Tax planning

U.S. lawmakers reached a tentative deal on Tuesday on legislation aimed at boosting the economy by extending a payroll tax cut for 160 million workers through this year and continuing long-term jobless benefits, congressional aides said.

Treasury Secretary Tim Geithner told a Senate panel that the Obama administration plans to introduce a series of proposals to reform the corporate tax laws.

After months of wrangling, congressional leaders appear to be close to a deal on extending the payroll tax cut, unemployment benefits, and the so-called “doc fix” for Medicare physician reimbursements through the end of the year.

Rep. Sander Levin, D-Mich., the ranking Democratic member on the tax-writing House Ways and Means Committee, introduced legislation Tuesday to tax the carried interest earned by hedge fund managers, private equity firm partners, venture capitalists and others at the same tax rates as ordinary income.

President Barack Obama's 2013 election-year budget took investors by surprise with a call for significantly higher taxes on dividends, a major change from his earlier tax proposals and one that will raise the ire of dividend-paying companies.

The Obama administration has increased its budget request for the Internal Revenue Service for fiscal year 2013 to approximately $12.8 billion to make up for recent budget cuts.

KPMG LLP said Monday that it would offer tax offsets to its lesbian, gay, bisexual and transgender partners and employees for the additional federal and state tax costs they incur when they pay for the medical benefits of same-sex domestic partners.

The Treasury Department has released its “greenbook” outlining the tax proposals in the Obama administration’s fiscal 2013 budget.

President Obama called for tax reform measures Monday to cut the budget deficit by $1.5 trillion in his fiscal year 2013 budget.

The legislation passed by Congress at the end of 2010 to extend the Bush tax rates for another two years is bad news for estate planning practitioners.

The House Ways and Means Committee held a hearing on the interaction of tax and financial accounting rules on tax reform.

A pair of Democratic senators who chair influential committees have introduced legislation aimed at closing a variety of tax loopholes to reduce the budget deficit.

Baby Boomers nearing retirement age will have many factors to consider in choosing where to live in retirement, including state taxes, according to CCH tax experts.

The Internal Revenue Service has issued proposed regulations to provide guidance on the excise taxes imposed on the sale of medical devices under the health care reform law.

Sometimes it’s possible to predict a legislative outcome by comparing opening statements and testimonies of committee witnesses.

KPMG has acquired the U.S. assets of Thomson Reuters’ ONESOURCE Indirect Tax Managed Services business.

Sen. Sheldon Whitehouse, D-R.I., has introduced legislation to implement President Obama’s proposal in his State of the Union speech that millionaires should pay at least a minimum 30 percent income tax rate.

With the filing season well underway, the IRS is estimating that more than 144 million individual tax returns will be filed this year - some 4 million more than last year - and it expects to receive most of them by the April 17 deadline.

The Senate Finance Committee held a hearing Tuesday to examine the growing number of tax extenders in the Tax Code that need to be renewed every year or two, and how there could be greater predictability with overall tax reform.

President Obama encouraged Congress to act on a package of legislative proposals to expand tax breaks and financing for startups and small businesses.