Tax Strategies

Two lucky winners in Arizona and Missouri will be able to claim the record-shattering $580 million Powerball jackpot after Wednesday night’s drawing, but they will also face taxes and need financial advice.

President Barack Obama urged middle-class families who are in danger of seeing their taxes go up next year to begin using Twitter and other forms of communication to urge lawmakers to extend tax cuts for the middle class.

A group of business trade associations have sent a letter to Congress urging lawmakers to reject President Obama’s call for higher marginal tax rates on main street employers.

Billionaire investor Warren Buffett has revived his calls for increased taxes on the wealthy in the op-ed pages of The New York Times.

A new White House report from the President’s Council of Economic Advisers predicts that allowing tax rates for the middle class to rise and failing to patch the alternative minimum tax would have a negative impact on consumer spending and retailers alike.

Small tax-exempt organizations that have not filed returns with the Internal Revenue Service for three years will not automatically lose their tax-exempt status if they were affected by Hurricane Sandy.

Grant Thornton is offer some year-end tax planning tips for both individuals and businesses, and their accountants, facing the expiration of the Bush tax cuts.

The Internal Revenue Service has raised the standard mileage rates by 1 cent per mile for next year when calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The Internal Revenue Service Oversight Board has sent a letter to the leaders of Congress’s two tax-writing committees urging them to act swiftly to patch the Alternative Minimum Tax to keep it from spreading to millions more taxpayers.

Nearly 80 percent of business executives said they would be willing to accept the repeal of certain tax incentives in exchange for a lower overall corporate tax rate, according to a new report by KPMG.