Tax strategies

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.

Sen. Bill Nelson, D-Fla., has proposed a set of tax breaks to encourage investment in the commercial space industry as a way to cushion the blow from recent cutbacks in the space program.

Although it¨s just one of many new taxes in the health care reform law, and its effective date is more than a year away, the new Form 1099 reporting requirements are suddenly on everyone's radar screen.

In the midst of their August recess, House lawmakers returned to Capitol Hill to vote to approve legislation to provide $26 billion in aid to states to avoid teacher layoffs and Medicaid cuts, paid for in part by clamping down on foreign tax credits.

The battle to extend or not to extend the Bush tax cuts has drawn comments from both sides on the potential positive or negative effects of the cuts.

The vast majority of U.S. business executives are against the imposition of a value-added tax and would need time to prepare for it, according to a new poll.

The Treasury Department has released a new state-by-state report on the number of newly hired workers whose employers are eligible to claim tax credits under the HIRE Act, increasing the estimate from 4.5 million to 5.6 million workers.

CCH has introduced CCH TaxPlan, a new product on its IntelliConnect online research service that combines tax planning guidance with interactive practice tools to help practitioners with tax planning engagements.

House Democrats blasted Republicans for blocking a bill with tax breaks for small businesses and the removal of a controversial 1099 information reporting requirement after the bill failed to garner the two-thirds margin needed for passage.

House Ways and Means Committee Chairman Sander Levin, D-Mich., has introduced a bill that would close tax loopholes blamed for encouraging multinational companies to ship jobs overseas.

The talk in Washington is beginning to sound a little panicky when it comes to extending the Bush tax cuts.