Legislation

Tax

New legislation curbs patents on tax strategies

The new "America Invents Act" – signed by the president on September 16, 2011 – includes the biggest overhaul of the U.S. patent system in almost 60 years.
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Election 2012

Will the payroll tax holiday be extended?

President Obama doesn't want the "payroll tax holiday" for workers to end. The administration is calling for an extension of the 2 percent payroll tax break as a way to reinvigorate the economy.
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Tax

Congressional Super Panel to debate tax reform behind closed doors

All of the members of the Super Panel have been seated. Now we'll have to wait to see what they work out behind closed doors.
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Tax

Ohio Congressman Stivers explains effects of debt ceiling legislation

The Senate approved the bipartisan bill last week, voting 74-26. The legislation will raise the debt ceiling $900 billion and cut government spending, which Representative Steve Stivers (R-OH) calls "not perfect, but the package as a whole helps small businesses...."
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Congress raises debt ceiling; extraordinary Special Joint Committee to propose future debt reduction measures

The U.S. Senate has passed and President Obama has signed legislation, which, for the first time, links an increase in the debt limit to budget decisions.
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Tax

Patent reform passes in House; tax strategy patents banned

A comprehensive patent reform bill, the America Invests Act, which includes a provision prohibiting the award of new tax strategy patents, was approved in the House by a vote of 304 to 117 on June 24.
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A&A

Obama signs repeal of expanded 1099 requirements

On April 14, President Obama signed legislation that repeals both the expanded Form 1099 information reporting requirements and the 1099 reporting requirements imposed on taxpayers who receive rental income.
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A&A

Debit cards rewards may be gone; more changes coming

JPMorgan Chase has announced that it will end its popular debit card rewards program for existing customers on July 19. Wells Fargo, SunTrust, and PNC have announced that they will either end their rewards programs or close them to new customers.
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Tax

Senate repeals 1099 provision; bill goes to President Obama for signature

The Senate voted on Tuesday, April 5, by a vote of 87 to 12, to repeal the provision in the Patient Protection and Affordable Care Act that would have required businesses to file 1099 tax forms beginning in 2012 for all purchases over $600.
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Tax

Senate prepares to vote on 1099 repeal

The U.S. Senate may use a procedural maneuver this week to repeal the health-care law’s provision that would have required businesses to file a 1099 tax form for purchases over $600.
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Tax

House and Senate spar on repeal of 1099 reporting rule

Last week, the U.S. House of Representatives passed H.R. 4, a bill repealing the health care reform law provision that requires businesses to furnish 1099 statements to corporate vendors. The House bill has been returned to the Senate where it faces an uncertain fate.
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Tax

IRS releases 2012 budget proposal summary

The agency says its funding request reflects a continued commitment to balance taxpayer service with fair enforcement of the tax laws. The IRS says it has identified more than $188 million in cost-savings in 2012, coming on top of similar efficiency savings in 2010 and 2011.
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Tax

Democrats try to take the lead for repealing onerous 1099 rule

Rep. Nydia M. Velazquez (D-NY), the ranking member of the House Committee on Small Business, has called for repeal of the onerous new tax reporting rule, which was enacted last year as part of health care reform.
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A&A

State of the Union provides hope for accountants

President Obama delivered his State of the Union address to the nation Tuesday night and included verbiage that offers encouragement for accountants struggling with issues surrounding the new 1099 regulations.
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Tax

New tax legislation creates, renews many breaks

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 is packed with new provisions. Following is a rundown of what you can expect from this legislation.
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Tax

Here a loophole, there a loophole

Most of the richest Americans that populate the annual Forbes 400 list gained their wealth by owning founders' stock. Allowing favorable tax treatment on this stock might be costing taxpayers by $100 billion a year, or $1 trillion over ten years.
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Tax

Update: Obama signs tax bill into law

President Barack Obama signed a tax bill into law Friday that allows tax cuts for all income levels to continue for another two years and extends unemployment benefits for the next 13 months.
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Tax

Senate approves tax package that includes extending tax cuts, unemployment benefits

The U.S. Senate today gave broad bipartisan approval to a tax bill that extends the Bush era income tax rates, capital gains and dividend rates for individuals, and adjusts exemptions for the AMT.
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A&A

Deciphering key provisions of the Dodd-Frank Financial Reform Act

As regulators begin the rule-making process for the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), it is estimated that the act mandates nearly 250 regulations and 70 studies.
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Tax

Obama strikes tentative deal to extend tax cuts, unemployment compensation

President Barack Obama announced a compromise with Republican congressional leaders to extend the Bush-era income tax rates, extend unemployment compensation, and cut payroll taxes.
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Pages

Voice of the Editor

Results from a recent AICPA survey disclosed the two top priorities for CPA firms as they plan for the future: bringing in new business and finding talent. Our goal at Sift Media is to help our readers deal with the issues most important to them. One way in which we are doing this is through the launch of our new recruitment/placement service, Going Concern Jobs. Check it out today for your talent needs.
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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