Legislation

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.
Tax

Obama signs H.R. 4462 making Haiti donations deductible on 2009 tax returns

All members of Congress came together late last week with both the House and Senate voting unanimously to approve legislation that will allow eligible taxpayers to claim a deduction on their 2009 income tax returns for contributions to earthquake relief efforts in Haiti.
Tax

House unanimously passes bill to expedite tax deductions for Haiti contributions

The U.S. House of Representatives voted unanimously to approve legislation that would allow taxpayers to take a deduction on their 2009 tax return for 2010 contributions to relief efforts for Haiti earthquake victims.
Tax

Congress introduces legislation making Haiti contributions deductible for 2009

Several Congressmen have announced plans to introduce legislation to allow charitable contributions to the relief effort in Haiti to be treated as itemized charitable deductions on 2009 tax returns.
Tax

Internal Revenue Service: The new health care police

Someone will have to serve as the health care police. So far, it appears those tasks will fall to the IRS. Take a look at some of the new tasks that will be required once the health law takes effect.
Tax

Tax return preparers must e-file for 2010 tax returns

Beginning in 2010, new legislation will require tax return preparers to file any individual tax return electronically unless the preparer expects to file fewer than 10 returns in a calendar year.
Tax

House passes Tax Extenders Bill of 2009

In what has become almost a routine action, the U.S. House of Representatives voted Wednesday to renew for one year 45 tax breaks due to expire December 31.

Systemic risk legislation update: No change in FASB oversight

In the face of opposition from the accounting profession and business community, the House Financial Services Committee has approved a revised amendment to the Financial Stability Improvement Act.
Tax

Pending legislation spurs analysis of tax increase scenarios for high income taxpayers

Deloitte scenarios illustrate potential tax increases on high income taxpayers from Senate health care bill surtax and budget proposals
Tax

The potential negative impact of the Make Work Pay Credit

Because of the unusual way the Make Work Pay Credit is administered, some taxpayers will find themselves owing federal taxes and possibility penalties.
Tax

New life and new rules for the Home Buyer Credit

Just as the door was about to slam shut on the First Time Home Buyer Credit, Congress not only extended the deadline, but also expanded it to include those who are not first time buyers.
Tax

Congress extends homebuyer tax credit; expands eligibility

President Obama signed into law last week an extension of the first time home buyers tax credit until April 30, 2010. The credit was set to expire on December 1, 2009.
Tax

Cash for Refrigerators program might not be ready by Christmas

The federal government is hoping to roll out a Cash for Clunkers program, this time designed to boost the appliance manufacturing industry.

Pages