Tax strategies

In an economy still struggling on many fronts, installment sales offer a useful tool for many taxpayers to create liquidity to buy and sell property in an otherwise "credit-sparse" environment. With correct planning, the installment method can also defer taxable gain on these sales and, therefore, provide an additional reason to commit to an installment sales strategy.

A flood of enacted and proposed legislation and regulations is making the international tax arena one of particular interest to CPAs and their clients.

The House Ways and Means Committee held a hearing Wednesday on ways to provide energy-related tax incentives to encourage more “green” jobs.

The Internal Revenue Service said that members of the military and certain civilians providing earthquake relief in Haiti have additional time to file their 2009 returns and pay any taxes due.

IBM has introduced software to help governments around the world collect delinquent tax debt.

Paychex has introduced a new Web page and online calculator to help businesses determine their tax savings if they take advantage of the recently passed HIRE Act to hire new employees.

Both the American Institute of CPAs and the American Bar Association Section of Taxation have urged Congress to correct the current state of federal estate, gift and generation-skipping transfer taxes.

With economic uncertainty still lingering, many Americans plan to use their tax refunds conservatively, according to a new survey.

Vertex has enhanced its corporate tax software, the Indirect Tax O Series, with extra features including better management of tax exemption certificates.

Tea Party activists are planning an Online Tax Revolt that will send an army of avatars on a virtual march on Washington on Tax Day, April 15.

Rep. Charles Rangel, D-N.Y., who has temporarily stepped aside as chairman of the tax-writing House Ways and Means Committee amid ethics investigations of unpaid taxes and other matters, is now facing criticism for a recent mailing to constituents offering tax advice.

The Senate voted 56-43 on Thursday to approve a set of improvements to the sweeping health care reform bill that was passed by the House on Sunday night, but it needed to send the bill back to the House after two provisions were changed in the student lending part of the bill.

JPMorgan Chase is reportedly close to receiving $1.4 billion in tax refunds from its acquisition of Washington Mutual.

Simonton Windows is offering customers $150 off the tax preparation fee for their 2010 returns, which will be prepared in 2011, when they purchase 12 or more energy-efficient windows and have their returns prepared at H&R Block.

With average tax refunds up nearly 10 percent this year, the White House has launched an online interactive Tax Savings Tool to help taxpayers take advantage of Recovery Act tax credits.

The House has approved health care reform legislation after a tense series of negotiations that left the vote in doubt until a group of pro-life Democrats agreed to support the bill after receiving assurances that President Obama would issue an executive order prohibiting federal funding of abortions.

The jobs bill signed by President Obama on Thursday includes various revenue-raising provisions that would put foreign financial institutions with U.S. taxpayers under a new reporting and tax regime.

The House Ways and Means Committee has approved legislation to provide tax relief to small businesses and extend financing measures for creating jobs.

House Ways and Means Committee Chairman Sander Levin, D-Mich., has unveiled a draft of a new bill that would provide tax incentives to small businesses to spur job creation.

April 15 is normally referred to as Tax Day, but one man wants to change that.