Legislation

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.
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.
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.
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...."

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.
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.
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.
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.
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.
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.
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.
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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