Tax strategies

Rep. Mike Thompson, D-Calif., a senior member of the tax-writing House Ways and Means Committee, has introduced legislation to expand the New Markets Tax Credit program to provide up to $100 million a year to help distressed communities whose military installations have been either closed or realigned.

On Sept. 13, 2013, two years after the 2011 temporary and proposed regulations, the Internal Revenue Service issued final and reproposed tangible property regs. There are a number of differences between the final and reproposed regulations as compared to the 2011 regs, with a stated goal of simplifying and clarifying them and making them more administrable.

It’s the time of year to again start thinking about expiring tax provisions. Usually the first thing that comes to mind is the alternative minimum tax, but this particular issue was “fixed” in January of this year by the fiscal cliff bill. That still leaves a number of expiring provisions, according to Robert Kerr, senior director of government relations at the National Association of Enrolled Agents.

The Treasury Department and the Internal Revenue Service have loosened the “use it or lose it” rule for flexible spending arrangements for health care, allowing participants in health benefit plan to carry over up to $500 from their FSA from year to year.

The Internal Revenue Service issued its annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes for 2014.

A pair of lawmakers have introduced legislation to simplify the Tax Code to enable families to more easily afford the cost of higher education.

PricewaterhouseCoopers US has released the latest edition of “Managing Your Wealth: Guide to Tax and Wealth Management,” the firm’s annual guide aimed at helping high-net-worth individuals, families and business owners better understand and play an active role in growing and preserving their wealth.

The Treasury Department and the Internal Revenue Service have released a document containing proposed guidance for foreign financial institutions as the next step in implementing the Foreign Account Tax Compliance Act in an effort to combat offshore tax evasion.

Now that the October 15 extended filing deadline for personal income tax returns has passed, we have only 10 weeks to help our clients plan for the tax returns that will be due April 15.

Rep. Dave Camp, R-Mich., the influential chairman of the tax-writing House Ways and Means Committee, has written a letter to the acting head of the Internal Revenue Service complaining that the IRS’s decision to delay tax season because of the government shutdown will be a financial burden to people who count on early tax refunds.

Greatland, a provider of W-2 and 1099 products for business, is offering advice to help businesses and their tax preparers avoid penalties, improve compliance and know the important changes for year-end, particularly in light of the Affordable Care Act.

Mary Kopczynski, CEO of 8of9 Consulting, discusses how the intergovernmental agreements that the U.S. has been negotiating with other countries to facilitate FATCA compliance are affecting U.S. expatriates and citizens abroad, in an interview with AccountingToday.com editor-in-chief Michael Cohn.

The American Institute of CPAs has faced a hectic year dealing with problems like the last-minute fiscal cliff deal that delayed tax season, along with the after-effects of Superstorm Sandy and the impact of changes at the Internal Revenue Service that made life difficult for many tax practitioners.

When construction slowed during the recession, some companies hired workers and wrongly designated them as independent contractors to avoid paying insurance, taxes, fair wages and overtime.

CCH has released a new tax briefing offering insights and analysis to assist tax practitioners and their clients with year-end tax planning.

Mary Kopczynski, CEO of 8of9 Consulting, discusses the Foreign Account Tax Compliance Act, and its implications, delays and controversies, in the first of a two-part interview with AccountingToday.com editor-in-chief Michael Cohn.

Thomson Reuters’ WorldTrade Executive brand has released the latest edition of Global Transfer Pricing Solutions, a book that covers regulatory changes and provides analysis in the field of transfer pricing.

Legislation approved by the Senate earlier this year to require online businesses to collect sales taxes from out-of-state customers could have a unfair impact on businesses owned by minorities, women, veterans and other groups, according to a new study.

As 2013 comes to an end, employers, employees and self-employed individuals should make sure they are complying with the new 0.9 percent additional Medicare tax, according to Thomson Reuters.

Check out the digital edition of the October 2013 issue of Accounting Today.