Tax strategies

Taxpayers still trying to cope with the fallout from the recession are expected to get some tax relief next year from mandatory annual adjustments in tax brackets, according to CCH.

Will $447 billion in new taxes help to create jobs, or kill them?

The National Association of Tax Professionals is asking the Internal Revenue Service to clarify a murky provision in the updated Circular 230 rules that seemingly prohibits registered tax preparers from providing “tax advice” to clients unless they're preparing a tax return.

President Obama released his jobs bill, known as the American Jobs Act, to Congress on Monday, with tax credits for new hires and an expansion of the payroll tax cut.

Despite all the new tax regulations, registration requirements, and the promise of new tax legislation, there’s one thing that return preparers can eliminate from their worry list: tax strategy patents.

President Obama addressed a joint session of Congress on Thursday evening to present a jobs bill containing an expansion of the payroll tax cut, tax breaks for new hires and salary raises, and other tax reform measures.

The Senate approved a patent reform bill on Thursday containing provisions that eliminate patents on tax strategies.

Amazon.com has reportedly clinched a tentative deal with legislative leaders in California to begin collecting sales taxes in September 2012 in exchange for dropping a voter referendum drive aimed at repealing a recently passed law that would require online retailers to collect sales taxes.

Republican presidential candidate Mitt Romney introduced a 160-page plan for generating jobs and economic growth, including reductions in the corporate tax rate, along with the elimination of taxes on capital gains, interest and dividends.

Labor unions representing registered nurses have organized protests outside the offices of 61 members of Congress calling on lawmakers to support a Wall Street transaction tax.

Republican presidential candidate Jon Huntsman described his plans for tax and regulatory reform during a campaign appearance in New Hampshire.

With a brief three months remaining in 2011 and a high degree of uncertainty surrounding any major tax changes, practitioners have begun stepping up the annual rite of year-end planning strategies for both their individual and business clients.

Rep. Michele Bachmann, R-Minn., called for cuts in corporate taxes and the elimination of capital gains and estate taxes in a speech last weekend as she campaigned for the Republican presidential nomination.

Former chairman and chief executive of American Express Harvey Golub took to the opinion pages of Monday’s Wall Street Journal in response to billionaire Warren Buffett’s “Stop Coddling the Super-Rich” New York Times op-ed.

IMGCAP(1)]If there ever were a “good year to die,” that would have been 2010.

IMGCAP(1)][IMGCAP(2)]By doing what they do best—taking care of their clients—international accounting firms may be exposing themselves to multiple tax claims on their own account.

The American Institute of CPAs has written a letter to the Internal Revenue Service asking the IRS to extend the due dates for filing the estate tax form for last year and this year and for a new form for allocating the increase in basis for property acquired from a decedent.

Berkshire Hathaway chairman and CEO Warren Buffett said in an editorial Monday that those making over $1 million and $10 million per year should be taxed at higher rates.

Sen. Chuck Grassley, R-Iowa, has written a letter to President Obama disagreeing with the president’s definition of the term “tax reform.”

The Treasury Department’s Office of Tax Analysis has released a paper that considers changing the way to identify small businesses and their owners, along with their tax characteristics.