July 26, 2010
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IRS Proposes Rules Setting Fee for Preparers to Get Unique ID Number
The 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 […]
Read more- July 23, 2010
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Renewal of Bush tax cuts could be only temporary
WASHINGTON – Many Americans could be hit with a big tax increase in the next two or three years despite President Barack Obama’s repeated promises to shield the middle class from higher rates. Democrats are hedging about making Obama’s pledge stick for more than a year or two, setting up a major battle on a […]
Read more- July 22, 2010
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Small-Business Owners: Prepare For A Tax Hike
A change in payroll taxes on small service S corporations seems likely. But there are things you can do to minimize the pain. Owners of small businesses should prepare themselves for some big changes on the corporate tax front. Here’s the background: The American Jobs and Closing Tax Loopholes Act (H.R. 4213) was recently approved […]
Read more- July 21, 2010
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Compensatory Damages Can Be Tax Deductible
A 2010 court decision that favored the IRS over a corporate taxpayer provides useful insights for other companies making restitution payments to the government. On January 18, 2000, Fresenius Medical Care Holdings Inc. and the United States signed a “Global Agreement” resolving a series of suits against the company on claims of Medicare fraud. The […]
Read more- July 20, 2010
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Turning Business Losses into Tax Refunds
Businesses with a need for a cash infusion may be able to obtain one quickly as a result of a tax refund from recently expanded net operating loss (NOL) carryback allowances. These provisions address the fact that, although a net loss may appear in only one tax year, it represents weaknesses that may have arisen […]
Read more- July 19, 2010
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Lost in Taxation
It seems as if the tax code was conceived by graphic artist M.C. Escher, wait until you meet the new and not improved Internal Revenue Service created by ObamaCare. What, you’re not already on a first-name basis with your local IRS agent? National Taxpayer Advocate Nina Olson, who operates inside the IRS, highlighted the agency’s […]
Read more- July 16, 2010
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Middle-Class Tax Cut Extensions Expected to Stay on Hold Until Fall
Congressional consideration of an extension of $3 trillion in expiring tax cuts is likely to be put off until after the August recess, White House spokesman Robert Gibbs told reporters July 12. President Obama has called on Congress to extend all of the 2001 and 2003 tax cuts for households earning less than $200,000 per […]
Read more- July 15, 2010
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Bernanke: $40B in small biz loans disappears
CNNMoney.com (NEW YORK) — In the last two years, $40 billion worth of loans to small businesses have evaporated, and correcting the problem should be “front and center among our current policy challenges,” Ben Bernanke, chairman of the Federal Reserve, said in a speech Monday. Loans to small businesses dropped from more than $710 billion […]
Read more- July 14, 2010
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Academic Study: eBay Sellers Shirk Sales Tax Law
Economists’ findings come as states and Congress look for new ways to collect tax on Internet sales. Sales tax collection compliance among eBay sellers is “alarmingly low,” says a new academic study published as states look for ammunition to bolster tax-collection laws. When Georgia State University Economics Professor James Alm and Mikhail I. Melnik, an […]
Read more- July 13, 2010
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Treasury links 4.5 million new hires to tax credits
WASHINGTON (Reuters) – U.S. businesses eligible for a new employment tax credit hired 4.5 million new employees from February to May, the Treasury Department said on Monday — but it declined to draw a cause-and-effect conclusion. “I would say that the jury is completely out on the number of jobs that will be added on […]
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