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Legislation

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.
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.
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.

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