Tax Strategies

Less than half of affluent parents (49 percent) in a nationwide poll felt it was important to leave a financial inheritance to the next generation, according to the U.S. Trust Insights on Wealth and Worth Survey.

The House passed the controversial budget plan introduced last week by House Budget Committee Chairman Paul Ryan, R-Wis., in a largely party-line vote on Friday.

It’s doubtful whether the tax changes proposed by the President in his speech on Wednesday would generate much of a dent in the deficit, even if they were to be accepted by Congress.

The House Ways and Means Committee held a hearing Wednesday on how the Tax Code’s burdens on individuals demonstrate the need for comprehensive tax reform.

President Obama outlined his plan for reducing the budget deficit by $4 trillion in the next 12 years during a speech Wednesday in which he said taxes would need to be raised on the wealthy and itemized deductions limited.

A new study from Ernst & Young examines the impact on flow-through businesses of the tax reform proposals, and cautions against lowering corporate tax rates at the expense of S Corporations.

The Senate Finance Committee held a hearing Tuesday to examine tax administration systems around the world.

A pair of U.S. lawmakers has introduced a bill that would allow the courts to intercept tax refunds from delinquent debtors who owe restitution to victims or have outstanding court fees.

Internal Revenue Service Commissioner Doug Shulman described his vision for a next-generation tax compliance system that would allow the IRS to pre-populate a taxpayer’s return with W-2, 1099 and other information reporting forms before a taxpayer files a return.

As Washington moves closer to the brink of a federal government shutdown, the battle lines are already being set for the next budget turf war.