Legislation

Tax

Boy Scouts May Lose Tax Breaks if California Senate Bill Passes

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.
Tax

Internet Sales Tax Clears Senate Hurdle

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.
Tax

New Law Requiring Tax on Internet Sales Moves Forward

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.
Tax

House Rejects Bill to Fire Federal Workers with Tax Debts

A bill that would have required the federal government to terminate workers who were delinquent on paying their taxes was rejected by the House of Representatives on April 15.
Tax

Online Sales Tax Court Decision Could Set Stage for Supreme Court Showdown

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.
Tax

Treasury and IRS Issue Final FATCA Regulations

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.
Practice

Medical Marijuana Inc. Hires CPA Firm as Auditor

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.
Tax

AICPA Asks Congress to Amend Hurricane Sandy Tax Relief Act

The American Institute of CPAs (AICPA) is asking Congress to amend its Hurricane Sandy tax relief legislation by extending the replacement period for which taxpayers can claim a property loss.
Tax

New Tax Law Emerges Beyond the Fiscal Cliff

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.
Tax

IRS Q&A: Additional Medicare Tax

This Q&A from the IRS will provide employers and payroll service providers information that will help them as they prepare to implement Additional Medicare Tax which goes into effect in 2013.
Tax

Medicare Surtaxes: Being Forewarned Is Forearmed

Regardless of whether or not Congress resolves the looming "fiscal cliff" crisis or the nation is allowed to fall into the abyss, two new Medicare surtaxes will take effect on January 1, 2013.
Tax

Final Regs Diagnose New Medical Device Tax

Just a few heartbeats away from the New Year, the IRS has issued final regulations governing the imposition of a new excise tax on "medical devices," such as pacemakers and implantable defibrillators.
Tax

Holiday Sales Tax Cheer for Online Retailers

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.
Tax

IRS Tinkers with New Tax on Medical Devices

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.
Tax

IRS Won't Concede on 'Wandry Clauses'

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.
Education & Careers

KPMG Webcast to Examine 'Fiscal Cliff' and Business Tax Reform

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.
Tax

Uncertain Fate for Sports Lovers' Tax Break

"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.
Election 2012

Obama Wins Reelection - But Congress Still Split

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.
Tax

Tax Court: CPA Is Whistling in the Wind

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.
A&A

Health Care Reform: Financial Impact 2013 and Beyond

As the third year of the PPACA approaches, employers need to be aware of additional fees that will be assessed on insurers and plan administrators of self-insured plans beginning in 2013.

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