Tax Strategies

The average individual taxpayer would have needed to shoulder an estimated $1,026 last year to make up for the revenue lost to the offshore tax havens used by corporations and the wealthy, while small businesses would have to pay an extra $3,067 to cover the cost of offshore tax breaks used by large corporations, according to a new study.

President Barack Obama’s budget proposal would cap multimillion-dollar tax-favored retirement accounts like the one held by Mitt Romney, his Republican rival in 2012.

President Barack Obama’s budget plan will incorporate deficit-cutting proposals that include changing the calculation for Social Security cost-of-living increases and tax brackets, according to a White House statement.

A large cache of secret documents reveals that tens of thousands of people, including government officials from around the world, are using offshore companies and trusts to avoid taxes.

Songstress Dionne Warwick has filed for bankruptcy. The multi-Grammy award winner owes nearly $10 million in back taxes to the IRS and the state of California.

More than half of working Americans either have not noticed or been unaffected by the January 1 expiration of the payroll tax cut, according to a new survey.

The Senate narrowly passed a budget for the first time in four years on a mostly party line vote, calling for $975 billion in additional tax revenue over the next 10 years along with state sales tax collections on online sales.

The House Ways and Means Select Revenue Measures Subcommittee held a hearing this week to discuss possible tax reforms on financial products such as derivatives.

The two leaders of the Senate Finance Committee, chairman Max Baucus, D-Mont., and ranking Republican member Orrin Hatch, R-Utah, have begun developing proposals for reforming the U.S. Tax Code, including giving the Internal Revenue Service the clear statutory authority to regulate tax preparers in case the IRS loses its appeal of a recent court case invalidating its Registered Tax Return Preparer regime.

As U.S. lawmakers drafted a bill extending wind-energy tax credits in August, they revised a key clause that opens the door for a much bigger boost to the industry than just the one-year addition that was eventually passed.