Tax Strategies

As 2013 comes to an end, employers, employees and self-employed individuals should make sure they are complying with the new 0.9 percent additional Medicare tax, according to Thomson Reuters.

Check out the digital edition of the October 2013 issue of Accounting Today.

Mr. and Mrs. Friedberg were just another couple of average married taxpayers like any other married taxpayers happily minding their own business until the IRS decided to wage a war of terror on them.

Thomson Reuters has released a new report on the Internal Revenue Service’s guidance on same-sex marriage in the wake of the Supreme Court striking down section three of the Defense of Marriage Act as unconstitutional.

Unlike year-end 2012, planning for year-end 2013 is not burdened by the uncertainties over the extension of the Bush tax cuts or the political theater that took place surrounding last New Year's Day. Nevertheless, enough change and uncertainty remains that impacts year-end 2013 tax strategies to warrant special attention by taxpayers and their tax advisors.

Much attention has been focused on the postponement of the Affordable Care Act’s employer mandate—the requirement that businesses with 50 or more employees provide them with health insurance or face significant fines, which the Obama Administration delayed for one year.

An annual study of SEC disclosures showed that the Fortune 500 collectively believe that they have underpaid their corporate income tax by $191.7 billion, an increase of 2.2 percent from the group’s collective tax reserves last year.

Republican leaders of the House Judiciary Committee released a set of principles Wednesday for taxing Internet sales, offering the first tentative move toward compromising on legislation passed by the Senate earlier this year that has not yet advanced in the House.

Kat Morgan will check a “married” box on her federal tax return next year for the first time since her 2009 wedding, now that the Internal Revenue Service will recognize same-sex marriages no matter where couples live.

Taxpayers will receive some tax relief next year, thanks to the Internal Revenue Service’s inflation-adjusted indexing provided under the Tax Code, according to estimates from CCH.