May 10, 2011
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IRS Responds to AICPA Accounting Software Examination Letter
May 6th, 2011 In a March 29 letter from Patricia Thompson, chair of the AICPA’s Tax Executive Committee, to Chris Wagner, commissioner of the IRS’ Small Business/Self-Employed Division, the AICPA communicated its concerns regarding the Service’s program to request the accounting software files of certain small business taxpayers under examination; the letter cites QuickBooks and […]
Read more- May 09, 2011
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Estate Planning: Certain Uncertainty
May 5th, 2011 In January 2010 we were faced with a world without an estate tax. Most “experts” expected Congress to re-enact the federal estate tax as it applied in 2009. The world without an estate tax involved “carryover basis” of property inherited from a decedent who passed away in 2010. In simple terms, the […]
Read more- May 06, 2011
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Baucus: Taxing Some Passthroughs as Corporations May Be Key for Reform
May 5th, 2011 Senate Finance Committee Chairman Max Baucus (D-Mont.) said May 4 that taxing large passthrough entities as if they were corporations may be a necessary part of any corporate tax reform effort. To get the corporate tax rate down to 26 percent—as many tax experts have recommended—would require that all business tax expenditures […]
Read more- May 05, 2011
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Biden’s debt talks open Thursday with parties split on new taxes
May 5th, 2011 Tax policy is again dividing Democrats and Republicans as they begin negotiations Thursday on what budget process reforms to attach to legislation raising the $14.3 trillion debt ceiling. Rather than focusing on making specific spending cuts or tax increases now, the talks are shaping up to be about how to require such […]
Read more- May 04, 2011
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U.S. mulls making more firms pay corporate tax
May 1st, 2011 The Obama administration is considering a plan to force more businesses to pay the corporate income tax, an industry group said, in an overhaul package that could be unveiled as early as this month. Under the proposal, entities with more than $50 million in gross receipts would pay the corporate income tax, […]
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