Staff Writer and Editor AccountingWEB
Share this content
AccountingWEB

Bramwell’s Lunch Beat: Tax Day Won’t Fall on April 15 Next Year

by
May 20th 2015
Staff Writer and Editor AccountingWEB
Share this content

SEC chief of staff to leave post
US Securities and Exchange Commission (SEC) Chairman Mary Jo White is losing her right-hand man, adding to a steady stream of recent departures for the nation’s top markets cop, wrote Andrew Ackerman of the Wall Street Journal. Lona Nallengara, White’s chief of staff and top advisor, plans to leave the commission at the end of June, the SEC said on Tuesday. He is expected to return to the private sector. Nallengara, 44, has served since May 2013 as White’s lead advisor on all issues involving the SEC, including policy development and rulemaking, as well as management of the 4,000-person agency. He also helped coordinate with the agency’s other four commissioners, who rely on intermediaries to hammer out deals because they are restricted from gathering in groups to discuss policy outside of the public meetings where they vote on whether to propose and complete rules.

Read more

IRS: Tax deadline pushed back for 2016
Bernie Becker of The Hill wrote that the tax-filing deadline will be three days later than usual in 2016. Most taxpayers will have until April 18 to finish their taxes next year, the IRS announced on Tuesday. The reason: Washington, DC’s Emancipation Day holiday will be observed on the normal tax-filing deadline, April 15, in 2016. Washington usually celebrates Emancipation Day on April 16, but because that’s a Saturday in 2016, the holiday will get bumped up a day to April 15. And because DC holidays carry the same weight for the IRS as federal holidays, that means the tax-filing deadline gets pushed back to April 18.

Read more

Ryan sets sights on ‘down payment’ for tax reform
Bernie Becker also wrote for The Hill that House Ways and Means Committee Chairman Paul Ryan (R-WI) conceded on Tuesday that the broadest tax deal that could be struck in 2015 would involve revamping international rules for businesses and a long-term solution for certain expired tax breaks. Ryan cast that sort of deal as a “down payment” on tax reform and said it was likely the most congressional Republicans could accomplish as long as President Obama in office. “That’s what we’re exploring right now in this divided government,” Ryan said at a conference sponsored by the American Institute of CPAs. “And if we can have a good down payment on tax reform, we think we can get some momentum.” But Ryan didn't mention lowering corporate tax rates as a potential part of that down payment. He also didn’t link tax reform to a long-term highway bill, an idea pushed by House Majority Leader Kevin McCarthy (R-CA) on Monday.

Read more

Yahoo sticks to spinoff plan as IRS triggers share slump
Yahoo! Inc. is pushing ahead with plans to spin off its stake in Alibaba Group Holding Ltd. after comments by the IRS triggered a share slump amid concerns the deal could hit a snag, wrote Brian Womack and Richard Rubin of Bloomberg. Potential IRS changes to the tax-free treatment of spinoffs shouldn’t affect previously filed requests, the web portal said in an emailed statement. Yahoo has already lodged its plan and is still working toward undertaking the transaction in the fourth quarter, it said. The stock fell 7.6 percent Tuesday on concerns that IRS changes would affect efforts to exit from Alibaba. Yahoo unveiled its spinoff plan in January as it seeks to maximize the return of cash to shareholders. The potential change would affect IRS rules for spinoffs by creating new US guidelines that might require a minimum size for active businesses inside the spun-off company.

Read more

Bernie Sanders wants to tax Wall Street to make college free for all Americans
Sen. Bernie Sanders (D-VT), a 2016 presidential candidate, has introduced a bill in the Senate to offer free college for all Americans, wrote Sonali Kohli of Quartz. Here’s how Sanders’ plan would work, according to Kohli: The federal government would increase taxes on Wall Street to pay for two-thirds of the cost of college ($47 billion in fiscal year 2016); states would pay the rest. This is a plan similar to President Obama’s to offer free community college for all Americans by taxing the wealthy and financial institutions. The difference is that two-year undergraduate college students account for fewer than half of all US higher education students, while Sanders’ plan to subsidize all public colleges and universities covers about three out of four undergraduates. And even Obama’s plan, though it received plenty of attention when announced, hasn’t seen much action since.

Read more

Recent AccountingWEB Articles That You Can’t Afford to Miss:

Making New Tax Year’s Resolutions – and Sticking to Them
Here are five resolutions for expanding your client relationships and providing more value in this New Tax Year.

Read more

Sage and Salesforce Ink Cloud Accounting, Payroll Deal
Sage Life, a new platform as a service, allows for accounting, payroll, finance data, and client connection in the cloud.

Read more

Eight Lessons Accountants Can Learn from the TV Show ‘Mr. Selfridge’
The PBS Masterpiece Theatre program casts the company accountant, Arthur Crabb, as the hero. Here are his best traits.

Read more

NASBA: Private Company Standard-Setting Process is ‘Effective and Efficient’
But NASBA officials urged the FAF not to limit the Private Company Council’s role in that process.

Read more

Tags:

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.