Tax Strategies

Tax prep chain H&R Block opened a new flagship office in Times Square on Thursday, complete with a giant “smart wall” where clients can be guided through an interactive “tax experience.”

Sometimes, being too quick to take advantage of a tax break from Congress can turn out to be a very bad thing.

A bill signed into law by New York State Governor David Paterson provides an exemption from the state's new tax preparer registration requirements for CPAs, including those who hail from outside the state.

The economic crisis and the downfall of the real estate market spurred a slew of tax law changes that will impact the upcoming filing season.

Tax return preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on returns prepared for their clients are a major concern for the Internal Revenue Service during the upcoming filing season, according to a spokesman for the service.

While the shape of tax policy remains uncertain in some areas - at press time, Congress was considering a wide range of tax bills, including changes to the estate tax regime, and the extension of a number of tax credits and deductions, among other things - there are a few areas of certainty.

HOUSE APPROVES 45% ESTATE TAX EXTENSION

The ongoing economic downturn offers accountants the opportunity to extend their reach and help their clients at a time when they are most needed.

The Obama administration is handing out $2.3 billion in Recovery Act Advanced Energy Manufacturing Tax Credits for clean energy projects to provide jobs across the U.S. after announcing a disappointing employment report for December.

Call it what you like, but the first decade of the millennium has passed with many a whimper.