Italy has it the worst when it comes to taxes, according to Institut Constant de Rebecque. The Lausanne, Switzerland-based libertarian think tank ranked the country number one out of the 30 member states of the OECD on the "tax oppression index," which takes into account a number of factors from straightforward tax-burden measures to laws related to financial privacy.

Do tax advantage leases force companies to choose between safety and savings?

The Supreme Court is staying out of states' nexus decisions for now. It has declined to hear two nexus cases from the Massachusetts Supreme Court. This refusal leaves companies that do business across state lines vulnerable to states' increasingly aggressive assertion of economic nexus.

The IRS is cracking down on companies that let their employees use their company-provided cell phones for personal calls without reporting this fringe benefit.

Lawmakers have shot down the U.S. Senate Finance Committee's proposal for an increase in the federal excise tax on alcohol and a new tax on "sugar-sweetened beverages."

COBRA has helped many unemployed individuals keep medical coverage but has complicated employers' taxes. The IRS has updated their Web page in an attempt to cut through the confusion.

The use of over-the-counter instruments to hedge risk, such as forward contracts and options, has grown steadily in recent years.

Corporate tax pros looking for a change should check out the IRS. Under President Obama's 2010 budget proposal, the agency would receive a $400 million increase in funding. This money would be used to beef up the IRS' tax enforcement efforts, which would include hiring new talent.

Value added tax (VAT), which is already in use in more than 130 countries, is looking more appealing to legislators who need to find cash to combat the growing federal deficit.