Tax strategies

The Congressional Budget Office has issued a report warning that the economy could slip into a recession unless policymakers decide what to do about the steep tax increases and spending cuts that are scheduled to take effect next year.

Private equity firms are helping with employment growth, according to a new survey by accounting firm McGladrey LLP.

The Internal Revenue Service has taken some initial steps to implement the Foreign Account Tax Compliance Act, but it still has a long way to go, according to a new government report.

The New York State Society of CPAs has written to the Internal Revenue Service asking for a simplified method of electing deferral of U.S. taxation on Canadian Registered Retirement Savings Plans.

Senators Charles Schumer, D-N.Y., and Bob Casey, D-Pa., have unveiled a plan to respond to those like Facebook co-founder Eduardo Saverin, who recently moved to renounce his U.S. citizenship, allegedly to avoid taxes on the profits he is expected to collect from the social networking company’s initial public offering.

The Federal Register publishes a quarterly list of persons who have renounced their citizenship. Known as the "name and shame" list, the most recent one, published on April 30, contains the name Eduardo Saverin, co-founder of Facebook. While the move may have nothing to do with Friday's Facebook IPO, it could result in significant tax savings for Eduardo.

The House passed bipartisan legislation Tuesday to bring tax relief to workers employed in more than one state.

The Senate Finance Committee held a hearing Tuesday to examine the impact of tax reform on Native American tribes and U.S. territories such as Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa and the Northern Mariana Islands.

The American Institute of CPAs has introduced a Web-based calculator to help individuals estimate the total amount of taxes they pay every year for the most common federal, state and local taxes.

In a move apparently designed to limit his U.S tax liabilities, Eduardo Saverin, a co-founder of Facebook, has renounced his U.S. citizenship prior to the company going public.

Maybe we need tax education as well as tax reform. No matter how simple the Tax Code becomes, it might not be simple enough.

Small business owners ranks Idaho and Texas as the most business-friendly states, with Oklahoma City and Dallas-Ft. Worth taking top honors among cities across the nation, according to a new survey.

Banking executives are predicting that the majority of banks will miss the deadlines for complying with new requirements under the Foreign Account Tax Compliance Act for reporting on foreign bank accounts and assets held by U.S. taxpayers.

A pair of Democratic lawmakers have introduced a bill aimed at reducing taxes for businesses that move jobs back to the U.S.

Uncertainty lingers over whether Congress will extend all or some of the tax cuts and incentives set to expire at the end of the year.

The General Services Administration is now coming under scrutiny for offering government contractors a tax deduction in exchange for giving the agency 19 percent of the money from the tax break.

The Tax Code has contributed to rising income inequality in recent decades as middle- and lower-income Americans have seen their incomes stagnate while the wealthiest have experienced staggering income growth, according to a new report.

The upcoming expiration of the Bush-era tax rates at the end of the year is already starting to produce its share of anxiety along with outsize forecasts of financial disruption.

Columnists Jones and Luscombe on 2012 tax planning

BNA Software, a Bloomberg BNA business, has launched BNA Income Tax Planner Web, an online version of the company’s income tax software that provides several new features and lower maintenance costs.