August 04, 2010
Andrew Presti
Blog Posts
0 CommentsA package of small business tax incentives, as part of the larger Small Business Jobs Act of 2010 (H.R. 5297) has been slowly making its way through Congress over the past several months. However, on July 29 members of the Senate effectively blocked a final vote on the H.R. 5297, pushing the prospects for passage […]
Read moreAugust 04, 2010Andrew PrestiBlog Posts0 CommentsIn less than six months, unless Congress acts, the individual marginal income tax rate reductions under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) will expire. While the timetable for addressing the EGTRRA tax cuts is not certain, the approaching sunset of the individual rate reductions, the possibility for their extension, and […]
Read moreAugust 04, 2010Andrew PrestiBlog Posts0 CommentsWASHINGTON – Businesses have hired 5.6 million workers under a new program that provides tax breaks for hiring unemployed workers, the Treasury Department said Monday. The report, however, does not estimate how many of those jobs would have been added without the tax break. President Barack Obama signed a law in March that exempts businesses […]
Read moreAugust 03, 2010Andrew PrestiBlog Posts0 CommentsStarbucks, GE, and others are boosting dividends, but it’s up to Congress to decide how much dividend income shareholders will keep. U.S. shareholders are seeing companies boost dividends again, after two years of sharp declines in payouts. However, at the same time, taxes on their dividends could be heading higher, taking a bite out of […]
Read moreAugust 02, 2010Andrew PrestiBlog Posts0 CommentsA key component of the federal government’s push for heightened tax compliance among U.S. taxpayers with foreign accounts and assets is the Foreign Account Tax Compliance Act (FATCA). In an interview in February this year with the JofA, IRS Commissioner Doug Shulman called the then-pending legislation “the next big thing” in international tax compliance and […]
Read moreJuly 30, 2010Andrew PrestiBlog Posts0 CommentsA report issued by the Treasury Inspector General for Tax Administration (TIGTA) says the IRS does not always follow legal requirements when issuing liens and lien notices. The report also concludes that, as a result, action is needed to protect taxpayer rights during the lien process. A federal tax lien arises when the IRS attaches […]
Read moreJuly 29, 2010Andrew PrestiBlog Posts0 CommentsU.S. companies with overseas subsidiaries may want to heed the warning of an older tax case that discusses what constitutes ownership for purposes of foreign tax credits. As the global economy begins to show signs of recovery, it may be a good time to review an Internal Revenue Service ruling, upheld by two courts, related […]
Read moreJuly 28, 2010Andrew PrestiBlog Posts0 CommentsGet ready for a smaller paycheck. At least that’s what could happen if Congress doesn’t approve President Obama’s proposal to extend the Making Work Pay tax credit soon. The credit, introduced last year as part of the government’s stimulus package, boosts paychecks by up to $400 for single filers and up to $800 for joint […]
Read moreJuly 27, 2010Andrew PrestiBlog Posts0 CommentsWASHINGTON (Reuters) – State tax revenue is improving, but only slightly, and may not be enough to end steep spending cuts or replace the loss of assistance from the federal stimulus plan that expires in December, according to a report on Tuesday. The National Conference of State Legislatures said states faced a collective budget gap […]
Read moreJuly 26, 2010Andrew PrestiBlog Posts0 CommentsThe Internal Revenue Service July 21 issued proposed rules (Reg-139343-08) establishing a new annual $50 user fee for individuals who apply for or renew a preparer tax identification number (PTIN). The much-anticipated guidance is the first step in setting up a regime of registration with the IRS that will in essence create a new profession […]
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