Tax strategies

It may be some time before Congress and the Obama administration decide what to do about the tax rates for next year, so it’s a good idea to plan for various alternative scenarios just in case.

Corporate enterprise tax software provider Vertex Inc. has released Vertex Tax Accounting, a product designed to improve global provisioning as well as provide a source for modeling tax planning strategies.

The election results, while no surprise, have pretty much left us where we were in terms of tax policy, according to Roger Harris, president of Padgett Business Services.

In the aftermath of the elections, the payroll tax cut appears to be one of the likely casualties of the scramble to resolve questions over expiring tax cuts and the looming fiscal cliff during the lame-duck session of Congress.

The chances for comprehensive tax reform occurring in the wake of Tuesday’s elections are murky at best, with a divided Congress and a re-elected President who has been unable to persuade Republicans to support his tax policies.

The re-election of President Obama is likely to result in substantial changes for taxpayers, especially with the expiration of the Bush-era tax rates approaching.

President Barack Obama delivered his acceptance speech early Wednesday morning after winning re-election in a hard-fought campaign against Republican rival Mitt Romney as the U.S. faces the risk of another plunge into recession with the expiration of the current tax rates coupled with deep automatic spending cuts.

The Internal Revenue Service’s decision to modify the timelines for withholding agents and foreign banks to comply with the stiff new due diligence requirements under the Foreign Account Tax Compliance Act is providing them, as well as taxpayers and preparers, with some welcome relief.

The outcome of next week’s election is likely to determine tax policy, but some elements may be outside the control of whoever gets elected to the White House and Congress.

Tax practitioners are working harder nowadays to keep up with a changing profession, an official with the American Institute of CPAs told attendees at Accounting Today’s Growth & Profitability Summit.

PricewaterhouseCoopers US has published a new edition of its annual guide, “Managing Your Wealth: Guide to Tax and Wealth Management.”

President Barack Obama and Republican challenger Mitt Romney argued fiercely over foreign policy during their final debate, with some discussion of tax policy, the budget and the economy also part of the mix.

K&A Accountancy launched a service Monday to help millions of small businesses take advantage of an Affordable Care Act health insurance tax credit that can be worth up to $50,000 per year.

Although the legislative trends decided by next month’s elections won’t be known until the lame duck session of Congress and later, based on what we know now it may be a good time to consider selling a small business.

The Internal Revenue Service said Thursday that more than two dozen tax provisions will be adjusted for inflation for tax year 2013.

President Barack Obama and his Republican rival, former Massachusetts Governor Mitt Romney, engaged in a lively and at times ferocious debate that covered a range of topics, including taxes, the economy, Libya and women’s health.

A circuit court has ruled that severance payments given to employees are not taxable, a decision that could have far-reaching implications.

Financial executives who manage corporate treasuries are becoming increasingly concerned about the so-called “fiscal cliff,” the combination of tax increases and steep spending cuts that are due to occur at the end of the year unless Congress and the administration act to prevent them.

The Internal Revenue Service is paying millions of dollars every year in unnecessary interest payments due to delays in processing net operating loss cases within the required 45 days, according to a new government report.

Facebook has reportedly paid only about $315,000 in taxes in the United Kingdom last year, even though the social networking giant reported U.K. revenues of about $32.8 million and is estimated to have earned over $281 million in the U.K.