Tax Strategies

Democratic lawmakers on the House Ways and Means Committee have introduced a new bill intended to finance infrastructure investments to create jobs.

Owning your own home opens the door to many tax-saving opportunities, and there are a dozen tax breaks that homeowners should know about, according to CCH.

House Ways and Means Committee Chairman Dave Camp, R-Mich., said Wednesday the Senate should act on the 1099 repeal bill approved by the House and send the bill to President Obama’s desk for his signature this week.

Recent policy changes in areas such as cost basis reporting, the Foreign Account Tax Compliance Act, and the Regulated Investment Company Modernization Act of 2010 are likely to create significant compliance, reporting and monitoring risks and consume resources as companies continue to move toward economic recovery, according to KPMG.

A bipartisan pair of senators introduced a bill Wednesday that would repeal the Volumetric Ethanol Excise Tax Credit, saying it would save taxpayers $6 billion.

The Senate passed a patent reform bill on Tuesday that contains provisions banning patents on tax strategies.

The Senate Finance Committee held hearings Tuesday to consider the Tax Code’s effect on job creation and economic growth.

President Obama credited the tax cut extension deal he forged with Congress for helping to turn around the unemployment problem.

The accounting profession’s drive for a more predictable and user friendly Federal Tax Code seems to be gaining traction with at least one segment of Congress: the freshly-elected corps of Tea Party activists and their conservative allies in the House and Senate.

Tax reform for business isn’t just about lowering the corporate tax rate. That’s what Patricia Thompson, chair of the AICPA’s Tax Executive Committee, told the House Ways and Means Subcommittee on Select Revenue Measures yesterday.