Tax Strategies

Former New York Mayor Edward Koch used to gauge his job performance with the catch phrase, "How'm I doing?" Throughout his reign in the 1980s, the colorful Koch would repeat the question to the citizenry of the Big Apple, until it almost became synonymous with his tenure.

As part of the IRS's continuing efforts to require greater disclosure of tax positions and strategies on returns, it recently released new, mandatory disclosure rules for grouping passive activities. Rev. Proc. 2010-13 for the first time mandates that passive-activity groupings and regrouping, as required under Code Sec. 469 regulations, be disclosed on the taxpayer's return.

Tax-advantaged strategies to fund children's college education continue to offer CPA clients some relief from that heavy financial burden, but their value will vary widely according to each taxpayer's financial picture.

The fourth year of Ernst & Young's Discover Tax Leadership Conference drew 102 minority college students from all over the country to New York (braving the cold) to learn about tax - and themselves.

Sen. Sherrod Brown, D-Ohio, has introduced a bill that would tax more Wall Street bonuses than similar legislation introduced a week ago.

Senate Majority Leader Harry Reid, D-Nev., has unveiled a stripped-down version of the draft jobs legislation that was proposed only hours earlier by the bipartisan leaders of the Senate Finance Committee.

Senate Finance Committee leaders publicly released a draft Thursday of the widely anticipated jobs bill they plan to introduce, including payroll tax provisions and the extension of a number of tax breaks that expired last year.

The Senate has unanimously approved a bill that would prevent small businesses from incurring large tax penalties aimed at large corporations and wealthy individuals who invest in tax shelters.

Senate Democrats have begun circulating a draft version of the jobs bill they plan to introduce, with a series of tax breaks and tax extenders designed to lure Republican support.

A coalition of charities, aid groups, unions, and movie actors and directors has launched a campaign calling for a global 0.05 percent tax on banks’ speculative financial transactions, with the proceeds going to combat poverty and climate change.