Tax strategies

The House voted Tuesday to extend the closing deadline for taxpayers seeking the Homebuyer Tax Credit.

Senate Democrats may be forced to set aside tax extenders and unemployment benefits legislation after they were unable to overcome a Republican-led filibuster for the third time.

Senate Democrats have introduced the latest version of their mammoth tax extenders and unemployment benefits extension legislation, further modifying provisions such as the taxation of carried interest of hedge fund managers and private equity firm partners and reducing the cost to under $110 billion in part by scaling back Medicaid aid to states.

Top companies were able to dramatically reduce their corporate risk profile, and maintain compliance with sales and use taxes and value-added taxes, by leveraging automated tax management tools, ranging from tax calculation engines, filing and remittance systems, to audit control solutions, according to a new report.

Gulf Coast residents contending with the oil washing up on their shores could find that the checks from BP come with a few mucky strings attached.

The U.S. Environmental Protection Agency has sent a letter to Congress in support of reinstating lapsed tax provisions that require polluters to pay for the Superfund for environmental cleanup.

IMGCAP(1)]Currently, about 32 million Americans do not have health insurance.

Senate Finance Committee Chairman Max Baucus, D-Mont., and ranking member Charles Grassley, R-Iowa, have introduced legislation to lower taxes for small and large businesses by allowing them to write off more of the cost of purchases, such as equipment and machinery, more quickly than they would otherwise be able to under current law.

Health care professionals who have received student loan relief under state programs that reward those who work in underserved communities may qualify for refunds on their 2009 federal income tax returns, as well as an annual tax cut going forward, according to the IRS.

The 3.8 percent Medicare tax on investment income that will be imposed on higher-income individuals starting in 2013 has caught the immediate attention of many taxpayers.

Corporations that issued stock options to their executives claimed tax deductions that were collectively $52 billion larger than the expenses shown on their books in 2008, according to newly released data.

Senate Finance Committee Chairman Max Baucus, D-Mont., has scaled back the carried interest and S corporation tax provisions, in addition to several others, after the tax extenders and unemployment legislation hit a speed bump in the Senate.

The upper and lower houses of the Swiss Parliament have ratified a deal between the Swiss and U.S. governments to share information on approximately 4,450 U.S.-based customers of Swiss bank UBS with the U.S. government.

The tax extender and unemployment benefits bill failed to clear a 60-vote hurdle in the Senate on Wednesday.

The House approved the Small Business Jobs Tax Relief Act of 2010 on Tuesday by a bipartisan majority of 247-170.

The Internal Revenue Service has issued regulations outlining how the 10 percent excise tax on indoor tanning services in the health care reform bill should be administered.

Senate Majority Leader Harry Reid, D-Nev., has introduced an amendment to the tax extenders bill that would extend the transaction closing date for the First-Time Homebuyer Credit from June 30 to Sept. 30.

The G-20 group of finance ministers decided last weekend against levying a global bank tax amid fierce opposition from some countries, but that doesn’t mean the idea of taxing banks to pay for future bailouts is gone completely.

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