Tax strategies

CPAs in Pennsylvania and New Jersey are pessimistic about economic trends both nationally and statewide, according to a new survey.

The so-called fiscal cliff has politicians in Washington performing the political equivalent of a soap opera as they leave the country in suspense about whether they will manage to resolve a self-inflicted crisis in time to avoid a recession next year.

The Internal Revenue Service has issued proposed regulations on the 0.9 percent Additional Medicare Tax for upper-income taxpayers scheduled to take effect next year as a result of the Affordable Care Act.

House Republicans, rejecting President Barack Obama’s demand for higher tax rates, countered with a $2.2 trillion deficit-cutting plan that would trim Medicare and Social Security and cap tax deductions for top earners.

CFOs in the U.S. remain uncertain about the future of the economy and their own businesses, according to a new survey.

House Minority Leader Nancy Pelosi, D-Calif., said she would try to use a procedure known as a discharge petition to bring a Senate-passed bill for extending the middle-class tax cuts to the floor of the House.

Two former Ernst & Young LLP tax attorneys, Richard Shapiro and Martin Nissenbaum, won reversal of their convictions for developing illegal tax shelters sold by the accounting firm from 1999 to 2001.

Congressional Republicans dug in to fight President Barack Obama’s plan to skirt the fiscal cliff, rejecting his tax-and-spending proposal as the president heads out today to sell it to the American public.

Two lucky winners in Arizona and Missouri will be able to claim the record-shattering $580 million Powerball jackpot after Wednesday night’s drawing, but they will also face taxes and need financial advice.

President Barack Obama urged middle-class families who are in danger of seeing their taxes go up next year to begin using Twitter and other forms of communication to urge lawmakers to extend tax cuts for the middle class.

A group of business trade associations have sent a letter to Congress urging lawmakers to reject President Obama’s call for higher marginal tax rates on main street employers.

Billionaire investor Warren Buffett has revived his calls for increased taxes on the wealthy in the op-ed pages of The New York Times.

A new White House report from the President’s Council of Economic Advisers predicts that allowing tax rates for the middle class to rise and failing to patch the alternative minimum tax would have a negative impact on consumer spending and retailers alike.

Small tax-exempt organizations that have not filed returns with the Internal Revenue Service for three years will not automatically lose their tax-exempt status if they were affected by Hurricane Sandy.

Grant Thornton is offer some year-end tax planning tips for both individuals and businesses, and their accountants, facing the expiration of the Bush tax cuts.

The Internal Revenue Service has raised the standard mileage rates by 1 cent per mile for next year when calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The Internal Revenue Service Oversight Board has sent a letter to the leaders of Congress’s two tax-writing committees urging them to act swiftly to patch the Alternative Minimum Tax to keep it from spreading to millions more taxpayers.

Nearly 80 percent of business executives said they would be willing to accept the repeal of certain tax incentives in exchange for a lower overall corporate tax rate, according to a new report by KPMG.

President Obama met with congressional leaders at the White House on Friday to negotiate over the expiration of the Bush tax cuts and the looming problem of the so-called “fiscal cliff,” with the leaders agreeing that the meeting had been constructive.

While tax experts are divided on the immediate future of tax rates as we approach the fiscal cliff (the combination of scheduled tax rate increases and spending cuts by the government), the consensus is that rates will indeed rise precipitously.