Tax strategies

While President Obama mentioned taxes a number of times in his State of the Union speech last night, the details were scant.

The Internal Revenue Service has generally been able to identify potentially improper claims for Small Business Health Care Tax Credits by tax-exempt organizations and subject them to further review, but improvements are still needed to ensure the claims are being caught in time, according to a new government report.

President Barack Obama proposed a series of actions to deal with economic issues ranging from the minimum wage to tax reform and student loan debt during his State of the Union address on Tuesday evening.

PricewaterhouseCoopers is anticipating that Super Bowl XLVIII will generate over $210 million in direct spending in the New York and New Jersey area, though the revenue generated by the Super Bowl and other pro football activities is leading some to question the NFL’s nonprofit, tax-exempt status.

The Ending Subsidies for Yachts Act, barring the tax deduction for new mortgages on boats, is pushed by two Democrats in the Republican-led House, Representatives Mike Quigley of Illinois and Tim Walz of Minnesota.

Ten years ago, Congress passed a law intended to penalize chief executive officers whose companies shift their legal addresses to tax havens.

Here is a one-question multiple choice quiz for all return preparers.

The Internal Revenue Service recently drafted Affordable Care Act regulations that offer some insight into what will be the associated monetary penalties for individuals who do not take up health care coverage.

The Republican National Committee plans to hold a vote Friday on a resolution calling for the repeal of the Foreign Account Tax Compliance Act.

Employers remain in a holding pattern through 2014 regarding a provision of the Affordable Care Act that the Internal Revenue Service is not yet enforcing.

A coalition of a half dozen business organizations, including the American Institute of CPAs, have banded together to express their opposition to a proposal from the Senate Finance Committee to require businesses to use the accrual method of accounting for tax purposes.

The Internal Revenue Service has released a set of proposed regulations to prevent abuses of the partnership basis adjustment rules, disallowing partnership loss transfers to avoid some of the abuses uncovered by the Enron scandal.

The Internal Revenue Service has decided to postpone a change it had planned for this year to limit the number of e-file signature authorization documents for filing Form 1041 estate and trust tax returns to a single 1041 return rather than multiple returns.

The plaintiffs who lost a recent lawsuit trying to prevent the federal government from providing tax credits to purchase health insurance on federal exchanges have filed for an expedited appeal in the case.

American Citizens Abroad, a group representing U.S. expatriates, has submitted a tax proposal to the Senate Finance Committee recommending a number of international tax reforms, with the American Institute of CPAs also submitting its recommendations to the same committee on tax administration and simplification.

Senator Marco Rubio, R-Fla., plans to introduce legislation that would provide a replacement for the Earned Income Tax Credit in the form of a “wage enhancement.”

The United States is falling behind Europe and China in efforts to capitalize on globalization and could potentially miss out on future economic growth as a result, according to a new survey by the international accounting and consulting network UHY.

The Internal Revenue Service should give taxpayers clear rules on how it will handle transactions involving Bitcoin and other digital currencies, Nina Olson, the National Taxpayer Advocate, said.

Lyle Benson, founder of L.K. Benson & Co. and chairman of the AICPA's PFP Section, discusses how tax planning is becoming a more important part of a client's overall financial planning, in an interview with Accounting Today editor-in-chief Daniel Hood.

Many considered Dec. 31, 2013, the final date for year-end tax planning, but there are numerous planning actions that you can take in 2014 retroactive to 2013. Here’s a quick and easy guide to help you with your planning.