Tax strategies

Recent conversations in the nonprofit world increasingly surround "good governance" within nonprofit organizations. For years, many looked at good governance as board members contributinglarge sums of money to their organizations, while also making sure thatthe particular organization is following its mission.

Eighty-three percent of companies have experienced an increased number of audits due to state and local tax revenue shortfalls, according to a new survey.

CCH has introduced IRC/Multistate Personal and Corporate Income Tax Comparison Smart Charts on its CCH IntelliConnect Research Service.

For those who question the relationship between shortsighted tax policy and the economy, consider the possible consequences of taxing carried interest.

The Senate Finance Committee has approved its long-awaited version of the health care reform bill by a 14-9 vote.

There continue to be rumblings that Congress may repeal the LIFO accounting method for inventory.

IMGCAP(1)]Today, more than three years since it was issued, FIN48 remains the bane of many tax departments’ existence.

Among the revenue proposals detailed in the administration’s fiscal 2010 budget are some provisions that might negatively affect small businesses and tax preparers. The American Institute of CPAs has weighed in on a number of these, including the codification of the economic substance doctrine, information reporting on payments to corporations, increasing the level of the information penalties, and expanding the requirement for electronic filing by return preparers.

New Jersey ranks at the bottom of the list in a new study of the comparative business friendliness of tax systems in the 50 states, while South Dakota is counted as most business friendly.

The Treasury Department’s Inspector General for Tax Administration has released a report recommending that the IRS seek mandatory electronic filing of individual tax returns by paid preparers, and legislation is being readied to write such a requirement into law.

The State of Minnesota has decided to end its income tax reciprocity program with Wisconsin, effective Jan. 1, 2010.

New America Software has formally released its MultiTax software for download after about a year of beta testing with various tax preparation businesses.

CCH has introduced a new research product with up-to-date information on 20 jurisdictions that offer low tax rates.

Thomson Reuters’ Tax & Accounting business plans to acquire Deloitte LLP’s Abacus Enterprise suite of tax software products.

CCH has expanded its lineup of global tax products with Worldwide Tax Rates and Answers: Individuals, an online tax compliance and research service that covers the European Union.

H&R Block reported a consolidated net loss for the first quarter of $133.6 million, or 40 cents a share, with much of the loss attributed to tax operations.

The government is about to start offering a Cash for Clunkers type of program for old inefficient appliances this fall, so why not cash for clunker tax returns and financial statements?

The use of carbon taxes and other forms of “green” taxation to improve the environment and raise government revenue requires careful planning, recommends a position paper from the Association of Chartered Certified Accountants.

The Treasury and Energy Departments plan to give $2.3 billion in tax credits from the Recovery Act to manufacturers of clean energy equipment.

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