Legislation

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.
Tax

YouTube Video Features Medicare Surtax

"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."
Tax

The 'Hidden' Social Security Tax Change

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.
Tax

Accountants Debate How to Advise Clients on Health Care Act

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.
Tax

IRS Guides Employers on 'Play-or-Pay' Rules

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.
A&A

FEI Releases Congressional Scorecard for 112th Congress

Financial Executives International (FEI) has announced the release of its first-ever "Congressional Scorecard," which rates lawmakers' records on their votes for or against FEI's priority legislative issues.
Tax

NYSSCPA Briefing on the Affordable Care Act

Two months after the Supreme Court decision that found the Affordable Care Act constitutional, compliance deadlines for the complex tax provisions that support the individual mandate are approaching rapidly.
Practice

The Rise in Pregnancy Disability Regulations

Disability claims are always challenging for employers, but this is especially the case when pregnant workers suffer complications that leave them unable to perform their normal job duties.
Practice

CPAs Examine Impact of Health Care Reform

Since the US Supreme Court decision to uphold the majority of provisions of the health care reform law, most small business owners, and the CPAs who serve them, have begun to scrutinize how the law will impact them when implemented in 2014.
Tax

NAEA Takes on Outdated Tax Provisions

The NAEA has announced its intent to focus its advocacy efforts on tax code provisions in desperate need of reform and to work with other interested stakeholders in requesting that Congress address this important issue.
Tax

IRS Fears Tax Refund Delays

Do you think this year's tax return season was a nightmare? Wait until next year! The upcoming election and its potential fallout have IRS officials tossing and turning at night as they contemplate another year when expiring tax provisions will go down to the wire.
Tax

House Approves Firing of Tax-Delinquent Federal Workers

The House approved legislation on July 31 that would require the federal government to terminate workers with "seriously delinquent" tax debts.
Tax

Dems Claim Hollow Victory on Tax Cut Bill

It was closer than initially expected, but the Senate approved a bill on July 25 to extend lower income tax rates for most Americans.
Practice

Criminal Background Checks and Hiring Practices

Criminal background checks for job applicants have become standard operating procedure for many companies. However, companies that routinely conduct such background checks should look at their current policies and procedures.
A&A

Health Care Law Decision - Uncertainty for Employers

Now that the U.S. Supreme Court has answered the biggest question related to President Obama's health care law, employers now face the uncertainties of implementing it.

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