Tax Strategies

The House approved legislation last week that would allow federal employees with seriously delinquent tax debts to be terminated.

President Barack Obama criticized Republican rival Mitt Romney’s tax reform plans during a campaign appearance, referring to them as “Robin Hood in reverse” and “Romney Hood.”

Jackson Hewitt Tax Service has unveiled a mid-year list of top areas taxpayers should be considering or have pointed out to then by preparers to help put them in a better position when filing their tax returns next April.

Newly introduced legislation would cut business taxes by more than half for companies that manufacture patented products in the U.S.

A proposal by the Obama Administration regarding grantor trusts has estate planners on edge as they ponder its implications.

The House passed Republican-sponsored legislation Thursday to streamline congressional procedures and pass comprehensive tax reform next year.

The Senate Finance Committee approved legislation Thursday extending dozens of tax cuts known as tax extenders, including the alternative minimum tax patch, which have either expired or are scheduled to expire at the end of the year, while paring back approximately 25 percent of the traditional tax breaks in the name of tax reform.

Senator Marco Rubio, R-Fla., has introduced legislation to exempt U.S. Olympic medal winners from paying taxes on the medals that they win.

The House voted Wednesday to approve a Republican-sponsored bill to extend the current tax rates for all income levels for an additional year, rejecting the Democratic alternative passed by the Senate last week that would have only extended the tax cuts for household incomes under $250,000 a year.

A Senate committee held a hearing Wednesday to discuss legislation requiring Internet retailers to charge their out-of-state customers sales taxes.