Tax Strategies

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.

Thomson Reuters has released the FATCA Essentials library as part of its Checkpoint online research service, providing information on the Foreign Account Tax Compliance Act.

As tax reform efforts resume in Washington this month, a new survey finds that over 70 percent of business tax professionals believe a detailed tax reform plan will begin to be worked on by the House Ways and Means Committee this year, and nearly 50 percent of the respondents think a tax reform plan will be put forward in the Senate.

Visitors to the Crystal Bridges Museum of American Art in Bentonville, Arkansas, leave appreciative notes on a glass wall near the entrance.

The Congressional Budget Office is seeing a $400 billion reduction in the federal government’s budget deficit for the current fiscal year, thanks to increased tax revenues due largely to the expiration of the payroll tax cut.

Awareness of the implications of the Foreign Account Tax Compliance Act, also known as FATCA, is growing.

The Group of 20 world leaders issued a declaration last week calling for a crackdown on cross-border tax evasion.