A member of a blue-ribbon panel appointed by California Gov. Arnold Schwarzenegger to make recommendations on improving the state’s tax code said the panel’s members are philosophically opposed to taxing professional fees or any other “non-tangible” services but warned that dire economic conditions may make such opposition moot.
Cash is king” seems to be the catchphrase in these recessionary times. From a tax standpoint, we want to maximize the receipt of cash for our clients through tax refunds and explore the possibilities of deferring tax payments to preserve cash.
A New York accounting firm has compiled a short list of candidates and plans to let its clients vote on the ultimate Tax Turkey.
Your clients, a married couple, realize that this is a home-buyer’s market and are interested in purchasing a home. The couple has come to you about tax savings opportunities related to a purchase. They are newlyweds and both previously lived in an apartment.
President Obama is formulating and finalizing his tax proposals as part of an overall economic recovery stimulus package and your clients have been asking how the new plan will affect them.
New tax laws went into effect Jan. 1, and your clients are wondering how the laws will affect their tax obligations for 2009.
For many employers, especially self-insured employers, administering a cap on the tax exclusion for employer-based health coverage would be difficult, according to a detailed study.
Just when we thought we had heard all the bad financial news there was, a new major money scandal is being played out. Everyone wants to know what happened to the Bernie Madoff money.
An analysis by PricewaterhouseCoopers of the outlook for corporate taxes warns that business could lose benefits in exchange for rate cut.
Misclassification of workers as independent contractors remains on the list of top issues that the National Taxpayer Advocate recommends that Congress address.
Your client wants to know whether she can contribute after Dec. 31, 2008, to a SEP-IRA set up in that year, but to which no contributions were made in 2008, in order to reduce her modified adjusted gross income.
In order to receive a deduction for charitable contributions in 2008, the client must meet new, stricter substantiation rules.
Because current yields on Treasury obligations are at historic lows, certain estate planning techniques can be very attractive.
A federal jury yesterday convicted two former KPMG LLP executives and a tax lawyer of tax-evasion charges in one of the largest tax-shelter cases of all time, according to published reports.
While finding an appropriate independent property worth $1 million may be difficult, there are always opportunities available to invest in a larger property as a tenant-in-common to defer capital gains tax.
Excise taxes imposed on retirement savings account holders who do not take minimum distributions by age 70½ would be suspended for 2009 under legislation unanimously approved last night by the House of Representatives.
Your client owns a small business that operates as a subchapter S corporation. She elected S corporation status when the individual tax rates were lower than those for a C corporation.
President-elect Barack Obama’s campaign promises, selection of economic advisers and recent statements provide insight into the likely tax changes to come and the timing of any such changes.
Encourage your clients to go over their itemized deductions. If they are not as high as the allowable standard deduction, they may want to consider delaying some until next year.
Raoul Weil, chairman and CEO of the global wealth management division of UBS, has been indicted by a U.S. grand jury, charged with conspiring to help 20,000 wealthy Americans hide assets from the IRS.
