Tax Strategies

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.

Eleven years ago, eliminating income taxes for low-income Americans was an applause line for a Republican president. Mitt Romney in 2012 sees the number of people paying nothing as a political problem.

Politicians and policy makers always seem to be talking about “broadening the tax base” and “eliminating tax loopholes,” but rarely do we hear specifics.

Taxpayers who are still recovering from the economic downturn will get at least some relief in 2013 by way of the mandatory upward inflation-adjustments called for under the tax code, according to CCH.

Mitt Romney says he can lower income tax rates by 20 percent without costing the U.S. government revenue and without making the middle class carry a bigger share of the tax load.

The House held a hearing Thursday to discuss small business perspectives on the tax cliff, hearing testimony from a representative of the American Institute of CPAs and other witnesses.

A group of small online retailers have launched a coalition to protest against the imposition of laws requiring them to collect sales taxes from customers.

A high-ranking Internal Revenue Service official told a congressional panel that the agency is not planning to use tactics like tax liens and levies to make sure taxpayers are properly complying with the new health care reform law.