Tax Strategies

Failure by Congress to act on the alternative minimum tax by year’s end will lead to “significant” delays in tax filing and a strain on taxpayers, said Steven Miller, the Internal Revenue Service’s acting commissioner.

President Barack Obama again warned lawmakers that the U.S. economy will suffer unless there’s an agreement on a way to prevent more than $600 billion in automatic spending cuts and tax increases from taking effect.

CPAs in Pennsylvania and New Jersey are pessimistic about economic trends both nationally and statewide, according to a new survey.

The so-called fiscal cliff has politicians in Washington performing the political equivalent of a soap opera as they leave the country in suspense about whether they will manage to resolve a self-inflicted crisis in time to avoid a recession next year.

The Internal Revenue Service has issued proposed regulations on the 0.9 percent Additional Medicare Tax for upper-income taxpayers scheduled to take effect next year as a result of the Affordable Care Act.

House Republicans, rejecting President Barack Obama’s demand for higher tax rates, countered with a $2.2 trillion deficit-cutting plan that would trim Medicare and Social Security and cap tax deductions for top earners.

CFOs in the U.S. remain uncertain about the future of the economy and their own businesses, according to a new survey.

House Minority Leader Nancy Pelosi, D-Calif., said she would try to use a procedure known as a discharge petition to bring a Senate-passed bill for extending the middle-class tax cuts to the floor of the House.

Two former Ernst & Young LLP tax attorneys, Richard Shapiro and Martin Nissenbaum, won reversal of their convictions for developing illegal tax shelters sold by the accounting firm from 1999 to 2001.

Congressional Republicans dug in to fight President Barack Obama’s plan to skirt the fiscal cliff, rejecting his tax-and-spending proposal as the president heads out today to sell it to the American public.