Tax strategies

Most accountants involved in tax preparation are already involved in financial planning, even though they might not realize it.

President Barack Obama pressed for passage of his jobs bill, promising a boost in the economy in exchange for higher taxes on the wealthy.

House Ways and Means Committee Chairman Dave Camp, R-Mich., has released a discussion draft version of proposed legislation to transition the U.S. from a worldwide system of taxation to a territorial system, while lowering the top tax rate for both individuals and businesses to 25 percent.

PricewaterhouseCoopers has published the firm’s annual guide to tax and wealth management, “Managing Your Wealth.”

The Internal Revenue Service is facing challenges keeping ahead of financial services companies that create sophisticated financial derivatives and offer them as a way to evade tax liabilities.

The Internal Revenue Service is gearing up to handle the complex tax provisions of the health care reform law and has made significant progress so far in planning for the law’s implementation, according to a new government report.

The Internal Revenue Service said Thursday that many tax benefits for tax year 2012 will increase due to inflation adjustments, including personal exemptions and standard deductions, with tax brackets also widening next year.

One day after verbally scuffling with fellow GOP Presidential hopeful Mitt Romney, Gov. Rick Perry called for implementing a flax tax in what many saw as a preview of his economic policies.

The Internal Revenue Service is reportedly auditing Google in an effort to learn more about the search giant’s use of foreign subsidiaries to shift profits in the wake of three acquisitions.

Senate Republicans blocked President Obama’s jobs package with its extension of the payroll tax cuts and unemployment insurance, tax credits for new hires and wage increases, and surtax on millionaires.

A few blocks away from the Accounting Today offices, the Occupy Wall Street movement is encamped at Zuccotti Park in New York.

Senators John McCain, R-Ariz., and Kay Hagan, D-N.C., introduced legislation Thursday allowing multinational corporations to repatriate their foreign earnings at a reduced tax rate.

President Barack Obama said Thursday he was “comfortable” with the changes made by Senate Democrats in his jobs bill on Wednesday, including a 5.6 percent surtax on millionaires starting in 2013.

The Internal Revenue Service needs to take additional steps in order to expand its audits to include returns from prior or subsequent years when taxpayers being audited may owe substantial taxes.

IMGCAP(1)]In the current business and economic climate, the value of being a pro-active tax and financial advisor for your business owner clients cannot be understated.

The airline industry’s trade organization, the Air Transport Association of America, is asking Congress to reject President Obama’s plan to levy $3.5 billion a year in new taxes and fees for airlines and passengers, saying it would increase fares or reduce service, resulting in job losses.

As multinational corporations and lobbyists push for a reduction in the corporate tax rate and a tax holiday on repatriated foreign profits, the tax loopholes that have encouraged companies to shift their income abroad have managed to stay largely intact.

A bipartisan trio of lawmakers have introduced a bill that would update the existing tax law to allow formerly homeless young people to pursue a four-year college education and still qualify for housing built with Low Income Housing Tax Credits.

The chairman of the House Ways and Means Oversight Subcommittee demanded Tuesday that the Internal Revenue Service suspend a proposed regulation that would require banks to disclose the amount of interest paid to nonresident aliens.

Republican presidential candidate Herman Cain pulled off an upset victory in the Florida straw poll over the weekend, campaigning on his 9-9-9 plan to cut taxes.