Legislation

Tax

Illinois to Add $45 Million to State Coffers With Estate Tax

Not waiting for the federal government to make a final decision on the fate of the federal estate tax, the Illinois legislature is preparing to add an estate tax on estates that exceed $1.5 million. The state expects to add approximately $45 million per year to its budget by enacting the estate tax.Illinois Governor Rod Blagojevich contends that the estate tax will only affect 158 Illinois residents. That being the case, the average tax taken from each resident's estate would be between $275,000 and $300,000.
A&A

Enron Lawsuit to Push Limits of Corporate Pension Plan Laws

The Department of Labor has filed suit against Enron Corporation and individuals who were directors and other executives of the now bankrupt conglomerate, alleging that the company violated pension laws by mismanaging employee retirement funds.The lawsuit calls for Enron to pay company employees hundreds of millions of dollars as a result of a company policy that prevented employees from changing their invested retirement money from company stock to a different investment. Enron prevented employees from selling the Enron stock in their 401(k) plans until they reached age 50.

Free Report - Questions and Answers on Hot HIPAA Issues

Signed into law August 21, 1996, the Health Insurance Portability and Accountability Act (HIPAA) was designed to simplify the administration of health care and health benefit payments. But the Act has exploded with new regulations and guidelines in the last couple of years, making it anything but simple.Straight from the pages of AHI's FAQs On HIPAA, this free report gives you a plain-English summary of the complex regulations of HIPAA, along with a detailed Q&A section that will help keep your HIPAA initiatives compliant.
Tax

Justice Department Cracks Down on Fraudulent Tax Schemes

The Department of Justice has banned sales of a controversial tax strategy book, arguing that the book is not protected by the First Amendment because it encourages the unlawful action of not paying income taxes. In a different case a federal judge ordered a Georgia man to stop promoting a slavery reparations tax credit and to turn over a list of his clients."The tax division is focusing on promoters of tax-evasion schemes," said Eileen J.
Practice Management

Landmark Accounting Legislation Passes in New York State Senate

Press ReleaseThe New York State Senate unanimously passed S302-D, landmark legislation which provides greater oversight of the accounting profession in New York.
Tax

House Passes New April 30 Tax Filing Deadline

Seeking new ways to encourage taxpayers to file their returns electronically, the House of Representatives on Thursday voted 252-170 to pass a bill that would change the deadline for filing annual individual income tax returns from April 15 to April 30. The catch is, the returns have to be filed electronically in order to take advantage of the new deadline.Lawyers and accountants have voiced opposition to the measure, indicating their concern that changing the date will only confuse taxpayers.
Tax

House Passes Child Tax Credit; Moms and Toddlers Demonstrate

The House of Representatives, as expected, voted Thursday to pass legislation that would expand the Child Tax Credit so that it includes lower-income taxpayers in the form of a refundable tax credit. The Senate voted for a similar bill earlier this week.
Practice Management

Timeliness of Remitting Employee Contributions to Retirement Plans

By Dixon OdomThe Employee Benefits Security Administration, formerly the Pension and Welfare Benefits Administration, a division of the Department of Labor (DOL), has clarified and emphasized its position regarding the timeliness of remittances of participant contributions to employee retirement plans.
Tax

House to Vote on Its Version of Child Credit Bill

Earlier this week the U.S. Senate passed a bill that would expand the recent revisions in the Child Tax Credit to make the credit refundable so that it includes more low-income families.

ImClone’s Waksal Sentenced to Serve Jail Time

Martha Stewart’s friend Sam Waksal was sentenced to seven years and three months after pleading guilty to insider trading charges that have affected his family and threaten to end Stewart’s reign as America’s queen of domesticity.Waksal, the founder of ImClone Systems, was also ordered to pay $4 million in fines and back taxes.
Tax

Senate Bows to Pressure, Extends Child Care Credit to Low Income Families

The ink from President Bush's pen was hardly dry after signing the Jobs and Growth Tax Relief Reconciliation Act of 2003 when an uproar started over a large group of low income families who were excluded from the additional $400 child tax credit. A very vocal group in Congress argued that it was unfair to exclude those in the lowest tax bracket, who are not making enough money to pay any taxes, from the benefits of the child tax credit. Yesterday, the U.S. Senate agreed, and moved to expand the credit to 12 million families with incomes between $10,500 and $26,625.
Tax

Politicians Take Sides in Ongoing Child Tax Credit Battle

President Bush has signed his $350 billion tax cut bill, but the arguments over what should and should not have been included in the bill rage on.
Tax

Key Components of The New Tax Legislation

The Jobs and Growth Tax Relief Reconciliation Act of 2003 contains some splashy big tax cuts that will keep payroll accountants busy this summer, as well as a new rebate plan and tax incentives for small businesses. Key components of the new law include:Acceleration of reductions in the marginal tax rates as originally provided by the Economic Growth and Tax Relief Reconciliation Act of 2001.
Tax

House and Senate Ready to Vote on Tax Plan

House and Senate Republican leaders reached agreement on a tax plan Wednesday afternoon. Now the plan heads to the floors of both legislative chambers for a full vote.The bill, which is expected to cut taxes by $350 billion over a 10-year period, faces a close vote in the Senate where Vice President Dick Cheney is expected to be called upon to break a 50-50 tie.
Tax

Jackson Hewitt Goes to Battle Over Refund Anticipation Loans

Cendant Corporation, parent company of national tax preparation service Jackson Hewitt, has hired a high-powered law firm to help fight a bill that is making its way through the Minnesota legislature.
Tax

Senate Votes 'Yea' on $350 Billion Tax Cut Bill

Late Thursday night the U.S.
Technology

PCAOB Launches New Web Site

The new Public Company Accounting Oversight Board (PCAOB) has launched a new Internet site for those who want to keep up to date on the latest news and information regarding the Sarbanes-Oxley Act and the activities of the Board.The new site, www.pcaobus.org, includes the latest news and events, career opportunities, and documents describing in detail the mission and practices of the board.
Tax

House Passes Its Version of Tax Cut Bill

On Friday, the House of Representatives passed a 10-year $550 billion tax cut plan that is guaranteed to generate controversy once the tax planners from the House and Senate face off and attempt to create a bill that both chambers can endorse.The House bill passed with a 222-203 vote falling almost entirely along party lines. Only four Democrats crossed over to support the legislation and three Republicans voted against it.
Tax

IRS May Turn Over Collections to Private Agencies

If the U.S. Senate has its way, the Internal Revenue Service may be able to use private collection agencies to help recover the approximately $13 billion in unpaid taxes that is lingering in the hands of the nation's taxpayers.The tax cut bill that is due to be voted on in the Senate next week contains a provision enabling the IRS to seek outside help with collections.
Tax

Senate Republicans Reach Agreement on Dividend Tax Controversy

President Bush's tax bill has met more than a few snags as it makes its way through Congress, not the least controversial of which is the attempt to do away with the income tax on dividend income. Now it appears that a possible stalemate over this issue has been circumvented.In his State of the Union address this year President Bush stressed the importance of ending the income tax on dividends. "It is fair to tax a company's profits.

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