Legislation

Tax

Bill Would Give Tax Benefits to Conservation-Minded Landowners

A bipartisan bill that would provide a permanent tax incentive to family farmers, ranchers, and other landowners who choose not to develop their land but preserve it for conservation is expected to be introduced by two lawmakers in the House.
Education & Careers

Lawmakers Reach Tentative Deal on Student Loan Rates

A little more than two weeks after the interest rates on federal subsidized Stafford student loans jumped from 3.4 percent to 6.8 percent, a tri-partisan group of senators reached a compromise that would lower interest rates.
A&A

AICPA Against Adding ESOP Appraisers to Fiduciary Definition

The AICPA gave its support to Senate Bill 273 and House Bill 2041 that would block a 2010 proposal by the Department of Labor to change its definition of fiduciary under the Employee Retirement Income Security Act to include appraisers of ESOPs.
A&A

Maryland CPAs Praise Court Ruling on Contributory Negligence

The Maryland Court of Appeals on July 9 voted five to two against changing the state's 166-year-old contributory negligence doctrine, which prevents people from collecting damages in a lawsuit if they contributed to their injuries in any way.
A&A

House Backs Bill That Prohibits Mandatory Firm Rotation

The US House of Representatives on July 8 approved legislation that would prevent the PCAOB from implementing a system of mandatory rotation for audit firms.
Practice

October 1 Deadline Looms for Obamacare Notices

The common perception is that most of the key provisions included in the Patient Protection and Affordable Care Act take effect in 2014. But employers should be advised that other responsibilities and rights kick in before then.
Tax

New Legislation Would Make Enrolled Agents Easier to Find

Ohio Senator Rob Portman and Louisiana Congressman Charles Boustany Jr. introduced legislation on June 11 that would allow enrolled agents to be able to identify themselves with their Treasury Department-granted credential in any state in the country.
Tax

California Senate Votes to Strip Boy Scouts of Tax-Exempt Status

By a vote of twenty-seven to nine, the California Senate approved a bill that would revoke the tax-exempt status from nonprofit youth organizations that discriminate on the basis of sexual orientation, gender identity, or religious affiliation.
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.

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