Tax planning

Ideas for tax planning as 2013 begins to wind up

What companies need to know as the IRS shifts its compliance focus

Seeing signs of movement on changing the Tax Code

The Tax Code giveth and the Tax Code taketh away. The depreciation and expensing provisions in the Tax Code allow taxpayers to recover the cost of property through an annual allowance. As a result, many businesses have taken advantage of the opportunity to write off expenses of equipment and other tangible property by making purchases toward the end of the year, driven as much by the tax advantage it gives them as by the actual need for new equipment. But many of these business owners forget that when they sell an asset, the IRS can take their depreciation allowance back, often at the highest possible tax rate. Taxpayers use depreciation to write down the cost of assets, both tangible assets like capital equipment and real property, and intangible assets such as patent costs and goodwill. But if those assets are sold at a profit, the IRS can recapture the full amount that was depreciated.

Amazon.com has enlisted former Solicitor General Ted Olson to file a petition with the U.S. Supreme Court to stop New York State from requiring Amazon customers to pay sales taxes on their purchases.

Switzerland is paving the way for its banks to settle a dispute with the U.S. over tax evasion, approving a plan after years of diplomatic wrangling.

The Internal Revenue Service has issued a set of tips to help with foreign tax credit compliance.

A pair of Democratic lawmakers in Congress announced they are introducing legislation to curb gun violence by increasing federal taxes on firearms and ammunition.

With all the noise about Americans renouncing their citizenship and paying an exit tax just to be freed from what they consider an oppressive tax regime, it’s nice to know that it’s a two-way street.

Investing is a complex undertaking. The supply of investment alternatives is seemingly endless. Evaluating various alternatives can be quite difficult and very time consuming.

The leaders of Congress’s two main tax committees met with taxpayers and businesses in Silicon Valley on Tuesday to elicit feedback on various tax reform proposals.

Ahead of an expected showdown in Congress over budget and tax issues after lawmakers return from their August recess, groups in 16 states are holding 28 events this week to demand that Congress end corporate tax breaks to avoid deeper cuts to spending programs.

In some cases, rather than renting space, a business owner may purchase the buildings in which they operate their companies.

The Internal Revenue Service has released a draft version of a new form for reporting on foreign bank accounts under the Foreign Account Tax Compliance Act.

The Motion Picture Association of America has resolved a dispute with Chinese authorities over value-added tax payments that had held up payment for Hollywood movies distributed in China.

The American Institute of CPAs has written to the heads of Congress’s main tax-writing committee expressing its opposition to a proposed limitation on the use of the cash method of accounting for partnerships, S corporations, personal service corporations and farmers.

Americans who currently buy their own insurance through the individual market would receive tax credits averaging nearly $2,700 next year for coverage purchased through new insurance marketplaces under the Affordable Care Act, according to a new study.

Married same-sex couples with children may face higher bills from the IRS as recent Supreme Court rulings start playing out in the tax code.

Americans renouncing U.S. citizenship surged sixfold in the second quarter from a year earlier as the government prepares to introduce tougher asset-disclosure rules.

Among the many tax reform issues to be resolved in the months ahead is whether or not to produce a comprehensive tax reform bill or simply one limited to corporate reform.