Tax Strategies

The New York State Society of CPAs has asked Congress to consider new legislation that would temporarily waive tax penalties for taxpayers who are forced to make early withdrawals from retirement accounts due to financial hardship caused by the economic crisis.

Income acceleration techniques for 2012 year-end planning

In January 1999, a trust set up by Mitt Romney for his children and grandchildren reaped a 1,000 percent return on the sale of shares in Internet advertising firm DoubleClick Inc.

The top personal income tax area of concern for technology executives that CPA Bill Melton of the Silicon Valley accounting firm Abbott, Stringham & Lynch sees in his client base is equity compensation.

Cincinnati, Baltimore and Cleveland ranked highest among large cities in their tax favorability for businesses, according to a new study by KPMG, with New Orleans and Baton Rouge, La., leading the way among smaller cities.

The Senate Permanent Subcommittee on Investigations held a hearing on offshore profit shifting and the U.S. tax code, examining in particular the practices of Microsoft and Hewlett-Packard, while questioning an Ernst & Young tax partner who services HP.

Congress’s two tax-writing committees, the House Ways and Means Committee and the Senate Finance Committee, held a joint hearing Thursday to discuss capital gains taxes and how they might be reformed.

Government debt hit a record $16 trillion last week, accompanied by the usual calls for tax increases to help plug the gap between revenue and expenditures. But for those who believe that the way out of our deficit includes raising taxes, there’s a cautionary study that suggests otherwise.

Senate Majority Leader Harry Reid predicted that Congress will reach a deal after the Nov. 6 election to avert hundreds of billions of dollars in tax increases and spending cuts known as the “fiscal cliff” set to begin in January.

PricewaterhouseCoopers US said it will collaborate with Microsoft to develop and deploy a portfolio of services designed and branded by PwC, and powered by Microsoft.