12/27/2011 - 12:53 - 3370 reads -
Our nation's lawmakers finally agreed to a compromise extension of the so-called "payroll tax holiday." The new law signed by the president on December 23 – the Temporary Payroll Tax Cut Continuation Act of 2011 – keeps the payroll tax break alive for another two months.
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12/19/2011 - 12:15 - 1304 reads -
This morning (December 19), the Associated Press reported that "Boehner spoke after a chaotic weekend in which Senate leaders first failed to agree on a full-year bill, then coalesced around the two-month extension that passed overwhelmingly, only to spark a revolt among GOP conservatives in the House."
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12/09/2011 - 15:07 - 1139 reads
The impasse between Republicans and Democrats over the proposed payroll tax cut extension grew larger on December 8. Senate Republicans blocked the latest Democratic bill designed to extend the tax cut, and Republicans unveiled their own plan to lengthen the payroll tax holiday.
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11/07/2011 - 00:44 - 1414 reads
Over 800 members of the Thomson Reuters tax and accounting community gathered in San Diego last week to learn about the latest innovations in their software, experiment with new tools, and connect with peers, colleagues, and members of the Thomson Reuters staff.
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10/13/2011 - 13:45 - 2650 reads -
Do you have clients who still receive their Social Security checks in the mail? Mail carriers won't be dropping them in your clients' mailboxes in the near future.
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10/07/2011 - 08:38 - 2943 reads
The Internal Revenue Service is extending an olive branch to employers that may have misclassified "employees" as "independent contractors."
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09/29/2011 - 10:48 - 4204 reads
President Obama has proposed a number of significant tax changes in the American Jobs Act of 2011, including payroll tax cuts, tax credits to encourage hiring, extension of the 100 percent bonus depreciation tax break, and several revenue-raisers.
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08/31/2011 - 22:02 - 2591 reads
If your business clients need extra help, you might suggest they hire their teenage children to pitch in after school or on weekends. This strategy may result in tax savings and other potential benefits if the children are treated as official employees.
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08/19/2011 - 15:22 - 3456 reads -
President Obama doesn't want the "payroll tax holiday" for workers to end. The administration is calling for an extension of the 2 percent payroll tax break as a way to reinvigorate the economy.
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05/03/2011 - 22:15 - 2336 reads
The Treasury Department and IRS have requested public comment on issues relating to the shared responsibility provisions included in the Affordable Care Act.
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03/21/2011 - 22:57 - 7722 reads -
Unlike many other celebrities, Sheen has not been in the news for tax trouble. But his new situation poses some interesting tax issues.
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03/21/2011 - 15:44 - 4411 reads
Kulwant Lasher has been sentenced to four years and nine months in prison to be followed by three years of supervised release for conspiring to bribe an IRS Revenue Officer and failing to pay withholding and payroll taxes.
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02/08/2011 - 16:54 - 4431 reads -
An Obama administration proposal would ease the debts of states struggling to pay unemployment benefits by increasing the amount of payroll taxes collected from businesses.
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12/27/2010 - 11:32 - 5479 reads
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 is packed with new provisions. Following is a rundown of what you can expect from this legislation.
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12/17/2010 - 10:57 - 6379 reads
President Barack Obama signed a tax bill into law Friday that allows tax cuts for all income levels to continue for another two years and extends unemployment benefits for the next 13 months.
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12/15/2010 - 17:10 - 4419 reads
The U.S. Senate today gave broad bipartisan approval to a tax bill that extends the Bush era income tax rates, capital gains and dividend rates for individuals, and adjusts exemptions for the AMT.
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10/22/2010 - 17:55 - 4114 reads
Companies currently making their federal payroll tax deposits by taking them directly to an authorized bank will no longer be able to use paper coupon as of January 1, 2011.
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10/20/2010 - 10:42 - 3701 reads
The IRS has issued a draft Form W-2 for 2011 and has announced that it will defer the new requirement for employers to report the cost of coverage under an employer-sponsored group health plan.
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09/24/2010 - 14:52 - 3775 reads
The clock is ticking on the Bush tax cuts, and the likelihood that a vote to extend them will happen before November is not looking good. Why the urgency? Because the Internal Revenue Service needs lead time to create, publish, and distribute tax tables for the first payroll of 2011.
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09/24/2010 - 12:03 - 5731 reads
A provision within the Small Business Jobs and Credit Act of 2010 passed by the House Thursday will allow participants in 401(k), 403(b), and 457 tax deferred plans to convert those savings into a Roth IRA account if employers sponsor a Roth IRA in their plan.
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