Tax Strategies

The tax and business advisory firm WTP Advisors is predicting that Congress will renew the expired Research and Experimentation Tax Credit as it has traditionally done over the years.

The airline industry and one of its prominent allies are gearing up to fight a possible push in the U.S. Congress to tax baggage fees and other air-travel charges as a way to generate additional federal revenue.

The Internal Revenue Service has issued a revenue procedure providing a safe harbor to those who invest in renovations of historic commercial buildings, addressing concerns stemming from a 2012 appeals court decision that upset users of historic tax credits, or rehabilitation credits.

Among the nation’s billionaires, one of the most sought-after pieces of real estate right now is a quiet storefront in Sioux Falls, South Dakota.

The Internal Revenue Service is urging individuals and businesses that are making contributions to charity to keep in mind several important tax law provisions that have taken effect in recent years. Accountants can pass along the advice to their clients who are making charitable contributions that they can claim on their taxes next year.

With the New Year right around the corner, business owners are likely scrambling to identify tax credits they can take advantage of or a tax professional to help them ensure they’re properly reporting their tax information for 2013.

Switzerland’s 300 banks have enlisted an army of auditors, lawyers and in-house workers as they race to meet a Dec. 31 deadline on whether to seek U.S. amnesty for helping American clients evade taxes.

President Obama has nominated Senate Finance Committee chairman Max Baucus, D-Mont., as the next ambassador to China, potentially setting back efforts at comprehensive tax reform.

“It’s never too late for tax planning,” a wise CPA once told me. “You’ve got till the ball drops to take action, and if you do it later than that, then you’ve got an early start for next year.”

The U.S. has signed six more intergovernmental agreements with a half dozen jurisdictions, including several traditional offshore tax havens, to implement the Foreign Account Tax Compliance Act, or FATCA.