There will be delays for the 2007 tax year both in processing and sending out refunds to the taxpayer.
Because Congress was slow to take up legislation to protect taxpayers with moderate income from having to pay the alternative minimum tax, it is likely that the Internal Revenue Service will have to delay processing 50 million taxpayers, the acting chief of the agency told the nation's accountant association last week.
The House passed a one-year reprieve from the alternative minumum tax for an estimated 23 million taxpayers.
The IRS could miss its early season filing peak if Congress waits until December to complete its tax bill.
The IRS is investigating how private-equity and hedge fund managers account for themselves.
Millions have the potential to realize additional tax savings by donating securities with long-term appreciation.
The Oregon College Savings Plan will combine principal protection with upside potential.
In addition to advising services, the new tax would also apply to astrology reading, escort services and ski-lift tickets.
The move would “hinder America’s ability to compete in the global economy,” said Treasury chief Henry Paulson.
Charles Rangel, chairman of the House Ways and Means Committee, has drafted a bill that would slash corporate income tax rates, The Wall Street Journal said.
House Republicans have introduced a bill that would repeal the AMT with an optional “simplified tax.”
Tax preparer Jackson Hewitt has named Michael Yerington as its new president and chief executive.
The new tax, slated to go into effect on Dec. 1, applies to 23 services deemed by proponents to be non-essential.
Private-equity and hedge fund managers should pay higher taxes on their fees, according to some financial advisers.
Another threat to hedge fund managers: A new proposal may keep them from deferring taxes on compensation, The Wall Street Journal reports.
Pension funds would be adversely affected if taxes on private-equity were raised, said witnesses.
Senate hearings on taxing-carried interest begin tomorrow, but reports predicting its impact are out now.
The chairman of Josephberg Grosz & Co. was sentenced to four years and two months in prison for evading tax payments on the sale of tax shelters.
The tax-services giant reported a first-quarter net loss of $302.86 million, or $0.93 per share.
Blackstone Group claims its yearly tax tab would increase by $525 million under legislation proposed in the Senate.
