Tax reform

Tax

A CPA Presents a Roadmap for IRS Reform

An insufficient budget is just the beginning. The IRS is treating all taxpayers as if they belonged to same group and mismanaging its audits. The results are disastrous.
Tax

Camp Says He Won’t Seek Re-election

Sixty-year-old Michigan Republican and chairman of the Ways and Means Committee has served in the House of Representatives since 1991.
Tax

Survey: Tax Reform Strikes Out in 2014

All 129 business tax executives surveyed recently by law firm Miller & Chevalier and the National Foreign Trade Council believe tax reform is unlikely this year. However, 77 percent think the package of tax breaks that expired at the end of 2013 will be extended by Congress.
Tax

Why Enhancing the Earned Income Credit Is a Bad Idea

The EIC may be designed to help the poor, but it is causing nothing but headaches for tax preparers caught in the middle.
Tax

Reactions Varied on Tax Reform Plan

As you might expect, there were plenty of opinions from business groups, corporations, and legislators about the tax reform plan unveiled by House Ways and Means Committee Chairman Dave Camp (R-MI) yesterday. Views ranged from overwhelming support to staunch opposition.
Tax

Here It Is … Dave Camp’s Tax Reform Discussion Draft

House Ways and Means Committee Chairman Dave Camp (R-MI) this afternoon released his much-anticipated tax reform plan, the Tax Reform Act of 2014. If you want to read all 979 pages of it, you can download it here.
A&A

Six Business Groups Protest Accrual Accounting Proposal

In a letter sent to the Senate Finance Committee last week, a coalition of six business organizations, including the American Institute of CPAs, emphasized their opposition to a proposal that would force many of the groups’ members to use the accrual method of accounting instead of the cash method of accounting for tax purposes.
Tax

'Tis the Season for a Budget Accord

Will members of Congress be toasting each other with eggnog this year? As the holidays draw near, members of the House and Senate are reportedly wrapping up the first successful budget deal in two years.
A&A

AICPA Expresses Concern with Cash Method Limitations in Baucus Proposal

The AICPA has sent a letter to the chairman and ranking member of the Senate Committee on Finance opposing any limitation on the use of the cash method of accounting on natural persons, pass-through entities, personal service corporations, and farmers.
Tax

Baucus Proposes Series of Sweeping Tax Reforms

Max Baucus released a series of comprehensive tax reform proposals over a three-day span. Specifically, the three drafts cover a restructuring of the international tax system, tax administration and fraud prevention techniques, and cost recovery deductions.
Tax

EY Survey Finds Tax Execs Looking for 'Success Under Pressure'

A recent survey from Big Four firm EY explored the combination of external pressures and internal corporate plans for growth that international tax and finance executives are managing.
Tax

AICPA Nixes Proposed Tax Reforms for Pass-through Entities

The more Congress tries to simplify the tax code, the more complicated things seem to get. At least that's what the American Institute of CPAs (AICPA) believes about a proposal to consolidate the myriad of tax rules for pass-through entities.
Tax

S-Corporations Pay Highest Effective Tax Rates

A study released by the National Federation of Independent Business (NFIB) and the S-Corporation Association on August 7 shows that S-corporations pay the highest effective tax rates of any type of business.
Tax

Tax Reform: Listen, Do You Want to Know a Secret?

Congress appears to be getting serious about tax reform. Party leaders of the Senate's tax-writing committee have promised that any tax reform proposals made by their colleagues will be kept secret for fifty years.
Tax

'Odd Couple' Baucus and Camp Launch Tax Reform Tour

The chairmen heading up the two major tax-writing committees in Congress - Max Baucus and Dave Camp - are taking a dog and pony show on the road this summer to promote the concept of comprehensive tax reform to the American public.
Tax

What's the Impact of Baucus' Retirement on Tax Reform?

Senator Max Baucus announced that he won't be seeking reelection in 2014. Instead, the Democratic senator from Montana intends to focus on helping to shape tax policy in our nation's capital until calling it quits for good.
Technology

Tax Reform Writers in Congress Want to 'Friend' You

Want to know where the next major tax reform legislation is coming from? You might check on Facebook, Twitter, or LinkedIn. Senate Finance Committee Chairman Max Baucus and House Committee on Ways and Means Chairman Dave Camp said they'll ask the public for tax law proposals via social media.
Tax

Federal Budget Talks Focus On – What Else? – Taxes

At the very least, key members of the House and Senate are talking to each other about the federal budget. But talk – unlike the mounting debt of the country – is cheap.