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.
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.
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.
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.
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.
The IRS has warned that although the agency's computers have been programmed to assume that Congress will pass a fix to the AMT, the computers do not assume that any other tax breaks that have already expired will be extended.
Despite the fact that more than 70 percent of chief financial officers at Deloitte's annual CFO Vision conference believe current government financial policy has either had no effect or negatively impacted their business, the tide is turning toward a more positive outlook.
Following the November 2 elections, Republicans are taking the lead in the House and have strengthened their position in the Senate, which means there is much talk of permanently extending the Bush tax cuts.
When Barack Obama ran for president, his message was all about hope and change. But a recent decision by one regulatory agency makes it seem like it may all just be politics as usual in Washington. That decision, by a politically appointed board, seems to represent an end-run around Congress.
Approximately 600 CPAs are gathered in Washington, D.C., this week to get the latest on tax reforms and the potential impact of the mid-term elections at the 35th annual National Tax Conference sponsored by the AICPA. Managing Editor Gail Perry reports.
We have received many inquiries from clients and friends of the firm regarding the veracity of claims that the new health care legislation will impose a 3.8 percent Medicare tax on sales of personal residences beginning in 2013.
President Obama signed into law this week the Small Business Jobs Act, which is intended to help small businesses by way of tax breaks and credits, as well as make it easier for small businesses to obtain much-needed loans and hire additional employees.
At 2,300 pages, the Dodd-Frank Wall Street Reform and Consumer Protection Act is, by most definitions, a monumental piece of legislation. It also is one of the most sweeping reforms of the American financial system since the Great Depression.
A provision within the Small Business Jobs and Credit Act of 2010 passed by the House Thursday will allow participants in 401(k), 403(b), and 457 tax deferred plans to convert those savings into a Roth IRA account if employers sponsor a Roth IRA in their plan.