Tax Strategies

The House moved one step closer to repealing the expanded 1099 information reporting requirements in the Affordable Care Act and Small Business Jobs Act on Wednesday by approving a controversial offset to the cost of the repeal.

The Senate Finance Committee convened a hearing Tuesday aimed at making the Tax Code fairer and simpler, while making U.S. businesses more competitive.

A group calling itself US Uncut organized a series of protests over the weekend at Bank of America branches across the country to protest large corporations with unpaid income taxes.

Responding to press reports that the Obama administration is considering hitting small business with more tax hikes, U.S. Senator Orrin Hatch, R-Utah, ranking member of the Senate Finance Committee, called on the White House to take these tax increases off the table that threaten to “destroy the economic recovery our nation deserves.”

Whether or not the Obama administration budget proposal to add some clarity to worker classification sees the light of day, the employee vs. independent contractor issue will surely be undergoing increased scrutiny.

A tax credit that is supposed to help poverty-stricken communities is instead being used to finance at least two luxury hotels, an antique car museum, a small theater in an upscale neighborhood, and other dubious projects, while lining the pockets of wealthy banks and investors.

We’ve been operating without a budget for the past year, and despite the budget proposal this week, it appears likely that we will continue to operate the government under a series of continuing resolutions.

Nearly three quarters of nonprofit organizations are concerned that tax exemptions will be revoked in the next year or two, according to a new survey.

Before 2007, any part of a mortgage forgiven after a foreclosure, such as when the house was sold and the bank forgave a mortgage exceeding the home’s sale price, was considered taxable income, but that has changed now.

The unveiling of the Obama administration’s budget this week appeared to be only the opening act for what promises to be a long-running series of episodes involving spending, taxes, and cuts to favored and not-so-favored programs.