Tax Strategies

The House has again passed the Mortgage Forgiveness Debt Relief Act, an effort to help people whose homes have been foreclosed by canceling taxes on any mortgage debt they have been forgiven.

The House approved an amended version of a bill that delivers tax relief to members of the armed services, in addition to emergency volunteers.

The Internal Revenue Service has outlined new procedures under which informants could report violations of tax laws and possibly claim rewards based on the amount of additional tax, penalties and interest owed.

The House has passed a fix for the alternative minimum tax, voting 352-64 to keep up to 23 million taxpayers from falling prey to the AMT.

The Treasury Department has issued a report on improving the competitiveness of the U.S. business tax system, offering three alternative approaches designed to cut the corporate tax rate in the U.S. compared to other industrialized countries.

A majority of companies do not have a formal, documented tax risk management strategy in place, according to a newly released survey.

The Internal Revenue Service has issued guidance on whether a taxpayer can claim a dependency exemption deduction for an unrelated child.

'Tis the season for holiday cheer and especially gifts, so herewith are some presents that accountants might like to find coming down the chimney this year in the company of a chubby bearded man.

The cost of preparing the average tax return rose just 2 percent in the past two years, according to a newly released survey.

The Internal Revenue Service improved most of its filing season services during 2007, but there are still opportunities for better performance this coming season, according to a new report.