Tax strategies

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.

A bipartisan group of senators have introduced legislation to combat acts of tax evasion, money laundering, terrorism and other wrongdoing facilitated by U.S. corporations with hidden owners.

The American Institute of CPAs has sent a letter to the Senate Finance Committee recapping its recommendations on tax reform as the committee moves closer to drafting a tax reform bill.

President Barack Obama, prodding Congress to consider fresh economic proposals after two years of gridlock, called for restructuring business taxes so long as the initial revenue generated goes toward job creation.

The leaders of Congress’s two main tax committees continued their tax reform road show tour with a stop at a New Jersey small business that makes kitchen appliances.

Last week, one of the “girlie” cable channels had a weeklong Christmas-in-July event, where they showed Christmas movies the whole week. (In case you’re wondering, it’s my wife, not me, who watches this particular channel). But the thought occurred that if it’s time to start thinking about Christmas, then it’s also time to begin considering end-of-year tips and planning strategies to offer clients as we approach the beginning of fall.

Senators Tom Harkin, D-Iowa, and Chuck Grassley, R-Iowa, led a bipartisan group of five senators in introducing legislation to increase the alternative tax liability limitation for small property and casualty insurance companies.

The deadline is coming up this week for lawmakers in Congress to submit their preferences for the “must have” tax breaks that need to be kept in the Tax Code under Senate Finance Committee leaders’ “blank slate” approach to tax reform.

Last month’s Supreme Court decision in U.S. v. Windsor held section 3 of the Defense of Marriage Act to be unconstitutional.

A pair of lawmakers plan to introduce bipartisan legislation in the House that would provide permanent tax incentives to family farmers, ranchers and other land owners who choose not to develop their land and instead preserve their property for conservation.

Your client has a successful closely held business. Perhaps your client has already indicated that, at some indeterminate point in the future, the business will be sold. Even if your client has not given such an indication, you are well advised to at least broach the topic as a matter of long-term contingency planning.