Tax strategies

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.

Hurricane Sandy has proven to be one of the most costly storms in U.S. history. Now being dubbed Superstorm Sandy, the aftermath has many of us questioning our own disaster preparedness.

President Obama urged Congress to agree to a deal to extend the Bush-era tax rates for the middle class on Wednesday, while agreeing to consider other tax reform measures for wealthier Americans.

Nearly eight in 10 small business owners are aware of the so-called “fiscal cliff,” according to a new poll that also found they are concerned about the impact of the combination of tax increases and automatic spending cuts that are set to take effect on Jan. 1 if Congress and the President can’t agree on a plan to reduce the deficit by year’s end.

Lowering the corporate tax rate on retailers could create more than 327,000 jobs in the first year, save consumers $10.2 billion, and increase salaries and wages by more than $10 billion, according to a new study by PricewaterhouseCoopers, commissioned by a retail trade group.

With tax cuts galore expiring at the end of the year, and steep cuts in both defense spending and discretionary spending on the horizon, Democrats and Republicans in Washington are doing a complicated dance at the edge of the so-called fiscal cliff.

White House officials have quietly lobbied Wall Street and the business community over the last several months to support President Barack Obama’s plan to impose higher taxes on the wealthy to cut the deficit and avert going over the fiscal cliff.

A Thomson Reuters tax analyst is offering end-of-year tax-planning tips for U.S. corporations, detailing various options based on possible legislative actions in Congress.

The race is on for wealthy Americans to save on taxes before Jan. 1.

President Barack Obama, fresh from his re-election, turned his attention Friday to the economy, offering to talk with Congress about how to avoid the prospect of automatic tax increases on the middle class.

With the election out of the way and efforts taking shape in Washington to resolve the threat of automatic tax increases and the fiscal cliff, CPAs and certified financial planners are recommending ways to protect their clients no matter what Congress and the Obama administration ultimately decide to do about the tax laws for next year.