Tax Strategies

The Internal Revenue Service is reportedly auditing Google in an effort to learn more about the search giant’s use of foreign subsidiaries to shift profits in the wake of three acquisitions.

Senate Republicans blocked President Obama’s jobs package with its extension of the payroll tax cuts and unemployment insurance, tax credits for new hires and wage increases, and surtax on millionaires.

A few blocks away from the Accounting Today offices, the Occupy Wall Street movement is encamped at Zuccotti Park in New York.

Senators John McCain, R-Ariz., and Kay Hagan, D-N.C., introduced legislation Thursday allowing multinational corporations to repatriate their foreign earnings at a reduced tax rate.

President Barack Obama said Thursday he was “comfortable” with the changes made by Senate Democrats in his jobs bill on Wednesday, including a 5.6 percent surtax on millionaires starting in 2013.

The Internal Revenue Service needs to take additional steps in order to expand its audits to include returns from prior or subsequent years when taxpayers being audited may owe substantial taxes.

IMGCAP(1)]In the current business and economic climate, the value of being a pro-active tax and financial advisor for your business owner clients cannot be understated.

The airline industry’s trade organization, the Air Transport Association of America, is asking Congress to reject President Obama’s plan to levy $3.5 billion a year in new taxes and fees for airlines and passengers, saying it would increase fares or reduce service, resulting in job losses.

As multinational corporations and lobbyists push for a reduction in the corporate tax rate and a tax holiday on repatriated foreign profits, the tax loopholes that have encouraged companies to shift their income abroad have managed to stay largely intact.

A bipartisan trio of lawmakers have introduced a bill that would update the existing tax law to allow formerly homeless young people to pursue a four-year college education and still qualify for housing built with Low Income Housing Tax Credits.