Legislation

A&A

New financial reform legislation might be jobs bill for attorneys

Is there any industry that seems happy with the new financial reform bill? Definitely. Some attorneys are making it very clear they welcome the flood of new business that the recently signed Restoring American Financial Stability Act (RAFS) will bring…and already has brought.

Small business tax issues

Small business owners are the backbone of our economy; they have always faced unique challenges. The small business tax environment is further exacerbated by our declining economy, high unemployment levels, and new health care regulations.

Laws are like sausage

In defiance of the adage attributed to Chancellor Otto von Bismarck (“The less people know about how sausages and laws are made, the better they sleep at night.”), a record number of enrolled agents from around the country converged on Washington to participate in NAEA’s second annual GR Fly-In Day.
A&A

Additional details on new financial reform act

Currently consumer protection for various financial products, such as credit cards and mortgages, falls to different groups. The Restoring American Financial Stability Act of 2010 (RAFS), signed into law by President Barack Obama this week, changes all that.
A&A

The recently signed financial reform act and how it might affect you

President Barack Obama signed into law on Wednesday the Restoring American Financial Stability Act of 2010 (RAFS). The bill was signed despite lingering questions surrounding many of the legislation's details.
Tax

Death of New York Yankees owner sends lawmakers scrambling

Members of Congress had years to close the loophole that would eliminate the estate tax completely in 2010. But they didn’t. Now that high-profile billionaire George Steinbrenner has died, some of them are scrambling to find a way to tax his wealth.
Tax

4.5 million businesses qualify for HIRE Act tax benefits

Businesses that have hired 4.5 million employees (so far) under the HIRE Act are expected to receive $8.5 billion in tax credits and exemptions.
A&A

CPE mid-year 2010 update: Rules, regulations, trends

Mid-year 2010 has arrived and accountants in approximately half the jurisdictions in the United States are facing compliance deadlines. Tax time is well behind us and crunch time for compliance is here.
Tax

UPDATE: President Obama signs fix for homebuyer credit

On Friday, July 2, President Barack Obama signed into law the Homebuyer Assistance and Improvement Act of 2010, legislation designed to give homebuyers extra time to get financing and finish paperwork and still qualify for the homebuyer tax credit.
A&A

Exclusive interview: Joanne Barry, executive director of NYSSCPA

The voice of CPAs in New York has just become stronger because of the broadened scope of practice established by the Accountancy Reform Act of 2009, according to Joanne Barry, the newly appointed executive director of the New York State Society of CPAs.
Tax

Senate responds to glut of prospective homebuyers seeking tax credits

In response to the backlog of first-time homebuyers hoping to take advantage of federal tax credits, the Senate this week agreed to extend the measure for three months.
A&A

Massive extenders bill fails in the Senate

The $141 billion spending bill casually dubbed the extenders bill failed in the Senate yesterday. Forty-five Senators voted for it, fifty-two against.
A&A

UPDATE: Next in a series of new legislation from Congress: Jobs and loopholes

If Senate Democratic leaders have their way, they will vote this week on the American Jobs and Closing Tax Loopholes Act, which is an amended version of a bill passed in late May by the House (HR 4213).
A&A

Tax departments more concerned with getting it right

An overwhelming majority of senior financial executives say their tax department’s top priority is not tax savings or their effective rate, but timely and accurate tax return and financial reporting.
A&A

CPAs at the forefront of Obama’s health care plan

President Obama recently signed the Patient Protection and Affordable Care Act of 2010 requiring virtually every American to purchase health insurance. Now an enforcer is needed.
Practice

National Defense Authorization Act expands military family leave

Now that more employees may be eligible for FMLA leave, it’s a good time for employers to review and update all of their FMLA-related policies to ensure they are in compliance with the NDAA 2010 and other federal and state regulations.
Tax

Senate moves to protect small business from unfair penalties

Small businesses get a break in the form of an extended moratorium on penalties related to tax shelters. Since last summer the IRS has been extending the moratorium a few months at a time.
AccountingWEB Life

Credit card rules change: Do you still know what's in your wallet?

A new set of provisions kicked in under the 2009 Credit Card Accountability, Responsibility, and Disclosure Act (CARD) on February 22. The rules are designed to give consumers a break.
Tax

Tax Court allows deduction for sex-change operation

The U.S. Tax Court in Boston ruled in favor of a plaintiff who claimed approximately $5,000 in medical deductions for expenses relating to her sex-change operation.
A&A

Supreme Court opens floodgates for political spending

On January 21, the U. S. Supreme Court held that sections of federal law barring corporations, unions, and other groups from spending money to espouse their views about public issues and candidates for office were unconstitutional restrictions on First Amendment protected free speech.

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