Tax strategies

Now that the drama has ended and year-end legislation to extend the Bush-era tax cuts has been enacted, work remains for those "in the trenches" to sort out appropriate reactions. For most businesses, the response will be multifaceted.

CCH has integrated its ProSystem fx Tax software with its Web-based Global Integrator system.

The Obama administration proposed permanently eliminating capital gains taxes on some types of small business investments held for over five years.

The deficit reduction panel called for tax reform, as did the National Taxpayer Advocate and the House Ways and Means Committee. Now, President Obama has added his voice to the mix with his State of the Union address.

The recent extension of the estate tax at a 35 percent rate will not result in a "claw back" tax obligation for people who make gifts in 2011 and 2012 that exceed their post 2012 estate tax exemption allowance, according to a trio of tax experts.

The Small Business Tax Credit Calculator, developed by Tax Credits LLC, is able to complete lines 1 to 14 of Form 8941 for tax preparers in all 50 states.

President Obama placed an unusual degree of emphasis Tuesday during his State of the Union address on tax reform, and while there appears to be more bipartisan spirit in Congress in the wake of the tragic shootings in Tucson, the prospects for getting an agreement are murky at best.

President Obama urged Congress to work across party lines on an overhaul of both corporate and individual taxes to reduce tax loopholes during his State of the Union address on Tuesday night.

Senate Finance Committee member Chuck Grassley, R-Iowa, and chairman Max Baucus, D-Mont., have introduced a bill that would prevent any individual or firm from being able to receive patents on tax strategies.

Senate Finance Committee Chairman Max Baucus, D-Mont., and Senate Majority Leader Harry Reid, D-Nev., have introduced and pledged to pass a bill to repeal the expanded 1099 reporting requirements in the health care reform bill.

A Washington think tank, the Center for Economic and Policy Research, has released a report recommending a tax on financial speculation as a way to help solve the federal government’s long-term budget deficits.

Senate Minority Leader Mitch McConnell, R-Ken., said he expects President Obama to call for lowering the corporate income tax rate during the president’s State of the Union address on Tuesday evening.

A whistle-blowing former Swiss bank executive has handed over two CDs containing the names and account holdings of more than 2,000 high net worth American, European and Asian customers to WikiLeaks founder Julian Assange.

Three Democratic Senators have written a letter to House Speaker John Boehner, R-Ohio, urging him to fix the 1099 reporting requirement in the health care reform law, and have pledged speedy action in the Senate if he does.

With nine out of 10 families either hiring tax preparers or purchasing tax software in order to file their taxes, it is clear that the Tax Code is too complex, too time-consuming and too costly for our families and businesses. So says Dave Camp, R-Mich., the new chairman of the House Ways and Means Committee.

Senate Finance Committee Chairman Max Baucus, D-Mont., and ranking member Chuck Grassley, R-Iowa, released the language of legislation they intend to introduce that would eliminate the patenting of tax strategies, a key priority of the American Institute of CPAs.

Treasury Secretary Timothy Geithner talked about the Obama administration’s support for corporate tax reform during and after a speech on Wednesday.

The AICPA has posted a sample client letter that accountants and tax practitioners can download, personalize and use to inform their clients about how the legislation extending the Bush-era tax cuts could affect them.

The Internal Revenue Service has been hearing a lot of concerns about its new requirements for tax preparers to electronically file tax returns.

National Taxpayer Advocate Nina E. Olson released her annual report to Congress on Wednesday, focusing on the need for tax reform as the No. 1 priority in tax administration.