Tax strategies

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.

House Ways and Means Committee Chairman Sander Levin, D-Michh., has released a draft bill that would provide tax credits for manufacturers of renewable energy equipment and funding for other sources of clean energy.

The District of Columbia plans to launch a tax amnesty program on Thursday in an effort to collect $170 million in known receivables owed by more than 42,000 individuals and businesses.

Senate Finance Committee ranking member Charles Grassley, R-Iowa, and Sen. Charles Schumer, D-N.Y., have teamed up to sponsor legislation that would provide tax credits for the use of hydrogen fuel cells in forklift trucks and other industrial vehicles.

Two Republican lawmakers are warning the Treasury Department against making a change in tax policy that would favor trial lawyers who handle lawsuits on a contingency basis and want to deduct loans to clients.

The nonprofit Tax Foundation has introduced an online calculator that allows taxpayers to compare how they would fare if all the Bush tax cuts expired as scheduled at the end of this year.

Call this a story about nurturing the goose that laid the golden egg.

Hoping to get the Small Business Jobs Act passed before the August recess, Senate Democrats have modified the legislation in an effort to avoid another filibuster battle.

A new report estimates that the total amount of federal tax revenue lost due to use of overseas tax havens adds up to at least $37 billion per year.

IMGCAP(1)]The escalating cost of providing group medical benefits has forced many employers to dedicate more time and energy toward gaining control over increasing premiums.

In spite of the growth and popularity of limited liability companies taxed as partnerships, S corporations remain a very popular option for doing business. Internal Revenue Service records show that S corporations remain the most popular way for a business to file tax returns.