Tax strategies

CCH and Grant Thornton have teamed up to produce IFRS Tax Manager, an online guide to International Financial Reporting Standards, aimed at helping tax, audit and accounting professionals comply with tax accounting and reporting standards under IFRS.

CCH Small Firm Services has begun shipping its ATX and TaxWise lines of software for tax year 2009, with links to tax research from CCH.

It’s getting near the end of the year, and ’tis the season to be compiling lists.

Senate Majority Leader Harry Reid, D-Nev., introduced the Senate’s version of the health care reform bill, which includes a new 5 percent tax on elective cosmetic surgery.

In a move designed to bolster its global transaction tax offerings, Thomson Reuters Tax & Accounting has agreed to acquire San Ramon, Calif.-based Sabrix, a provider of tax transaction software, for an undisclosed amount.

As the world slowly starts to emerge from the recent recession - which has affected more people, across more industries, across the world, than any in recent history - there are certain opportunities that investors can take to mitigate some of the damage. The following are five things you can do to take advantage of the current downturn in the stock market.

Limited liability companies continue to grow in popularity as a choice of business entity. The combination of limited liability, pass-through tax treatment if partnership treatment is elected, ability of members to be actively involved in the management of the business, and lack of many of the restrictions imposed on S corporations have made it a very attractive form of entity.

Washington, D.C.-Tax rate brackets and various tax benefits will remain unchanged or change only slightly in 2010 due to low inflation, and many pension plan limitations will remain unchanged, according to the Internal Revenue Service.

No one enjoys paying taxes. That's especially true when the tax structure is complex and convoluted. Payroll taxes often fall into this category, but perhaps the most convoluted taxes that some of your clients will have to track, compute and remit are sales and use taxes.

President Barack Obama said Thursday he plans to hold a forum in December at the White House on jobs and economic growth.

Although I wasn’t born with a silver spoon in my mouth, and I would have to get very lucky very soon to be concerned with the estate tax rate, it has always seemed an unfair proposition to tax a person or business when it is most vulnerable.

CCH has added Smart Charts, checklists and decision trees to its Business Entity Planning Library to provide further guidance to tax practitioners analyzing and comparing the entities used by small- and midsized businesses.

Government tax authorities around the world are requiring multinational companies to provide more documentation to support their transfer pricing strategies as countries seek additional tax revenue.

The House voted to approve health care reform, moving the legislation now to an uncertain outcome in the Senate.

President Barack Obama has signed the extension of the First-Time Homebuyer Tax Credit, along with an extension of unemployment benefits.

The Senate voted by a 98-0 margin to extend the First-Time Homebuyer Tax Credit while also expanding the credit to existing homeowners who want to move to another residence.

Lee Zoeller, a partner at the international law firm Reed Smith LLP, recently began leading the Institute for Professionals in Taxation.

During the downturn, many practitioners have found it necessary to brush up on the loss-deduction rules. When the economy is humming, an overabundance of income is usually available to offset any loss that might surface. When times get tough, however, a variety of loss-limiting rules under the Tax Code suddenly demand some attention. The "basket" approach to figuring out what loss can offset what income can be useful under these circumstances, especially as year-to-year tax planning may be available to offset the offsets.

IRS DROPS ACORN

Tax prep software vendors are counting on an upswing in the professional tax preparation market to fuel their own growth during the upcoming tax filing season.