Tax planning

Minority-owned businesses were less successful in obtaining awards from the Treasury Department’s New Markets Tax Credits program than non-minority entities in recent years, according to a new government report.

An influential group of financial executives is urging Congress to oppose the Obama administration’s proposals for reforming the corporate tax system, especially the rules used by multinational companies to defer paying taxes on foreign earnings.

The House has introduced a bill to ban patents on tax-planning methods and strategies after previous versions of the legislation died in the last congressional session.

The Senate Finance Committee released a set of policy options for financing health care reform, including modifying the current tax treatment of health-related expenses.

The Making Work Pay Credit is this year's economic stimulus to help get the economy going, just as the economic stimulus payments and related recovery rebate credit were last year's effort to stimulate the economy.

Proposed legislation that was written initially to target hedge fund managers could impact a much larger array of partnerships in areas such as real estate.

Although I reside in one of the most overtaxed and inarguably free-spending states in the union, I did not attend any of the many "Tea Parties" held last month, fittingly, on April 15. Though I was sorely tempted because - for those not familiar with the fiscal drumbeat of New York - tax hikes are as predictable as a Mets' late-season collapse or delays in the 80-year odyssey better known as the Second Avenue Subway.

The IRS is providing a new withholding adjustment option for pension plans as a way to get around some of the glitches that have developed with the new Making Work Pay tax credit.

The Senate Finance Committee held hearings to determine how to pay for health insurance reform, including through new taxes and tax credits.

New York City CPA Jonathan Medows specializes in helping small business owners and freelancers cope with the economic crisis.

A recent decision by the Massachusetts Appellate Tax Board related to inter-company pricing may put state tax auditors on notice not to overreach when assessing the value of services and products provided between companies and their out-of-state affiliates.

Washington, D.C. - Congressional leaders wrestling with President Obama's plan to make the Bush administration's tax cuts permanent for middle-class families earning under $250,000 a year are hearing a sharply divided response from top economic experts.

Both the House and Senate approved President Barack Obama’s $3.4 trillion spending plan on his 100th day in office, but largely along party lines.

It seems almost obligatory to write a story about the 100th day of the Obama administration, but when you’re in the news business, you ignore these kinds of artificial milestones at your own peril.

A large majority of CFOs and senior controllers intend to take advantage of the bonus depreciation provision included in the economic stimulus bill, according to a survey by Grant Thornton.

The Treasury Department’s Inspector General for Tax Administration is urging the IRS to ensure better compliance by tax-exempt organizations that don’t file their tax returns.

IRS REFORMS CONTRACTING

The Bernard Madoff situation is just the most notorious of dozens of Ponzi schemes that have surfaced since the current recession made it more difficult for the operators of those schemes to keep covering payouts and redemptions with money from new investors.

The Internal Revenue Service now has a new interest in sports and entertainment - and not just as a spectator.

The economic downturn, coupled with proposals to make the Research and Development Credit permanent, the potential repeal of LIFO, and higher individual tax rates under the Obama administration, could significantly reshape the landscape of S corps over the next several years."For planning purposes, the proposal to make the R&D Credit permanent has significance because it will affect what types of investments companies will make," explained Rick Klahsen, managing director at RSM McGladrey's national tax department. "However, the proposed repeal of the LIFO inventory method would have a tremendous negative impact on S corporations. Many S corporations are manufacturers, and the loss of the LIFO method will cost them in terms of additional taxable income. It will cause them to take a look at the types of inventory investments they might make."