Legislation

Tax

Permanent Ban on Internet Access Taxes Backed by US House

All that was needed on Tuesday was a voice vote for the House of Representatives to pass a bill that would prevent state and local governments from taxing access to the Internet. Now the ball is in the Senate's court to pass its bill before the Nov. 1 deadline.
Tax

House Passes Bonus Depreciation Bill

By a 258-to-160 vote, the Republican-controlled House of Representatives passed a bill on Friday morning that would permanently extend the bonus depreciation tax break for businesses. Thirty-four Democrats voted for the legislation; two GOP lawmakers voted against it.
Tax

White House Opposes House GOP’s Bonus Depreciation Bill

The Republican-led House of Representatives is expected to pass a bill on Friday that would permanently extend the bonus depreciation tax break. But don’t expect President Obama to sign it.
Tax

House Panel Approves Lasting Moratorium on Internet Access Taxes

By a 30-to-4 vote, the House Judiciary Committee backed a bill on Wednesday that would make permanent a moratorium that bans state and local governments from taxing access to the Internet.
A&A

More Transparency in Government Finances Focus of House Bill

A bipartisan bill introduced in the House of Representatives on Tuesday would bring more transparency and accountability to US government financial statements by making the Federal Accounting Standards Advisory Board more independent.
Practice

Bills in Senate and House Look to Limit ‘Inversion’ Deals

Legislation introduced by Democrats on Tuesday is aimed at curbing mergers that result in US companies paying less in taxes because their new legal tax residence is overseas – a tactic known as an “inversion.”
Tax

Senate Advances Tax Break Legislation

By a vote of 96 to 3, the Democrat-controlled Senate took its first step in reviving a plethora of expired tax breaks by advancing a bill on Tuesday that would extend the provisions for two years, adding nearly $85 billion to the deficit.
A&A

DATA Act Awaits Obama’s Signature

The legislation, which was supported by the AICPA, was passed in the Senate earlier this month and in the House yesterday. The bill will make federal government spending data publicly available online.
Tax

Koskinen Calls on Congress to Give IRS Oversight of Tax Return Preparers

During a Senate Finance Committee hearing on Tuesday morning, the head of the IRS urged lawmakers to pass legislation that would authorize the agency to regulate the nation’s estimated 600,000 to 700,000 paid tax return preparers.
Tax

Finance Committee OKs Extending Most Expired Tax Breaks

The Senate panel voted today to revive about 50 of the 55 tax breaks that expired at the end of 2013, including benefits for auto-racing tracks, wind energy, and bonus depreciation for businesses. The package of tax "extenders" still needs the support of the full Senate and House.
Tax

Senate Takes a Fresh Look at 'Dead' Tax Breaks

Senate Finance Committee proposes new tax extender legislation—do the provisions have a chance?
Technology

Opposition Mounts for House XBRL Exemption Legislation

XBRL US and several corporate data providers are against a bill approved last week by the House Financial Services Committee that would require the US Securities and Exchange Commission to exempt public companies with annual revenues under $250 million from filing their financial statements in XBRL format for five years.
Tax

Bill Intends to Make Settlements More Transparent

In an effort to shut down backroom deal-making and increase accountability, two senators introduced a bipartisan bill on January 8 that would force federal enforcement agencies to increase transparency around settlements reached with companies that break the law.
Tax

'Tis the Season for a Budget Accord

Will members of Congress be toasting each other with eggnog this year? As the holidays draw near, members of the House and Senate are reportedly wrapping up the first successful budget deal in two years.
Tax

AICPA Backs Income Tax Simplification Bill for Mobile Workforce

A bipartisan bill that would simplify and standardize state income tax collection for employees who travel across state lines for temporary work assignments has received support from more than 250 organizations, including the AICPA.
A&A

AICPA Calls on the Senate to Support Digital Accountability and Transparency Act

In a letter to US senators Tom Carper and Tom Coburn, the AICPA encouraged the Senate's support of legislation that would include a provision calling for the establishment of government-wide financial data standards for federal funds.
Tax

Chicago Mayor Proposes Hike in Cigarette Tax

A seventy-five-cent increase in Chicago's cigarette tax that is being proposed by Mayor Rahm Emanuel will likely be included in the city's 2014 budget, which will be presented to the Chicago City Council October 23.
Tax

Another Taxing Opportunity: Plastic Bags in PA

There's nothing new about governments trying to use tax as behavior modification. They've been doing it forever. Now the behavior being targeted in some areas of the country is the choice at the grocery store of "paper or plastic."
Education & Careers

House Passes Bill to Lower Federal Student Loan Rates

UDPATE: President Obama has signed the student loan rates bill into law. The bill that will lower interest rates on federal subsidized Stafford student loans was approved by the House of Representatives on July 31.
Tax

Bipartisan Bill Would Adjust Tax Liability for Mutual Insurers

Two Iowa lawmakers led a bipartisan group of five senators in introducing a bill on July 23 that would increase the alternative tax liability limitation for small property and casualty insurance companies.

Pages


Already a member? log in here.