Tax Strategies

The Internal Revenue Service is facing challenges keeping ahead of financial services companies that create sophisticated financial derivatives and offer them as a way to evade tax liabilities.

The Internal Revenue Service is gearing up to handle the complex tax provisions of the health care reform law and has made significant progress so far in planning for the law’s implementation, according to a new government report.

The Internal Revenue Service said Thursday that many tax benefits for tax year 2012 will increase due to inflation adjustments, including personal exemptions and standard deductions, with tax brackets also widening next year.

One day after verbally scuffling with fellow GOP Presidential hopeful Mitt Romney, Gov. Rick Perry called for implementing a flax tax in what many saw as a preview of his economic policies.

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.