The long-awaited report from the Presidential Advisory Panel on Federal Tax Reform makes some broad suggestions for change in the federal income tax system, but it does not propose to replace the current system with a consumption tax or other radical alternatives. While the media and public are devouring this report, Treasury Department staff are at work analyzing what would be needed to turn this broad document into specific changes to the tax code that could potentially be implemented. CCH has prepared an easy-read review of the panel’s work that looks at both the "Simplified Income Tax Plan" and the "Growth and Investment Tax Plan" proposals from a practitioner’s standpoint.

 

• Click here to get a free full text copy of this Tax Briefing .

Each year, more taxpayers are facing the ugly surprise of the AMT. Sometime soon, the government estimates, the AMT will raise more revenue dollars than regular federal income taxes. The AMT is clearly no longer a worry just for the wealthy and large corporations. CCH editors have taken a close look at the AMT, along with a review of hot developments in deferred compensation and new tax breaks from Congress, as part of Module 2 of the Top Federal Tax Issues for 2006 CPE Course. Get an in-depth review of the AMT and how it is calculated and insights on other hot topics in this more than 110-page Module. You can also go online to CCH’s Testing Center at http://www.cchtestingcenter.com/ to earn CPE credit by taking the Final Exam Quizzer for this portion of the Course

 

• Click here to get a free full copy of the AMT module from the Top Federal Tax Issues for 2006 CPE Course
• Click here to order the Top Federal Tax Issues for 2006 CPE Course

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The past three decades have seen many efforts by Congress to encourage exports by U.S. businesses through favorable tax treatments. Nearly all have faced international challenges before the World Trade Organization (WTO), leaving Congress to enact last year the increasing popular Domestic Production Deduction, new Code Sec. 199, after the Extraterritorial Income Exclusion (ETI) was rejected by the WTO. There does remain, however, part of the old Domestic International Sales Corporation (DISC) in the form of the Interest Charge-DISC or IC-DISC. Michael Schadewald and Robert Misey, Jr. walk practitioners through the IC-DISC as a export tax benefit tool; what remains of the ETI; and the new Sec. 199 incentives in the new edition of Practical Guide to U.S. Taxation of International Transactions.

 

• Click here to get a free full copy of Chapter 8 from Practical Guide to U.S. Taxation of International Transactions (Fifth Edition)
• Click here to order the Practical Guide to U.S. Taxation of International Transactions (Fifth Edition).

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The recent decision by the U.S. Supreme Court to hear an appeal of a court ruling striking down tax incentives offered by the City of Toledo to the Daimler-Chrysler Corporation could clear the waters on what has become a worrisome issue for state and local tax practitioners. The Cuno case was one of many hot issues discussed by CCH’s State Tax Advisory Board. Some of the nation’s leading state tax experts—including some state officials—discussed and debated the impact of recent developments in state and local taxes, such as the streamlined sales tax; federal conformity; legislative and legal developments; and the issues surrounding incentives after the Cuno ruling.

 

• Click here to get a full copy of the transcript from State Tax Review newsletter.
• Click here to order State Tax Review newsletter..

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