WebCPA - Tools and Resources for the Electronic Accountant

CCH Offers Analysis of House Tax Extenders Bill

CCH has issued a Special Tax Briefing on the Tax Extenders Act of 2009 that was approved this month by the House.

Boomer's Blueprint: The future of tax preparation

On my first trip to India over six years ago, I witnessed innovative tax return processing strategies.

VATs come in from the cold

Rising deficits and spending boost interest in value-added taxes

Tax practitioners brace for 2009 season

The economy - and the legislative response - are top of mind for practitioners and clients

Quirky Sales Tax Laws of 2009

The past year saw a number of unusual sales and use tax laws enacted in a number of states.

VAT is Coming to the U.S.

The prospect of the enactment of a value-added tax in the United States is getting closer – five years and counting, according to a Tax Governance Institute survey.

Obama Proposes Tax Cuts to Spur Hiring

President Obama described a series of proposals aimed at encouraging companies to add more jobs, including tax cuts for small businesses.

Grassley Proposes Expanding Education Tax Relief

Senate Finance Committee ranking member Charles Grassley, R-Iowa, has introduced a bill that would make permanent a number of education-related tax relief measures dating back to 2001, when he was committee chairman, and increase others.

Research Tax Credit Skewed Toward Big Companies

Large corporations have dominated the use of the research tax credit, with 549 corporations with receipts of $1 billion or more claiming over half of the $6 billion of net credits in 2005, the most recent year available, according to a new study by the Government Accountability Office.

Lambert Boyce Podcast

Clifton Gunderson partner discusses several expiring tax breaks that businesses and individuals should take advantage of while they still have time.

Senior Execs Foresee Value-Added Tax in U.S.

Fifty-seven percent of the senior business executives surveyed by KPMG’s Tax Governance Institute expect some type of value-added tax to be introduced in the U.S. within five years, and 18 percent anticipate a VAT within 10 years.

Democrats Propose Securities Transaction Tax

A group of Democratic lawmakers has introduced legislation that would impose a tax on Wall Street securities transactions.

White House Mulls Tax Credits for Jobs

The White House convened a jobs summit in which President Obama heard from business and union leaders about various proposals for reducing unemployment, including tax incentives for job creation.

House Approves 45 Percent Estate Tax Extension

The House voted to set the inheritance tax at 45 percent permanently for estates larger than $3.5 million.

Senate Bill Would Cement Small-Biz Expensing Limit

Leaders of the Senate Committee on Small Business and Entrepreneurship have introduced legislation that would make permanent the $250,000 Section 179 expensing limits for small businesses created under the Recovery Act.

Many Business Tax Deductions May Be Going Away

Businesses will have to act soon on a bevy of tax breaks before they expire at the end of the year.

Pharma Companies Anticipate Higher Taxes

Senior executives from pharmaceutical, biotech and medical device companies expect to pay higher tax rates in the years ahead, according to a new survey by PricewaterhouseCoopers.

Volcker Delays Tax Reform Task Force Report

The tax subcommittee of the President’s Economic Recovery Advisory Board has decided to postpone its report outlining tax reform plans for the White House after being inundated with suggestions.

Do We Need an Afghanistan War Tax?

A group of Democratic lawmakers has introduced a bill that would impose a temporary war surtax beginning in 2011 to pay for the war in Afghanistan.

Homebuyer Tax Credit Spurs Home Sales in October

The First-Time Homebuyer Tax Credit helped spur a 10.1 percent jump in sales of existing homes in October.

CCH and Grant Thornton Create IFRS Tax Guide

CCH and Grant Thornton have teamed up to produce IFRS Tax Manager, an online guide to International Financial Reporting Standards, aimed at helping tax, audit and accounting professionals comply with tax accounting and reporting standards under IFRS.

CCH Ships 2009 ATX and TaxWise Software

CCH Small Firm Services has begun shipping its ATX and TaxWise lines of software for tax year 2009, with links to tax research from CCH.

Last-Minute Business-Planning Tips

It’s getting near the end of the year, and ’tis the season to be compiling lists.

Senate Health Bill Contains Tax on Cosmetic Surgery

Senate Majority Leader Harry Reid, D-Nev., introduced the Senate’s version of the health care reform bill, which includes a new 5 percent tax on elective cosmetic surgery.

Discover New Innovations in Tax Prep

Software as a Service (SaaS) has become popular in today's business environment. But what exactly does SaaS mean and how can it play an integral part in your operation? After completing the session, you will be able to:

• Recognize the significance of SaaS in an increasingly complex world.
• Build your practice become more efficient and profitable.
• Identify ways to improve workflow and your bottom line.

Don't miss this chance to learn more about a tool that can help your practice be more successful!

Thomson to Acquire Sabrix

In a move designed to bolster its global transaction tax offerings, Thomson Reuters Tax & Accounting has agreed to acquire San Ramon, Calif.-based Sabrix, a provider of tax transaction software, for an undisclosed amount.

Out from underneath

Investor strategies for capitalizing on the economic downturn

TAX STRATEGY: Developments in limited liability companies

Limited liability companies continue to grow in popularity as a choice of business entity.

Low inflation eases tax bracket changes

Tax rate brackets and various tax benefits will remain unchanged or change only slightly in 2010 due to low inflation, and many pension plan limitations will remain unchanged, according to the Internal Revenue Service.

New tools to help clients wake up from the sales and use tax nightmare

Software systems for handling sales and use tax are better - and more important to your clients - than ever

Obama Proposes Jobs Summit

President Barack Obama said Thursday he plans to hold a forum in December at the White House on jobs and economic growth.

Playing Hide and Seek with the Estate Tax

Although I wasn’t born with a silver spoon in my mouth, and I would have to get very lucky very soon to be concerned with the estate tax rate, it has always seemed an unfair proposition to tax a person or business when it is most vulnerable.

CCH Enhances Business Entity Planning Library

CCH has added Smart Charts, checklists and decision trees to its Business Entity Planning Library to provide further guidance to tax practitioners analyzing and comparing the entities used by small- and midsized businesses.

Tax Authorities Demand Transfer Pricing Evidence

Government tax authorities around the world are requiring multinational companies to provide more documentation to support their transfer pricing strategies as countries seek additional tax revenue.

House Passes Health Care Reform

The House voted to approve health care reform, moving the legislation now to an uncertain outcome in the Senate.

Obama Signs Homebuyer Tax Credit Extension

President Barack Obama has signed the extension of the First-Time Homebuyer Tax Credit, along with an extension of unemployment benefits.

Senate Extends Homebuyer Tax Credit

The Senate voted by a 98-0 margin to extend the First-Time Homebuyer Tax Credit while also expanding the credit to existing homeowners who want to move to another residence.

Lee Zoeller

The president of the Institute for Professionals in Taxation sees state and local taxes going up, up, up.

Sneak preview: Tax tools for 2010

Vendors focus on workflow and the Web, as tax pros wait to see if taxpayers will return

Putting losses into the right baskets

During the downturn, many practitioners have found it necessary to brush up on the loss-deduction rules.

TAX NEWS

IRS drops ACORN and Minnesota ends tax reciprocity with Wisconsin

Vertex Launches Certification Program

Vertex has announced an online certification program through which continuing professional education credits can be earned.

House Assembles $894 Billion Health Care Bill

House Democrats unveiled their health care reform package after assembling the various components passed this summer by three separate committees.

Geithner Urges Extension of Homebuyer Credit

Treasury Secretary Tim Geithner and Housing and Urban Development Secretary Shaun Donovan have called on Congress to extend the First-Time Homebuyers Tax Credit past its Dec. 1 expiration date, while putting in place strong anti-fraud measures.

IRS Advisory Committee Issues Recommendations

The IRS’s Information Reporting Program Advisory Committee has released a report outlining recommendations on a wide range of tax administration issues, including creating new forms and instructions, and reporting of a customer’s basis in securities transactions.

IRS Steps Up Enforcement on the Rich

IRS Commissioner Doug Shulman had some news for CPAs gathered to hear him speak at an AICPA conference on Monday: high-income individuals are going to be in the agency’s cross-hairs now.

Congress Clamps Down on Foreign Tax Evasion

Democratic leaders of key House and Senate committees have introduced legislation to force foreign financial institutions, trusts and corporations to provide information about their U.S. account holders, grantors and owners.

Patently Indefensible

If someone said to me a decade ago that the ideas that tax planners use, some on a daily basis, might be violating a patent, I would have dismissed it as crazy talk.

KPMG Sees Possibility of Federal VAT

A new study by KPMG has found more governments worldwide imposing value-added taxes and goods and services taxes to make up for declining revenue from other sources, and warns the U.S. may follow suit.

Out with the Old, In with the New

Recent conversations in the nonprofit world increasingly surround 'good governance' within nonprofit organizations.

More Companies Hit with Tax Audits

Eighty-three percent of companies have experienced an increased number of audits due to state and local tax revenue shortfalls, according to a new survey.

CCH Adds SmartCharts for Tax Cross-References

CCH has introduced IRC/Multistate Personal and Corporate Income Tax Comparison Smart Charts on its CCH IntelliConnect Research Service.

Carried Interest Reform: Not So Fast

For those who question the relationship between shortsighted tax policy and the economy, consider the possible consequences of taxing carried interest.

Senate Finance Committee Passes Health Reform Bill

The Senate Finance Committee has approved its long-awaited version of the health care reform bill by a 14-9 vote.

What’s Ahead for LIFO?

There continue to be rumblings that Congress may repeal the LIFO accounting method for inventory.

Provision as a Process

Today, more than three years since it was issued, FIN48 remains the bane of many tax departments’ existence.

AICPA Objects to ‘Burdensome’ Budget Requirements

Among the revenue proposals detailed in the administration’s fiscal 2010 budget are some provisions that might negatively affect small businesses and tax preparers.

New Jersey Has Least Friendly Business Taxes

New Jersey ranks at the bottom of the list in a new study of the comparative business friendliness of tax systems in the 50 states, while South Dakota is counted as most business friendly.

IRS to Require 1040 E-filing by Tax Preparers

The Treasury Department’s Inspector General for Tax Administration has released a report recommending that the IRS seek mandatory electronic filing of individual tax returns by paid preparers, and legislation is being readied to write such a requirement into law.

Minnesota Ends Tax Reciprocity with Wisconsin

The State of Minnesota has decided to end its income tax reciprocity program with Wisconsin, effective Jan. 1, 2010.

The Role of Form 5471 in Tax Planning and Compliance for U.S.-Owned Foreign Corporations

Published: June 23, 2009
Published by: Lorman Education Services

J.K. Lasser's Real Estate Investory Tax Edge

Published: November 2009
Published by: Wiley
Author: Estill
FREE SHIPPING

Bilingual Tax Software Released

New America Software has formally released its MultiTax software for download after about a year of beta testing with various tax preparation businesses.

CCH Provides Info on Low-Tax Countries

CCH has introduced a new research product with up-to-date information on 20 jurisdictions that offer low tax rates.

Thomson Reuters to Buy Deloitte’s Abacus Business

Thomson Reuters’ Tax & Accounting business plans to acquire Deloitte LLP’s Abacus Enterprise suite of tax software products.

CCH Intros European Tax Rate Service

CCH has expanded its lineup of global tax products with Worldwide Tax Rates and Answers: Individuals, an online tax compliance and research service that covers the European Union.

H&R Block Q1 Net Loss Widens

H&R Block reported a consolidated net loss for the first quarter of $133.6 million, or 40 cents a share, with much of the loss attributed to tax operations.

Current Issues in Attributional and Agency Nexus

Published: August 4, 2009
Published by: Lorman Education Services

Maybe We Need Cash for Clunker Tax Returns

The government is about to start offering a Cash for Clunkers type of program for old inefficient appliances this fall, so why not cash for clunker tax returns and financial statements?

Environmental Taxes No Panacea, Says ACCA

The use of carbon taxes and other forms of “green” taxation to improve the environment and raise government revenue requires careful planning, recommends a position paper from the Association of Chartered Certified Accountants.

Treasury to Award Tax Credits for Clean Energy

The Treasury and Energy Departments plan to give $2.3 billion in tax credits from the Recovery Act to manufacturers of clean energy equipment.

State Tax Apportionment Software Introduced

The Tax & Accounting business of Thomson Reuters has released ONESOURCE State Apportionment software, a product that aims to streamline state income tax apportionment processes for corporate tax professionals.

CCH Improves Tax Zone Locator

CCH has enhanced its Tax Zone Locator service to make it easier for tax professionals to track down and obtain location-based tax credits and incentives for clients.

States Try to Recover Tax Shortfalls

Tax collection rates around the country have dropped precipitously in recent months, prompting local and state governments to get tougher and tax more.

Cash Offered in Lieu of Tax Credits for Clean Energy

The Treasury and Energy Departments plan to distribute at least $3 billion for renewable energy projects to companies that agree to forgo future tax credits.

Cosmetic Surgery Tax Could Help Pay for Health Reform

As Congress struggles to produce a health care reform bill that can be sold to voters during and after the August recess, one idea that’s emerging is a tax on elective plastic surgery.

Levin, McCain Introduce Stock Options Deduction Bill

Sen. Carl Levin, D-Mich., and John McCain, R-Ariz., have introduced legislation aimed at curbing excessive corporate tax deductions for stock options.

Forming a Captive Insurance Company

Part of a CPA’s job is to evaluate the potential tax benefits of various business and estate planning strategies.

Surtax Unlikely to Have Big Impact on Small Biz

House Democrats’ proposal for a surtax on upper-income taxpayers to help pay for health insurance reform would not have a noticeable impact on small businesses, according to a new report from the advocacy group Citizens for Tax Justice.

States Offer Sales Tax Holidays This Summer

Fifteen states and the District of Columbia will be offering tax holidays for back-to-school shopping on various days this month and next, according to a report by CCH.

U.S.-Canada Tax Treaty Will Affect Mobility

Recent changes in the tax treaty between the U.S. and Canada will have an impact in a variety of areas, including 401(k) contributions and stock options, as well as the ability of taxpayers to move across borders.

Stimulus Tax Breaks Helped Some Small Businesses

Small-business owners and industry representatives told a House committee that the tax breaks in the stimulus package passed by Congress in February have helped some companies.

House Democrats Introduce Health Insurance Bill

House Democrats have introduced health care legislation that would impose a surtax on upper-income taxpayers, and penalties on many small businesses that don’t provide health insurance coverage to employees.

TV Networks Balk at Ban on Drug Ad Tax Deductions

The TV networks have been on a letter-writing campaign lately in an effort to dissuade Congress from ending the expensing of ads by pharmaceutical companies.

Rangel Proposes Surtax on Wealthy for Health Care

House Ways and Means Committee Chairman Charles Rangel, D-N.Y., has been called to the White House to discuss his proposed surtax on the wealthy to pay for health insurance reform.

Small Businesses Want R&D Tax Credit Extended

Entrepreneurs urged lawmakers to extend the research and development tax credit at a House subcommittee hearing Thursday.

Grassley Introduces Small Business Tax Relief Act

Sen. Charles Grassley, R-Iowa, has introduced a bill to lower the tax burden on small businesses.

Tax Amnesties Rake in Money, Sometimes

New Jersey Governor John Corzine must be breathing a sigh of relief now that his state has recovered over $625 million from a tax amnesty program.

Former IRS Chief Offers Tax Guidance on Corporate Reorganizations

A new analysis by a former high-ranking IRS official explains how the Tax Code’s corporate reorganization provisions afford tax-free treatment to certain corporate combinations and realignments.

Tax Benefits of Oil Investments

Typical end-of-year tax planning will be on everyone’s minds before you know it.

U.S., Swiss to Share More Taxpayer Information

The U.S. and Swiss governments have concluded their negotiations over expanding the sharing of tax information to root out tax dodgers, and now plan to sign a protocol in the next few months.

Senate Considers Cap-and-Trade Taxes

The Senate Finance Committee held hearings to learn more about the tax implications of climate change legislation, including whether companies should be taxed for carbon emission allowances.

Court Ruling Could Ease R&D Tax Credit Claims

A new appeals court ruling could make it easier for companies to claim research and development tax credits from the IRS by allowing them to rely on oral testimony instead of a project expense-tracking system.

Senate Proposes Boosting Homebuyer Tax Credit

Sen. Johnny Isakson, R-Ga., has introduced a bill that would increase the maximum amount of the first-time homebuyer tax credit from $8,000 to $15,000.

Minorities Fared Worse with New Markets Tax Credits

Minority-owned businesses were less successful in obtaining awards from the Treasury Department’s New Markets Tax Credits program than non-minority entities in recent years, according to a new government report.

Financial Execs Oppose Changing Tax Deferral Laws

An influential group of financial executives is urging Congress to oppose the Obama administration’s proposals for reforming the corporate tax system, especially the rules used by multinational companies to defer paying taxes on foreign earnings.

Congress Tries Again to Ban Tax Strategy Patents

The House has introduced a bill to ban patents on tax-planning methods and strategies after previous versions of the legislation died in the last congressional session.

Aiding S Corps

As money is drawn out and more losses are likely, tax planning for S corporations becomes crucial.

Senate Explores Ways to Fund Health Care Reform

The Senate Finance Committee released a set of policy options for financing health care reform, including modifying the current tax treatment of health-related expenses.

Tax Strategy: Making the Making Work Pay Credit work

Proposed carried interest measure may cast wider net

Editor's Desk: Fee parties

Although I reside in one of the most overtaxed and inarguably free-spending states in the union, I did not attend any of the many 'Tea Parties' held last month, fittingly, on April 15.

IRS Tries to Fix Withholding Problems

The IRS is providing a new withholding adjustment option for pension plans as a way to get around some of the glitches that have developed with the new Making Work Pay tax credit.