Tax planning

Congress’s Joint Committee on Taxation has released a report summarizing various provisions of the Tax Code and suggestions that were sent to House Ways and Means Committee working groups tasked with various aspects of tax reform.

When Oklahoma energy billionaire George Kaiser opened the Northeast Gateway liquid natural gas terminal in 2008, the floating depot’s first delivery was shipped on the Excellence, a 909-foot supertanker that holds 138,000 cubic meters of LNG—enough gas to meet more than 4 percent of daily U.S. demand.

It’s become an annual rite of spring, at least for me—the release of Bloomberg BNA’s Survey of state tax departments. The survey, Bloomberg BNA’s 13th annual survey, asks questions aimed at clarifying each state’s position on the gray areas of corporate income and sales and use tax administration. Although nexus isn’t the only topic, it has been one of the main emphases of the survey.

The research and advocacy organization Global Financial Integrity is urging Sen. Rand Paul, R-Ky., to allow the Senate to vote on agreements negotiated by the Treasury Department with Switzerland, Luxembourg, Hungary and other countries to implement the Foreign Account Tax Compliance Act, or FATCA, in an effort to ferret out tax evaders.

You receive a call from a very excited client: your lawyer client settled a large case. Or your client won a large judgment. Or your client won the lottery. Now your client is about to receive a very large check: $1,000,000. $5,000,000. More? That’s the good news.

The American Institute of CPAs has sent tax reform recommendations to five of the 11 working groups on the House Ways and Means Committee tasked with studying various aspects of tax reform.

The House Ways and Means Committee held a hearing on tax reform and residential real estate, considering the effect of changing popular tax breaks like the mortgage interest deduction.

The Internal Revenue Service has issued draft versions of two forms needed for overseas taxpayers to file in connection with the Foreign Account Tax Compliance Act.

It’s been kicking around in one form or another for the better part of a decade, but it looks as though it finally has some momentum.

The Internal Revenue Service is continuing to make progress in its implementation of key elements of the Affordable Care Act, according to a new government report, but it could expand the use of employer-provided health care information to ensure employer, health insurer and taxpayer compliance with the ACA.

A loose coalition of anti-tax activists, direct marketers and financial industry trade groups has a tough task this week in overcoming bipartisan support for letting states impose sales taxes on out-of-state sellers.

It might be tempting for small business owners, and their advisors, to contemplate the higher tax rates on individuals spawned by the American Tax Relief Act, and conclude that switching their S corporation to a C corporation makes sense.

Rep. Keith Ellison, D-Minn., introduced a bill Wednesday that would establish a tax on the trading of stocks and other financial products.

The Internal Revenue Service does not always recognize and properly investigate signs of tax fraud, according to a new report, foregoing at least millions of dollars in potential fraud penalties.

A pair of Congressmen have introduced legislation that would allow the Internal Revenue Service to provide taxpayers with a tax form already containing information received from employers and banks to streamline the tax prep process.

Rep. Lloyd Doggett, D-Texas, introduced legislation on tax deadline day to close offshore tax loopholes for corporations and encourage greater financial transparency.

Married same-sex couples are awaiting a decision by the Supreme Court to help them resolve their tax-filing challenges on tax day.

CCH has released a new tax briefing analyzing President Obama’s fiscal year 2014 budget and the tax ramifications of the President’s proposals.

Complexity and inconsistency within the tax code continue to be a major problem for small businesses, with one out of four small businesses reporting that they need to spend 120 hours or more per year on the administration of federal taxes, or three full work weeks, according to a new survey.

Owning your own business is about doing the one thing you love to do, and 99 other things you dislike but must do, according to Roger Harris, president and chief operating officer of Padgett Business Services.