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.
"Benjamin Franklin said, 'In this world, nothing could be said to be certain, except death and taxes.' At least with taxes, they keep changing." Thus starts a new YouTube video entitled "Medicare Investment Income Tax."
Like clockwork, the SSA announces an increase in the annual Social Security "wage base" practically every October. This year is no exception. Among other changes, the SSA says the wage base will jump to $113,700 in 2013.
While the IRS is telling congressional leaders that it won't enforce the requirement under the new health care law that Americans buy insurance, accountants are considering how to advise their clients.
In the wake of the Supreme Court upholding the PPACA, it's time for employers to get down to work. In particular, business clients must soon establish which employees will be covered under the "play-or-pay" rules.