Tax strategies

The three winners of the record-breaking $656 million Mega Millions lottery jackpot will owe at least 25 percent of their winnings to the Internal Revenue Service.

President Obama said in his weekly address Saturday that Congress will be voting in the weeks ahead on the Buffett Rule, which would raise taxes on the wealthy.

The U.S. is set to have the highest combined federal and state statutory corporate tax rate in the industrialized world on Sunday, April 1, once Japan drops its top rate to 38.1 percent.

There’s good news and bad news to be found in the predictions of the tax business executives polled in the Tax Policy Forecast Survey.

The House has passed a Republican-sponsored budget alternative to President Obama’s fiscal 2013 budget, mostly based on the plan put forward by House Budget Committee Chairman Paul Ryan, R-Wisc., for creating only two tax brackets of just 10 and 25 percent.

A trio of House Democrats have introduced a bill that would provide tax relief to homeowners who were wrongly foreclosed upon and receive money from the recent nationwide mortgage foreclosure settlement.

The House Ways and Means Committee has passed a Republican-sponsored bill aimed at reducing taxes for small businesses that would also benefit larger companies.

The Internal Revenue Service has made organizational and administrative changes in the programs governing agreements between large businesses and the IRS over how tax transactions can be reported, particularly for multinational corporations using transfer pricing.

Senate Republicans are allowing a Democratic bill to go forward that would end tax subsidies for major oil producers.

Rep. Charles Rangel, D-N.Y., has introduced a bill aimed at extending tax relief to Americans in danger of losing their homes.

House Budget Committee chairman Paul Ryan, R-Wisc., has introduced a Republican-backed alternative to the Obama administration’s fiscal 2013 budget, including a proposal to consolidating the current six individual income tax brackets into just two brackets of 10 and 25 percent.

The Internal Revenue Service has proposed regulations that would require taxpayers with Employer Identification Numbers to periodically provide the IRS with up-to-date information.

Only 16 percent of tax and finance departments are actively involved in corporate sustainability efforts, according to a new survey by Ernst & Young.

The Senate failed to pass an amendment that would have extended a set of expiring tax credits for wind energy, biofuels, energy efficient homes and other tax breaks.

Nearly two-thirds of tax professionals are unaware of the various tax incentives that are available to private investors in clean energy projects, according to a new poll by Bloomberg BNA.

The Internal Revenue Service has introduced an online search tool that will allow the public to easily check on information about tax-exempt organizations, such as charities and other nonprofits.

An amendment to a highway transportation bill that would have extended expired tax credits such as the Research and Experimentation Credit in exchange for freezing the salaries of federal employees for another year has gone down to defeat in the Senate.

CBIZ has acquired a six-member state tax consulting group from the firm Dow Lohnes Price.

The Senate has unanimously approved a provision to a highway transportation bill that would revoke the passports of people with seriously delinquent tax debts.

The Senate adopted an amendment to a larger highway transportation bill on Thursday aimed at cracking down on foreign tax havens.