Legislation

A&A

Obama wants to expand, extend business tax credits

President Barack Obama has proposed a 100 percent bonus depreciation business tax incentive for 2011 to encourage business investment. Obama also wants Congress to make the research-and-development tax credit permanent.
A&A

What to tell your clients as health care reform takes effect

Love it or hate it, your business clients have known for six months that the first bells of the Patient Protection and Affordable Care Act (PPACA) soon would begin to toll.
AccountingWEB Life

Democrats seek to legislate retirement savings

In an effort to increase the number of Americans who are saving for retirement – roughly 50 percent of employees have no retirement savings at all – the Automatic IRA Act of 2010 has been introduced in both houses of Congress.
A&A

Resolution seeks tax equity for same-sex married couples in California

California lawmakers earlier this month got one step closer to what Assemblyman Mike Feuer (D-Los Angeles) calls tax equity for same-sex married couples. Assembly Joint Resolution 29 (AJR 29) passed both houses in a vote of 52-9.
Tax

Congress asks the IRS to make changes to planned tax preparer regulations

In a letter addressed to Treasury Secretary Timothy Geithner, 31 members of Congress from both parties expressed their concern with two aspects of the Internal Revenue Service's proposal to regulate paid tax preparers.
Tax

Oregon mulls details of miles-driven tax to pump up revenue

Motorists are being urged to reduce their dependence on fossil fuels from the federal government, conservationists, and their own wallets. However, less money spent on gasoline comes at a cost.
Tax

Attempt to repeal 1099 requirement fails

Efforts by House Democrats on Friday to repeal an Internal Revenue Service filing requirement contained in the new health care legislation failed when the measure fell short of the two-thirds majority vote needed to pass.
Tax

AICPA asks Congress to repeal new 1099 reporting provision

The AICPA has asked Congress to repeal the section of the new health care law that requires businesses to report to the IRS any purchase from a vendor of goods or services worth $600 or more during the calendar year.
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.

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