Tax Strategies

The Senate Finance Committee held a hearing on the tax aspects of a cap-and-trade program to control carbon emissions.

An Ohio jury ruled that Fifth Third Bancorp is not entitled to a $5.6 million tax refund for its 1997 tax year after the bank sought to take tax deductions related to complex leasing transactions involving passenger rail cars.

The Internal Revenue Service has withdrawn proposed regulations that would have treated mortgage loans as capital assets and restricted the deductibility of mortgage defaults.

The Public Company Accounting Oversight Board has voted to adopt a new ethics and independence rule concerning communications with audit committees, as well as an amendment to its existing tax services rule.

Financial Executives International filed an amicus curiae “friend of the court” brief on April 4 in support of a court decision in a case involving Textron to protect certain tax work papers and supporting notes from disclosure to the Internal Revenue Service.

With tax season now behind us, accountants can turn their attention to the clients who are on extension and provide advice to other clients to help them save money in the year ahead.

The Tax & Accounting business of Thomson Reuters has introduced an Enterprise Suite containing a set of software for large tax and accounting firms.

Harry Willner, a former Internal Revenue Service agent, was sentenced last week to a year in jail for a tax fraud scheme.

The Senate Finance Committee proposed a new tax bill that seeks to prevent the alternative minimum tax from spreading to more taxpayers next tax season.

Presumptive Republican presidential nominee Sen. John McCain, R-Ariz., has released his 2006 and 2007 tax returns.