re barely paying taxes on it.

The Internal Revenue Service began accepting tax returns on Monday for tax season, while the Treasury Inspector General for Tax Administration highlighted the results of last year’s tax season.

The billionaire and Democratic presidential contender would pay $17.9 million more in annual taxes under a plan Democrats are considering should they sweep Congress and the White House in the 2020 election.

As an accounting professional, you know there are potential tax-related upsides and downsides for every type of business entity.