Tax planning

The tax and business advisory firm WTP Advisors is predicting that Congress will renew the expired Research and Experimentation Tax Credit as it has traditionally done over the years.

The airline industry and one of its prominent allies are gearing up to fight a possible push in the U.S. Congress to tax baggage fees and other air-travel charges as a way to generate additional federal revenue.

The Internal Revenue Service has issued a revenue procedure providing a safe harbor to those who invest in renovations of historic commercial buildings, addressing concerns stemming from a 2012 appeals court decision that upset users of historic tax credits, or rehabilitation credits.

Among the nation’s billionaires, one of the most sought-after pieces of real estate right now is a quiet storefront in Sioux Falls, South Dakota.

The Internal Revenue Service is urging individuals and businesses that are making contributions to charity to keep in mind several important tax law provisions that have taken effect in recent years. Accountants can pass along the advice to their clients who are making charitable contributions that they can claim on their taxes next year.

With the New Year right around the corner, business owners are likely scrambling to identify tax credits they can take advantage of or a tax professional to help them ensure they’re properly reporting their tax information for 2013.

Switzerland’s 300 banks have enlisted an army of auditors, lawyers and in-house workers as they race to meet a Dec. 31 deadline on whether to seek U.S. amnesty for helping American clients evade taxes.

President Obama has nominated Senate Finance Committee chairman Max Baucus, D-Mont., as the next ambassador to China, potentially setting back efforts at comprehensive tax reform.

“It’s never too late for tax planning,” a wise CPA once told me. “You’ve got till the ball drops to take action, and if you do it later than that, then you’ve got an early start for next year.”

The U.S. has signed six more intergovernmental agreements with a half dozen jurisdictions, including several traditional offshore tax havens, to implement the Foreign Account Tax Compliance Act, or FATCA.

The Internal Revenue Service has issued guidance on the application of rules in the Tax Code relating to health savings accounts and flexible spending accounts to same-sex couples in the aftermath of the Supreme Court’s landmark decision earlier this year striking down the Defense of Marriage Act.

The popularity of the shelter, known as the Walton grantor retained annuity trust, or GRAT, shows how easy it is for the wealthy to bypass estate and gift taxes.

KPMG is predicting a dozen key tax issues that will be confronting businesses next year, including the taxation of cloud-related activities, base erosion and profit shifting in multinational corporations, and the far-reaching consequences of the Foreign Account Tax Compliance Act.

As 2013 recedes in the rearview mirror, it is understandable that tax professionals look to the road ahead regarding taxes and Washington.

As we come down to the wire for the beginning of busy season, it’s important to review some of the things we may already know, or think we know, about reporting and filing requirements.

Fresno, Calif.-based nonprofit accounting software company Aplos Software announced it will host a series of free webinars for nonprofits about year-end accounting procedures and how to prepare for the new year.

Payroll provider Paychex Inc. is reminding small-business owners about five tax regulations and credits that they should evaluate before the end of the year.

Top 100 Firm Marcum LLP’s Lesbian, Gay, Bisexual & Transgender Practice has released a list of top tax planning tips for married same-sex couples to help guide them on what they will need to file taxes since the federal government officially recognized same-sex marriage for tax purposes.

Ernst & Young has published the latest edition of its annual tax guide ahead of the New Year.

The digital edition of the December 2013 issue of Accounting Today is now available.