Legislation

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.
Tax

Will the housing credit expire as planned on November 30th?

As the first time home buyer credit moves toward expiration, it is getting mixed reviews. Critics complain about cost. Proponents want an extension of the credit.
A&A

Brouhaha erupts over PwC private health insurance report

PwC has found itself at the center of a controversy over its estimates of cost increases in insurance premiums if heath care reform becomes law.

AICPA: CPAs should be exempt from pending consumer financial protection legislation

The AICPA told a U.S. House panel that certified public accountants should be exempt from pending legislation to create a new Consumer Financial Protection Agency because CPAs are already highly regulated.
Tax

Making sense of health care reform

The debate just keeps on rolling and it doesn't seem to be cooling down. Here are some of the key components put forth by four of the plans that are under consideration, including the tax effects.

Status of the proposed Consumer Financial Protection Agency

Whatever your opinion of the government’s plan to oversee your finances, you should know that small business still has a voice with the power to affect legislation.
A&A

Congress may require small businesses to play or pay for health insurance for employees

At this point in the health care reform debate, both the House and the Senate have put forth proposals for a "play or pay" mandate for employers to provide health insurance...

Who's your daddy? The Fed expands its role in your personal life

Some call it consumer protection. Some say it's necessary because government regulation has broken down and failed us, even though some who are expressing that opinion were heavily involved in the breakdown. Others see it as an ever-growing insult by the federal government, telling us that we are not smart enough to make good decisions, therefore we must leave it up to them. What's the target this time? The Fed is upset because you are not saving enough of your paycheck for a rainy day, and they intend to do something about that by taking your money before you get a chance to spend it.

Obama's proposed watchdog agency designed to reduce your risk

"Consumer protection will have an independent seat at the table in our financial regulatory system," says Treasury Secretary Timothy Geithner recently while discussing President Obama's proposal to form a new watchdog agency.

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