Tax planning

Small businesses are more likely to comply with the tax laws if they are in certain communities in the country and if they have more trust in their tax preparer, according to a report by the Taxpayer Advocate Service.

Taxes have moved up client priority lists in the aftermath of the fiscal cliff deal creating new opportunities for, according to a survey by SEI. This creates some new opportunities for you.

While the Supreme Court wrestles with the issue of whether the federal government should recognize gay marriages, advisors should not let married gay and lesbian clients wait on the sidelines for a decision, estate lawyers say.

Changes to the tax laws at the beginning of the year resulted in a delayed tax season in which the average tax refund declined slightly, according to a new government report.

Complexity and inconsistency within the tax code continue to be a major problem for small businesses, with one out of four small businesses reporting that they need to spend 120 hours or more per year on the administration of federal taxes, or three full work weeks, according to a new survey.

A group representing charitable organizations said it is concerned about a proposed cap to the charitable tax deduction included in President Obama's budget plan.

The Supreme Court will use a case involving billionaire Billy Joe “Red” McCombs to decide whether the federal government can impose hundreds of millions of dollars in penalties for the use of abusive tax shelters.

The Internal Revenue Service has released its annual list of tax scams, advising taxpayers to be aware of identity theft, phishing scams and several other red flags that can cause financial mayhem.

The Internal Revenue Service has stepped up its examinations in the past year of taxpayers with high adjusted gross incomes, according to newly released IRS figures.

The House Ways and Means Select Revenue Measures Subcommittee held a hearing this week to discuss possible tax reforms on financial products such as derivatives.

It’s tax season, and that usually means a lot of scrambling around to prepare and find ways to cut taxes. We know that many accountants across the nation are tirelessly working to complete these reports by April 15, so we asked advisors what they thought were some common tax mistakes that accountants make.

In the world of trust and estate administration, where tax planning typically involves special attention to federal tax law compliance, it’s easy to lose focus on state income taxation issues. And while some states do not tax income related to trusts, states that do tax trust income have a variety of rules and criteria for which trusts are subject to tax.

Advisors need to position themselves to help clients navigate the new tax landscape, particularly when it comes to juggling the variety of mutual funds in a client's portfolio.

As the April 15 tax filing date draws closer, millions of taxpayers still find themselves somewhere between putting the final touches on their tax return and just starting the process.

The Internal Revenue Service is reminding tax professionals that they must implement safeguards to protect taxpayer data.

A coalition of charities has expressed concerns about a Senate budget proposal that could potentially place a limit on charitable deductions.

Senate Budget Committee chairman Patty Murray, D-Wash., on Wednesday unveiled a fiscal 2014 budget that would reduce the deficit $975 billion by "closing loopholes and eliminating wasteful spending in the federal tax code that benefits the wealthiest Americans and biggest corporations."

A dozen Senate Democrats and an Independent lawmaker have re-introduced a bill that would impose a minimum 30% tax on high income tax payers who earn more than $1 million as a way to help reduce the ballooning federal deficit.

Small business owners prefer a Tax Code with low rates and fewer deductions, according to a new survey by the National Federation of Independent Business, but their bottom line is whether their taxes rise or fall.

The number of tax-delinquent federal workers and retirees increased by 11.5 percent in 2011, according to Internal Revenue Service data.