Legislation

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.
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.
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.
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.
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.
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.
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.
Tax

IRS will face 'major challenge' if Congress fails to extend tax breaks, AMT patch

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.
A&A

Deloitte CFO Vision Poll: Midterm elections improve business outlook

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.
Tax

Democrats in House vote to extend Bush tax cuts for middle class only

The House on Thursday passed legislation H.R. 4853, extending the Bush tax cuts for middle class Americans, but not for the highest earners.
A&A

New Congress Part 1: Deficits, tax cuts, lame ducks

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.
Practice

New route to allowing unions through card checks?

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.
A&A

Exclusive: National Tax Conference kicks off in D.C.

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.
AccountingWEB Life

Does the health care bill impose a tax on the sale of your home?

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.
A&A

Obama signs bill designed to jump-start small business

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.
A&A

What is known, unknown about financial reform law

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.
AccountingWEB Life

Converting to a Roth IRA easier in 2010

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.
Tax

Small accounting firms could see large benefits from new tax legislation

A small-business jobs bill awaiting approval from President Obama that aims to boost billions of dollars of lending and investment to entrepreneurs and provides $12 billion in tax cuts to small businesses is getting mostly positive reviews from two small accounting firms.
A&A

Obama seeking additional spending before November elections

The Obama administration last week submitted to lawmakers a spending proposal that would cost, according to Republican estimations, between $20 billion and $30 billion.
Tax

CPE Link provides resources on HIRE tax credits

More than half of small businesses are optimistic about the U.S. economy, and 25 percent plan to hire new employees, according to the SurePayroll Scorecard , which tracks small business hiring trends.

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