Health Care Reform Key Tax Changes

  • April 1, 2010

After over a year of debates and domination of the news, healthcare reform was signed into law by President Obama. What does that mean for you? We have highlighted key tax provisions that were included in the Patient Protection and Affordable Care Act as well as the proposed provisions of the Health Care and Education Tax Credits Reconciliation Act of 2010.

Congress Passes HIRE Act. What Does This Mean For Your Business?

  • March 17, 2010

The bill carries hiring incentives, stimulus measures and new foreign account tax compliance rules. Today, the Senate by a vote of 68-29 approved H.R. 2847, carrying the Hiring Incentives to Restore Employment (HIRE) Act, as passed by the House. Thus, the HIRE Act is cleared for the President’s signature.

IRS Makes Case For Greater Disclosure From Businesses

  • March 1, 2010

In a move geared to increase transparency, the IRS has announced that corporate and other business taxpayers now subject to FIN 48 and similar financial reporting rules will be soon required to report uncertain tax positions on their annual Form 1120, U.S. Corporate Income Tax Return, or other applicable tax return. The IRS is currently developing a separate schedule for purposes of this disclosure, and IRS Commissioner Douglas Shulman has indicated that the agency intends to move quickly with the new reporting requirement once all comments have been received.

Increased Tolerance Of “A Little” Cheating On Tax Returns, Survey From IRS Reveals

  • March 1, 2010

The IRS Oversight Board has released its annual Taxpayer Attitude Survey. According to the survey, the percent of taxpayers who find it acceptable to cheat on their income taxes increased from 9 percent in 2008 to 13 percent in 2009. The 2009 survey was based on interviews of 500 men and 500 women during August 2009.

Small Businesses Face Tax Opportunities And Challenges In 2010

  • March 1, 2010

As 2010 unfolds, small businesses are confronted with tax challenges and opportunities on many fronts. Lackluster consumer spending, combined with tight credit, has many small businesses in a holding pattern. Congress may respond with a new tax credit to encourage hiring. Small businesses are also faced with uncertainty over many temporary provisions in the federal Tax Code. Many of these incentives have expired. At the same time, small businesses are uncertain how health care reform, the fate of the federal estate tax and proposed retirement savings initiatives may impact them.

Do You Do Business In More Than One State? Considering Expansion To Other States? New Tax Laws To Keep In Mind.

  • February 8, 2010

As if the economic downturn wasn’t bad enough, state taxing authorities are on the warpath — and your business may very well be in their crosshairs. With budget woes approaching crisis point across the country (witness California’s well-publicized meltdown), state treasuries are stretched painfully thin. In response to their empty coffers, state taxing authorities are actively targeting both in-state and out-of-state companies for income and sales tax compliance.

IRS Chooses To Wait For Congress To Act On Employer-Provided Cell Phone Tax Rules

  • February 1, 2010

IRS Commissioner Douglas Shulman has announced that the IRS will no longer attempt to draft rules on the taxation of employer-provided cell phones. Instead, Shulman reported that the agency will wait for Congress to take action. The commissioner made this announcement during a January 8 television interview. "We're quite hopeful Congress is going to act on this," Shulman stated, "In the meantime, we're not doing anything special or moving forward with any initiatives."

Fate Of Health Care Reform, Estate Tax Unclear As Congress Returns To Work

  • February 1, 2010

January brought two surprises to Capitol Hill. Health care reform, which appeared to be on a fast track to enactment, was significantly slowed by the Democrats' loss of their filibuster-proof majority in the Senate. Congress also did not pass a retroactive extension of the federal estate tax for 2010, leaving intact, at least for the immediate future, a new carryover basis regime. The new make-up of the Senate is expected to shift Congress' focus to more job creation measures, possibly with some targeted business tax cuts.

Hiring Additional Workers? New Info About The Work Opportunity Tax Credit.

  • January 25, 2010

With the economic conditions beginning to move in a positive direction many employers may find themselves needing to hire additional workers. The hiring of these new employees may qualify you for the Work Opportunity Tax Credit.