Tax Strategies

Congressman Chaka Fattah, D-Pa., a senior member of the House Appropriations Committee, has introduced legislation that would direct the Treasury Department to issue a legislative proposal to Congress concerning the viability of replacing the current income tax with a consumption tax.

The Internal Revenue Service plans to develop more guidance and training materials to inform taxpayers and tax preparers of the tax compliance risks associated with using virtual currencies like Bitcoin and “Linden dollars.”

The International Consortium of Investigative Journalists created a database of users of international tax havens over the weekend, and the group reported Monday that database received 2 million page views in its first 24 hours of operation.

The House Ways and Means Committee held a hearing Thursday to examine corporate tax reform and the impact of offshore tax havens on base erosion and profit shifting by multinationals.

Senators Roy Blunt, R-Mo., and Jay Rockefeller, D-W.Va., have introduced a bipartisan bill to make the New Markets Tax Credit program permanent and increase its annual allocation.

The Swiss and U.S. governments have signed a memorandum of understanding on interpretations of their agreement on implementing the Foreign Account Tax Compliance Act, or FATCA.

Bob Moritz, chairman of PricewaterhouseCoopers LLP since July 2009, sat down with Accounting Today on Friday to discuss some of the issues facing the accounting profession and how PwC has been adapting to changes in the economy and accounting, as well as his encounter with Michelle Obama when handing her the envelope for the Academy Awards.

Senior tax professionals are most worried about the prospects for U.S federal business tax reform and the heightened regulatory environment in transfer pricing, according to a new survey by KPMG.

A group of 42 major corporations have joined together to form a new lobbying coalition to press for corporate tax reform.

Marcum’s LGBT practice leaders sat down with managing editor Tamika Cody to discuss some of the inequalities LGBT clients face when trying to file taxes.