Tax Strategies

Ernst & Young and its affiliates have begun reimbursing lesbian, gay, bisexual and transgender employees for any additional federal and state taxes they incur for their same-sex domestic partners’ medical benefits in the U.S., starting Jan. 1, 2012.

With individual filing season underway, it’s questionable how many taxpayers are aware of their use tax obligations, and actually track their Internet purchases during the year in order to accurately report and pay them.

Tighter IRS scrutiny of preparers and returns, staffing issues and a stagnant economy are facing tax professionals as they ready their practices for a new filing season.

The Internal Revenue Service is encouraging more taxpayers to take advantage of the "saver's credit."

Both the House and Senate passed a two-month extension of the payroll tax cut, unemployment benefits, and the “doc fix” for preserving the current Medicare reimbursement for physicians by unanimous consent on Friday morning, sending the measure to President Obama’s desk.

Bowing to pressure from fellow Republicans, a leading House Republican said Thursday he would introduce a bill Friday to extend the payroll tax cut and unemployment benefits for two months.

The Internal Revenue Service is offering some tips to help taxpayers lower their 2011 taxes before the calendar page changes to 2012.

President Obama and Senate Minority Leader Mitch McConnell, R-Ken., pressed House Republicans on Thursday to agree to a two-month extension of the payroll tax cut, even as Speaker of the House John Boehner, R-Ohio, insisted he was ready to negotiate.

House Republicans blocked the Senate’s two-month extension of the payroll tax cut and emergency unemployment benefits on Tuesday, setting up a confrontation between the two chambers.

The Senate has passed a two-month extension of the payroll tax cut and unemployment benefits, but House Republican leaders and some Democrats balked at the short-term extension.