Tax strategies

The Internal Revenue Service has issued a set of tips to help with foreign tax credit compliance.

A pair of Democratic lawmakers in Congress announced they are introducing legislation to curb gun violence by increasing federal taxes on firearms and ammunition.

With all the noise about Americans renouncing their citizenship and paying an exit tax just to be freed from what they consider an oppressive tax regime, it’s nice to know that it’s a two-way street.

Investing is a complex undertaking. The supply of investment alternatives is seemingly endless. Evaluating various alternatives can be quite difficult and very time consuming.

The leaders of Congress’s two main tax committees met with taxpayers and businesses in Silicon Valley on Tuesday to elicit feedback on various tax reform proposals.

Ahead of an expected showdown in Congress over budget and tax issues after lawmakers return from their August recess, groups in 16 states are holding 28 events this week to demand that Congress end corporate tax breaks to avoid deeper cuts to spending programs.

In some cases, rather than renting space, a business owner may purchase the buildings in which they operate their companies.

The Internal Revenue Service has released a draft version of a new form for reporting on foreign bank accounts under the Foreign Account Tax Compliance Act.

The Motion Picture Association of America has resolved a dispute with Chinese authorities over value-added tax payments that had held up payment for Hollywood movies distributed in China.

The American Institute of CPAs has written to the heads of Congress’s main tax-writing committee expressing its opposition to a proposed limitation on the use of the cash method of accounting for partnerships, S corporations, personal service corporations and farmers.

Americans who currently buy their own insurance through the individual market would receive tax credits averaging nearly $2,700 next year for coverage purchased through new insurance marketplaces under the Affordable Care Act, according to a new study.

Married same-sex couples with children may face higher bills from the IRS as recent Supreme Court rulings start playing out in the tax code.

Americans renouncing U.S. citizenship surged sixfold in the second quarter from a year earlier as the government prepares to introduce tougher asset-disclosure rules.

Among the many tax reform issues to be resolved in the months ahead is whether or not to produce a comprehensive tax reform bill or simply one limited to corporate reform.

A proposal to drastically cut or abolish state income taxes in Georgia and replace them with higher sales taxes would raise taxes on up to 80 percent of Georgia taxpayers and spike Georgia's average state and local sales tax to as high as 14.5 percent, according to a new study.

The American Institute of CPAs has sent a comment letter to the Internal Revenue Service and the Treasury Department highlighting potential problems for international tax entities from the IRS’s proposed regulations related to the net investment income tax.

A pair of Senate Democrats have introduced legislation to end unlimited tax write-offs on performance-based executive pay, allowing publicly traded corporations to deduct only up to $1 million in pay per employee.

Employers in 17 states (and the Virgin Islands) may not be eligible to claim the maximum amount of state unemployment tax credits on their 2013 federal unemployment tax return, because their state has had an outstanding federal unemployment insurance loan for at least two years, according to tax analysts at Thomson Reuters Checkpoint.

The U.S. tax systems for individuals and corporations should be revamped together, said the top Republican tax writer in Congress, resisting President Barack Obama’s call for a business-only approach.

Tax reform talk is heating up. Support is growing for bipartisan efforts to rewrite the tax code, with committee chairmen and ranking members in both the House and the Senate jumping aboard the effort.