Results for "Tax Planning"

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IRS up and swimming, er, running, after the flood

July 10, 2006

The Internal Revenue Service's headquarters building in Washington is likely to remain closed at least until early next month due to flooding and electrical outages. The building sustained extensive damage to the infrastructure, office furniture...

Compromise deemed likely on estate tax repeal effort

June 19, 2006

Not content to let efforts to repeal the estate tax rest in peace, a reworked and presumably more politically palatable estate tax bill is in the works. Senate Majority Leader William H. Frist, R-Tenn., is working on a compromise estate tax...

GE return validates e-filing strategy, IRS claims

June 12, 2006

The Internal Revenue Service is patting itself and its corporate e-filing program on the back after receiving the e-filing of the nation's largest tax return from General Electric Co. On paper, GE's e-filed return would have been about 24,000...

Pension reform bill remains stuck on several issues

June 5, 2006

Conferees considering a bill (HR 2830) that would overhaul the nation's pension laws remain stuck on several issues including a rewrite of language in the credit-rating provision, cash balance plans and relief for underfunded retirement plans...

Lawmakers reach deal on tax reconciliation bill

May 15, 2006

The U.S. House has approved a $70 billion tax reconciliation bill, and at press time, the Senate was on the verge of approving it. Also, a separate spinoff tax bill is under consideration and contains an unspecified number of tax law changes...

Tax reconciliation agenda gets stymied once again

May 8, 2006

Despite earlier predictions, House and Senate negotiators yet again have failed to reach agreement on tax reconciliation legislation. Reportedly, the hang-ups are due largely to difficulties in finding a sufficient amount of revenue offsets...

Lawmakers call for windfall tax on oil companies

May 1, 2006

As the price of gasoline continues to skyrocket, congressional lawmakers called for a tax on the windfall profits of the big oil companies. Overlooked is that corporate profits are taxed at both the state and federal levels, and the cost of...

Free File Alliance selling of services rankles Grassley

April 24, 2006

Too many Free File Alliance members are marketing expensive products aggressively, charging for basic services and offering free preparation for too few tax forms, according to an analysis the Senate Finance Committee has conducted. The alliance...

GAO probe gets key lawmakers on preparers' case

April 17, 2006

The results of a congressional investigation have led two key senators to implicate the tax return preparation industry in widespread tax fraud and to question the overall level of preparers' competence. The Government Accountability Office,...

Gridlock grinds tax conference to a halt

April 10, 2006

Little progress has been reported on the tax reconciliation bill conference, with negotiations unlikely to be completed before the Easter recess, according to legislators. That conference is taking place simultaneously with the conference committee's...

Bush decries Democrats' economic stance

April 3, 2006

President Bush has gone on the offensive, blasting Democrats on economic issues. Both the president and Vice President Dick Cheney have suggested that the Democrats would stall economic recovery. "If you want the government in your pocket, vote...

Conferees tackle dividend, capital gains tax extension

March 27, 2006

House and Senate lawmakers have begun their conference on the $70 billion Tax Relief Extension Reconciliation Bill of 2005. The goal is drafting legislation that meets Senate budgetary rules while providing a controversial extension of capital...

Senate OKs budget; tax law enforcement gets boost

March 20, 2006

The Senate Budget Committee has approved a $2.8 trillion fiscal year 2007 budget that doesn't contain tax reconciliation instructions. That means, under Senate rules, there will be no increase in the health savings accounts tax credit touted...

Taxpayers reconnect with their honesty, integrity

March 13, 2006

Taxpayers think people should pay their taxes in full, according to a survey from the Internal Revenue Service Oversight Board, which provides independent oversight and advice to the agency. According to the survey, 88% of respondents said they...

Tax reconciliation conference report due next month

February 27, 2006

GOP leaders, including Sen. Charles R. Grassley, R-Iowa, chairman of the Senate Finance Committee, remain confident that conferees will produce a final tax reconciliation conference report by the end of next month. Although the Senate named...

Democrats rip into Bush's budget proposal

February 21, 2006

Already, Democrats charge that the budget proposed by President Bush will add to middle-class burdens while giving greater benefits to the wealthy and to oil companies. "This is a budget that does more than ignore the problems facing the middle...

Promise to cut budget deficit is mere wishful thinking

February 6, 2006

The Congressional Budget Office has predicted that it is unlikely that President Bush will be able to keep his promise to cut the federal deficit in half by the end of his term. A recent CBO report noted that "the U.S. economy has momentum and...

IRS to examine refund program in wake of gripes

January 30, 2006

Under increasing fire for its controversial frozen-refunds program, the Internal Revenue Service is subjecting it to a review. IRS Commissioner Mark W. Everson ordered an inspection of the tax fraud detection program, which has been criticized...

National taxpayer advocate criticizes the IRS

January 23, 2006

An Internal Revenue Service program designed to identify tax fraud, which has erroneously ensnared hundreds of thousands of refund checks, has been the focus of criticism. But there is more criticism to go around. IRS service cuts and private...

Tax cut extensions may be delayed until next year

January 9, 2006

While praising the tax cuts enacted during President Bush's first term for their contribution to economic growth, Senate Majority Leader William H. Frist, R-Tenn., said extending them could wait until next year. There are two robust tax cut...

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