California lawmakers are expected to vote this week on California Senate Bill (SB) 323, which would deny state tax breaks to youth groups that discriminate on the basis of sexual orientation, gender identity, or religious affiliation.
New legislation authorizing the states to collect sales tax from companies peddling their wares online breezed through the Senate on May 6 by a wide 69-27 margin. But the Marketplace Fairness Act is expected to face much tougher opposition in the Republican-controlled House of Representatives.
The federal government moved one step closer toward imposing state sales tax on online retail sellers when the Senate voted on April 22, 2013, to bring the Marketplace Fairness Act of 2013 to the floor for limited debate.
A court ruling last week that upholds a decision to force online retailers to collect New York State sales tax may force a Supreme Court battle or action by Congress to allow states to claim tax revenues they've lost to online purchases.
The US Department of the Treasury and the IRS jointly issued comprehensive final regulations under the Foreign Account Tax Compliance Act (FATCA) for reporting and withholding taxes on US taxpayers with financial accounts held abroad.
In what may represent an early example of a growing industry opportunity for accountants, Medical Marijuana Inc. said it has hired the accounting firm of Anthony W. Imbimbo CPA & Associates to be its auditor.
The agreement hammered out in the Senate, and subsequently approved by the House on January 1, pulled the nation back from the edge of the fiscal cliff. President Obama signed the "American Taxpayer Relief Act" into law on January 2. Here's an overview of the key tax provisions in store for individual and business clients in 2013.
The figures for holiday sales aren't in yet, but online retailers already have reason to celebrate: a proposal to tack onto a defense authorization bill an amendment that would impose sales tax on out-of-state sellers was booted at the last minute.
A controversial component of the 2010 health care law imposes a new 2.3 percent excise tax on most medical devices, beginning in 2013. The IRS has just issued a fifty-eight-page document on implementation of the rules.
Earlier in the year, the Tax Court allowed a taxpayer to use a formula clause to determine the value of a business interest for gift tax purposes (TC Memo 2012-88). But the IRS refuses to knuckle under to the court.
On December 6, KPMG's Tax Governance Institute will host a webcast featuring insight and perspective from key Washington insiders on what may result from negotiations on the "fiscal cliff" and business tax reform.
"Bloomberg" news reports that based on their calculations, tax deductions for sports ticket owners cost the rest of us more than $105 million a year in tax revenue that the Treasury can't get its hands on. Yet.
With Congress still split along partisan lines following the election, it's uncertain whether the President will be able to marshal the bipartisan spirit needed to address two of the most pressing economic issues.
The IRS recently told a CPA to "put his whistle away" because he wasn't entitled to a reward for turning in a fraudulent taxpayer. Now the Tax Court has upheld the IRS' decision in a new case of first impression.