Tax strategies

President Barack Obama called for millionaires to shoulder a greater share of taxes, but also agreed to lower corporate taxes fpr companies that hire in the U.S., during his State of the Union address on Tuesday night.

The Internal Revenue Service plans to hold the second in a series of public meetings next Wednesday to get feedback on its plans to create a “real-time tax system” that would be able to catch incorrectly reported tax return information at the time it is filed.

Republican Presidential candidate Rick Santorum’s tax plan would reduce federal tax revenues substantially, according to a preliminary analysis by the Tax Policy Center.

Rep. Sander Levin, D-Mich., the ranking Democrat on the tax-writing House Ways and Means Committee, said Wednesday he would re-introduce legislation later this year to end the tax break on carried interest income.

A White House-appointed group of business, academic and labor leaders recommended corporate tax reforms and other measures to increase jobs and improve the economy.

CPAs are more optimistic about business growth predictions for 2012 in their respective states than the nation as a whole, according to a new survey of CPAs in Indiana, Michigan, Ohio and Pennsylvania.

President Barack Obama plans to include tax incentives in his fiscal 2013 budget to encourage more U.S.-based multinational companies to relocate jobs from foreign countries back home.

IMGCAP(1)]A new bill making its way through Congress has the potential to change the world of e-commerce quite drastically and hurt the viability of small businesses across the country to compete in a growing sector of our economy.

Ernst & Young and its affiliates have begun reimbursing lesbian, gay, bisexual and transgender employees for any additional federal and state taxes they incur for their same-sex domestic partners’ medical benefits in the U.S., starting Jan. 1, 2012.

With individual filing season underway, it’s questionable how many taxpayers are aware of their use tax obligations, and actually track their Internet purchases during the year in order to accurately report and pay them.

Tighter IRS scrutiny of preparers and returns, staffing issues and a stagnant economy are facing tax professionals as they ready their practices for a new filing season.

The Internal Revenue Service is encouraging more taxpayers to take advantage of the "saver's credit."

Both the House and Senate passed a two-month extension of the payroll tax cut, unemployment benefits, and the “doc fix” for preserving the current Medicare reimbursement for physicians by unanimous consent on Friday morning, sending the measure to President Obama’s desk.

Bowing to pressure from fellow Republicans, a leading House Republican said Thursday he would introduce a bill Friday to extend the payroll tax cut and unemployment benefits for two months.

The Internal Revenue Service is offering some tips to help taxpayers lower their 2011 taxes before the calendar page changes to 2012.

President Obama and Senate Minority Leader Mitch McConnell, R-Ken., pressed House Republicans on Thursday to agree to a two-month extension of the payroll tax cut, even as Speaker of the House John Boehner, R-Ohio, insisted he was ready to negotiate.

House Republicans blocked the Senate’s two-month extension of the payroll tax cut and emergency unemployment benefits on Tuesday, setting up a confrontation between the two chambers.

The Senate has passed a two-month extension of the payroll tax cut and unemployment benefits, but House Republican leaders and some Democrats balked at the short-term extension.

Congressional leaders in both parties signaled they were working on a deal to extend the payroll tax cut and unemployment benefits for at least two months, while also agreeing on a spending bill that would avert a government shutdown.

New information released Wednesday on the holdings of U.S.-based multinational corporations is adding fresh ammunition to the dispute over whether companies should be given a tax holiday on repatriated foreign profits.