Legislation

Tax

AICPA Applauds Passage of Mobile Workforce Bill by the House

The Mobile Workforce State Income Tax Simplification Act of 2011 would establish a uniform requirement that nonresidents would have to work in a state for more than thirty days before becoming subject to out-of-state income taxes.
Tax

AICPA Urges House to Pass Mobile Workforce Bill

Barry C. Melancon, president and CEO of the AICPA, urged the House to pass H.R. 1864.
Tax

Buffett Rule Fails in Senate

By blocking the so-called "Buffett Rule" with its April 16 vote, the Senate was able to suppress the Democratic push to level the income tax playing field between the 1 percent of wealthiest Americans and the remaining 99 percent of taxpayers.
Practice

EEOC and Courts Begin to Weigh in on Amended ADA Standards

Striking the balance between the need to hire qualified employees and the need to avoid disability discrimination claims has become even more challenging since changes to the Americans with Disabilities Act (ADA) went into effect in 2009.
A&A

Update: Health Care Law under the Microscope

On March 30, the US Supreme Court held closed-door deliberations on President Obama's health care overhaul law. It is likely they cast their preliminary votes on how they will eventually rule. As the Supreme Court is known for keeping its secrets, no leaks are expected before formal opinions are written and announced from the bench. This is not expected until late June.
AccountingWEB Life

Sales Tax Levies on Digital Downloads Facing Headwinds for Now

It is hard for legislators in cash-strapped states to ignore the explosion in the use of electronic devices - handheld computers, smart phones, iPods, iPads, and e-readers - and not view the many products these devices deliver as a basis for a new sales and use tax.
Tax

New York State Is Attempting to Tax Its Yoga Studios

Last year, after the Bureau of Proprietary School Supervision attempted to subject yoga studios to licensing regulations, the proposed "Yoga Bill" was signed into law by Governor Paterson on March 24, 2010. The bill exempts yoga and martial arts studios from state educational certification.
Tax

Maryland CPAs Are Fighting Proposed Tax on Professional Services

Maryland CPAs are mounting a coordinated effort to fight a proposed sales and use tax on professional services that will specifically apply to management consulting and tax preparation services. Lawmakers in Maryland have proposed the measure as one way to solve their budget problems.
Practice

Treasury Proposes New Rules for Annuity Options in Retirement Plans

The U.S. Treasury and the IRS have proposed a package of regulations and rulings intended to encourage retirees to invest some proceeds of their retirement accounts in annuities. Retirees have shown no interest in this type of investment because they are reluctant to invest their entire retirement account in an annuity.
Practice

Parking and Mass Transit Employee Benefits: NTEU's Kelley Wants Parity

On January 31, 2012, the leader of the National Treasury Employees Union (NTEU) called on Congress to approve the S. 1034 – Commuter Benefits Equity Act of 2011, which would permanently establish parity between the parking and mass transit portions of the employee transportation benefit.
A&A

Governments and Private Companies Exploring Benefits of XBRL

Congress is beginning to mandate the use of XBRL to track spending and improve transparency in government reports. Bills that contain language calling for the implementation of data standards, such as XBRL, have not yet passed into law, but the requirement could become part of the final payroll tax cut bill.
Workplace Fitness

IRS Gears Up for Health Care Law Appeals

The IRS is bracing itself for the implementation of the massive new health care legislation. A few select provisions in the Affordable Care Act have already taken effect, but the most controversial sections of the new law are not scheduled to kick in until 2014.
Tax

NTEU President: IRS Budget Cuts Will Hinder Service to CPAs, Clients

While the threat of a government shutdown has been put to rest, NTEU president is still warning Americans that reduced funding embodied in the signed omnibus spending agreement will place an enormous strain on the ability of government agencies to fulfill their critical missions – particularly the IRS.
Tax

Congress Salutes Veterans with New Hiring Tax Credits

Just a week after this year's Veterans Day, President Obama signed new legislation providing a tax credit to employers who hire military veterans. The VOW to Hire Heroes Act is a small piece of a much larger jobs bill that has stalled in Congress.
Education & Careers

Obama's Student Loan Plan: Relief for College Consumers?

Obama's "pay as you earn" student loan program is designed to provide relief to students by making their college loan payments more affordable and easier to pay.
Tax

Your Social Security Check Is NOT in the Mail

Do you have clients who still receive their Social Security checks in the mail? Mail carriers won't be dropping them in your clients' mailboxes in the near future.
Tax

Supreme Court to Decide on Tax Audit Statute of Limitations

Can the Internal Revenue Service go as far back as six years to audit taxpayers, or is it limited to a three-year period?
Tax

Will Congress Green Light the Main Street Fairness Act?

As more Americans continue to shop by entering just a few keystrokes, new proposed legislation could return foot traffic to traditional retail outlets.
Tax

Recap of tax winners and losers in new jobs bill

President Obama has proposed a number of significant tax changes in the American Jobs Act of 2011, including payroll tax cuts, tax credits to encourage hiring, extension of the 100 percent bonus depreciation tax break, and several revenue-raisers.
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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