Tax strategies

Republican presidential candidate Mitt Romney and his wife, Ann, have used sophisticated estate- planning techniques for more than a decade to minimize taxes and amass at least $100 million for their family outside of their estate.

Three Republicans from the House Committee on Oversight and Government have written a letter to IRS Commissioner Doug Shulman demanding he explain a recent rule that would extend tax credits to individuals who buy health insurance from an exchange set up by the federal government when their state has failed to set up such an exchange.

The Tax Court has applied the “self-rental rule” to recharacterize the income that the taxpayer-owner of a trucking company received from a separate leasing company that he owned as nonpassive income.

Rep. Paul Ryan, R-Wis., Mitt Romney’s choice as vice presidential running mate, said he planned to release two years of tax returns to the public, even though he submitted several more years of tax returns to the Romney campaign during the vetting process.

President Barack Obama’s re-election campaign stepped up its attacks on Republican rival Mitt Romney’s tax history with a new negative ad highlighting Romney’s tenure as head of the audit committee of Marriott International during a period when the committee used a tax shelter that has since been ruled illegal.

Tax credits and deductions for education are too complicated and so confusing that most taxpayers cannot determine which provisions are best for them, the American Institute of CPAs said in written testimony to the Senate Finance Committee.

Every year, it seems that the tax profession is faced with year-end legislation, late forms and radical changes that add to the complexity and headache of preparing a return. Despite all of the above, most practitioners realize that it’s the complexity and confusion that drives new clients their way.

With record-setting temperatures across the country this summer reminding people that the weather has been getting pretty hot lately, it was only a matter of time before the notion of imposing carbon taxes would return to the heads of policy makers.

The House approved legislation last week that would allow federal employees with seriously delinquent tax debts to be terminated.

President Barack Obama criticized Republican rival Mitt Romney’s tax reform plans during a campaign appearance, referring to them as “Robin Hood in reverse” and “Romney Hood.”

Jackson Hewitt Tax Service has unveiled a mid-year list of top areas taxpayers should be considering or have pointed out to then by preparers to help put them in a better position when filing their tax returns next April.

Newly introduced legislation would cut business taxes by more than half for companies that manufacture patented products in the U.S.

A proposal by the Obama Administration regarding grantor trusts has estate planners on edge as they ponder its implications.

The House passed Republican-sponsored legislation Thursday to streamline congressional procedures and pass comprehensive tax reform next year.

The Senate Finance Committee approved legislation Thursday extending dozens of tax cuts known as tax extenders, including the alternative minimum tax patch, which have either expired or are scheduled to expire at the end of the year, while paring back approximately 25 percent of the traditional tax breaks in the name of tax reform.

Senator Marco Rubio, R-Fla., has introduced legislation to exempt U.S. Olympic medal winners from paying taxes on the medals that they win.

The House voted Wednesday to approve a Republican-sponsored bill to extend the current tax rates for all income levels for an additional year, rejecting the Democratic alternative passed by the Senate last week that would have only extended the tax cuts for household incomes under $250,000 a year.

A Senate committee held a hearing Wednesday to discuss legislation requiring Internet retailers to charge their out-of-state customers sales taxes.

The Senate Finance Committee held a hearing Wednesday on tax reform and the tax treatment of different business entities such as pass-through S corporations and C corporations.

Now that it's constitutional, what does the Affordable Health Care Act mean?