Tax strategies

The Senate Finance Committee held hearings Wednesday on the effects of tax and fiscal policy on the military and veterans and how those could be alleviated through the Tax Code.

Financial Executives International has written to congressional leaders criticizing President Obama’s proposal to close foreign tax credit loopholes in exchange for making the research & development tax credit permanent.

Senate Finance Committee Chairman Max Baucus, D-Mont., introduced the latest version of the tax cuts extenders bill on Thursday in another effort to extend a large number of tax breaks that have either expired or are about to expire for individuals and businesses, including new incentives for companies to hire workers.

Washington is preparing to do battle over the decade-old question of whether income tax cuts should be extended to taxpayers at the upper income scales.

A spokesman for Senate Minority Leader Mitch McConnell, R-Ken., said Senate Republicans are uniformly opposed to letting the Bush tax cuts expire for even the wealthiest taxpayers.

The question, "What happens if the Bush tax cuts sunset?" may seem a little silly at first.

Jones & Luscombe wrong on K-1 taxation K-1 taxation correction

Although the pundits have already weighed in on theeconomic effects of the administration's latest proposals at improving jobs andinvestment, the specific legislation to enact the proposals faces hurdles,which will diminish the likelihood of an effect any time soon.

President Obama is proposing to expand and simplify the permanent research and experimentation tax credit, increasing the rate of the simpler form of the credit 17 percent to simplify the process for businesses.

President Obama has not yet formally unveiled his plans for stirring up the sleeping job market through business tax breaks and infrastructure spending, but his ideas are already provoking skepticism.

President Obama is scheduled to deliver a speech Wednesday in which he will reportedly propose a series of business tax cuts, along with new infrastructure spending.

H&R Block is cutting costs and will be closing more offices before next tax season, allowing the company to reduce its continuing losses.

It’s been five years since former Senator Connie Mack, then chairman of the President’s Advisory Panel on Federal Tax Reform, said the panel would “take a fresh look at the existing Tax Code and will formulate options for making the tax system simple, fair and productive.”

New York and Philadelphia have been provoking the ire of their residents lately by levying taxes on two formerly sacrosanct local products.

President Barack Obama blasted Senate Republicans for obstructing his administration’s top legislative priority: a bill providing tax cuts and a $32 billion lending fund for small businesses to spur job growth.

H&R Block has teamed up with Blue Cross and Blue Shield of Kansas City to offer an online calculator that can help small businesses understand the financial impact of health care reform and determine their health insurance savings by using tax credits under the bill.

Intuit is looking to take scan-and-populate technology to the next level with the release of ProLine Tax Import, designed to allow tax professionals to import tax data from scanned source documents and digitally download data from financial institutions directly into Intuit Lacerte and Intuit ProSeries.

House Minority Leader John Boehner, R-Ohio, pushed for an extension of the Bush tax cuts on Tuesday, but questioned the need to pass over 70 other tax break extensions that failed to pass in the Senate in June.

The Congressional Budget Office estimated that the federal budget deficit for 2010 will exceed $1.3 trillion—$71 billion below last year's total and $27 billion lower than the amount that CBO projected in March 2010, when it issued its previous estimate, but that projection is predicated on the Bush tax cuts and other tax breaks expiring.

A federal appeals court has ruled against New York City in its bid to collect about $47 million in property taxes from two foreign governments that have been using parts of their United Nations missions for non-diplomatic purposes.