Tax Strategies

Hoping to get the Small Business Jobs Act passed before the August recess, Senate Democrats have modified the legislation in an effort to avoid another filibuster battle.

A new report estimates that the total amount of federal tax revenue lost due to use of overseas tax havens adds up to at least $37 billion per year.

IMGCAP(1)]The escalating cost of providing group medical benefits has forced many employers to dedicate more time and energy toward gaining control over increasing premiums.

In spite of the growth and popularity of limited liability companies taxed as partnerships, S corporations remain a very popular option for doing business. Internal Revenue Service records show that S corporations remain the most popular way for a business to file tax returns.

With California unemployment hovering at 13 percent and the national unemployment rate still above 9.5 percent, long-term unemployment is clearly one of the biggest challenges for the U.S. economy.

The Senate Finance Committee held hearings last week to consider the effects of the soon-to-expire “Bush” tax cuts, and those problems could be magnified for tax practitioners and their clients.

Senators Blanche Lincoln, D-Ark., and Jon Kyl, R-Ariz., have introduced a proposal to reform the federal estate tax, which temporarily expired this year but is slated to increase to up to 55 percent next year for estates over $1 million.

The Senate Finance Committee held a hearing Wednesday to discuss the soon-to-expire 2001 and 2003 tax cuts and how to extend any of them without increasing the budget deficit or hurting economic growth.

SurePrep has added 1120, 1120S and 1065 preparation as a part of its outsourcing service, allowing firms to leverage the company’s technology and staff to prepare more types of tax returns.

Before departing on its holiday break, the Senate left a number of important issues unresolved, including the fate of the unemployment extension and tax extenders legislation, not to mention the financial reform bill.