Tax planning

A bill to provide tax credits to small businesses that hire new workers has been blocked by Senate Republicans after Democrats refused to allow GOP-sponsored amendments on extending the Bush individual income tax cuts.

For Americans long subject to the complexities and confusions of the Internal Revenue Code, it may come as a shock to find that some believe the U.S. to be a tax haven.

Legislation to provide tax credits for small businesses that hire new workers has made progress in the Senate, with lawmakers voting 80 to 14 to advance the bill past a procedural hurdle Tuesday, but Senate Democrats blocked an attempt Wednesday by Republicans to add an amendment that would extend the Bush tax cuts for another year.

The top Senate tax writer predicted Democrats in the chamber will back President Barack Obama’s latest push to extend part of the Bush-era tax cuts, calling talk of Democratic dissension “background noise.”

President Barack Obama pushed for a one-year extension of the current tax rates, but only for taxpayers making under $250,000 a year.

Congressional Democrats on the House Ways and Means Committee have introduced a pair of bills to extend the production tax credit for wind energy manufacturers through the end of 2013 and provide a 10 percent income tax credit for employer payroll increases this year.

On the eve of the Supreme Court’s decision on the constitutionality of the Affordable Care Act, a new report on the Internal Revenue Service’s readiness to handle some specific aspects of the law has been released.

National Taxpayer Advocate Nina E. Olson has identified the priority issues the Taxpayer Advocate Service will focus on during the upcoming fiscal year.

Sen. John McCain, R-Ariz., has a novel idea. Instead of allowing $500 billion of cuts in the defense budget to go forward as part of last year’s deficit reduction deal, he wants to use money saved from closing tax loopholes.

KPMG LLP has launched a new service, Operational Transfer Pricing, to help multinational companies better navigate the growing risks they face with intercompany transactions internationally.

Leaders of the Senate and House committees charged with tax policy plan to hold a rare joint hearing next Thursday on tax reform and the tax treatment of capital gains.

I’m no fan of complexity, in taxes or any other area. But, as in most situations, there’s a silver lining.

The Internal Revenue Service needs to do a better job of estimating its staffing needs for implementing the Affordable Care Act, according to a new government report.

A group of Democrats on the House Ways and Means Committee have introduced a bill to extend 100 percent bonus depreciation through 2012 to encourage capital investments and job growth.

KPMG has introduced an online resource that examines how tax authorities in 18 different countries are dealing with the challenge of taxing cloud computing services.

The American Institute of CPAs is asking Congress to make permanent changes in the estate tax as soon as possible to provide certainty to taxpayers before the current rates and rules expire at the end of the year.

The Senate Finance Committee held a hearing Tuesday to examine the impact of tax reform on U.S. energy policy.

Two recent court cases have had a significant impact on the use of cost segregation studies in terms of reclassifying building components for accelerated depreciation.

The House Ways and Means Select Revenue Measures Subcommittee held a hearing Friday on various expiring and already-expired tax breaks.

The House voted to repeal the 2.3 percent excise tax on medical devices and another provision from the health care reform law that prevents holders of health savings accounts from buying over-the-counter medicine without a prescription.