Tax planning

The Senate Finance Committee has approved its long-awaited version of the health care reform bill by a 14-9 vote.

There continue to be rumblings that Congress may repeal the LIFO accounting method for inventory.

IMGCAP(1)]Today, more than three years since it was issued, FIN48 remains the bane of many tax departments’ existence.

Among the revenue proposals detailed in the administration’s fiscal 2010 budget are some provisions that might negatively affect small businesses and tax preparers. The American Institute of CPAs has weighed in on a number of these, including the codification of the economic substance doctrine, information reporting on payments to corporations, increasing the level of the information penalties, and expanding the requirement for electronic filing by return preparers.

New Jersey ranks at the bottom of the list in a new study of the comparative business friendliness of tax systems in the 50 states, while South Dakota is counted as most business friendly.

The Treasury Department’s Inspector General for Tax Administration has released a report recommending that the IRS seek mandatory electronic filing of individual tax returns by paid preparers, and legislation is being readied to write such a requirement into law.

The State of Minnesota has decided to end its income tax reciprocity program with Wisconsin, effective Jan. 1, 2010.

New America Software has formally released its MultiTax software for download after about a year of beta testing with various tax preparation businesses.

CCH has introduced a new research product with up-to-date information on 20 jurisdictions that offer low tax rates.

Thomson Reuters’ Tax & Accounting business plans to acquire Deloitte LLP’s Abacus Enterprise suite of tax software products.

CCH has expanded its lineup of global tax products with Worldwide Tax Rates and Answers: Individuals, an online tax compliance and research service that covers the European Union.

H&R Block reported a consolidated net loss for the first quarter of $133.6 million, or 40 cents a share, with much of the loss attributed to tax operations.

The government is about to start offering a Cash for Clunkers type of program for old inefficient appliances this fall, so why not cash for clunker tax returns and financial statements?

The use of carbon taxes and other forms of “green” taxation to improve the environment and raise government revenue requires careful planning, recommends a position paper from the Association of Chartered Certified Accountants.

The Treasury and Energy Departments plan to give $2.3 billion in tax credits from the Recovery Act to manufacturers of clean energy equipment.

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CCH has enhanced its Tax Zone Locator service to make it easier for tax professionals to track down and obtain location-based tax credits and incentives for clients.

Tax collection rates around the country have dropped precipitously in recent months, prompting local and state governments to get tougher and tax more.

The Treasury and Energy Departments plan to distribute at least $3 billion for renewable energy projects to companies that agree to forgo future tax credits.

As Congress struggles to produce a health care reform bill that can be sold to voters during and after the August recess, one idea that’s emerging is a tax on plastic surgery.