Tax Strategies

Microsoft Corp.’s stockpile of offshore profits rose to $108 billion, with a 17 percent increase over the past year as the company continues reaping profits in low-tax foreign jurisdictions.

The Internal Revenue Service regularly provides tax tips via email to provide timely reminders to taxpayers and preparers about tax breaks and requirements year-round, and its advice can be particularly helpful this summer.

In June, the Supreme Court held in Obergefell v. Hodges that “same-sex couples may exercise the fundamental right to marry in all States. It follows . . . that there is no lawful basis for a State to refuse to recognize a lawful same-sex marriage performed in another State on the ground of its same-sex character.”

Our weekly roundup of tax-related investment strategies and news your clients may be thinking about.

Is it too early to start thinking about tax extenders? Not according to Kathleen King, managing director of Alvarez & Marshall Taxand’s Washington, D.C., office.

House Ways and Means Committee members Charles Boustany, R-La., and Richard Neal, D-Mass., have released a bipartisan proposal to create a so-called “innovation box,” a lower tax rate on income derived from intellectual property to encourage more multinational companies to keep intangible assets in the U.S.

Lyle Benson of L.K. Benson & Co., who chairs the AICPA's PFP section, discusses the main personal financial planning issues identified by the AICPA's PFP section of concern to CPAs, in an interview with Accounting Today editor-in-chief Dan Hood.

Hillary Clinton wants to raise capital gains taxes to encourage long-term investment, making it more expensive to sell stocks held for less than six years and adding complexity to the U.S. tax system.

Hedge fund manager Daniel Loeb was singled out for criticism by labor leaders who are urging the U.S. to limit investors’ ability to lower tax obligations through offshore reinsurance ventures.

Senate Finance Committee chairman Orrin Hatch, R-Utah, and ranking Democratic member Ron Wyden, D-Ore., said Friday the committee will markup a tax extenders bill next Tuesday.