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Small Business Tax Bill With Bonus Depreciation?

Senate Finance Committee Chairman Max Baucus (D-Mont.) June 29 unveiled wide-ranging legislation providing for roughly $12 billion in tax cuts aimed at small businesses, including a highly sought-after provision to extend bonus depreciation tax incentives through the end of 2010. The bonus depreciation provision would allow businesses to recover up to 50 percent of the […]

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Accounting Standards on Amendments Could be Updated

Norwalk, CT, June 29, 2010—The Financial Accounting Standards Board (FASB) has issued an Exposure Draft of a proposed Accounting Standards Update (Update) intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). The proposed Update […]

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More Tax Increases Planned To Reduce The National Debt

WASHINGTON (AFP) – One of President Barack Obama’s top allies in the US Congress called Monday for military spending cuts and a possible tax increase once the economy has “fully recovered” from the 2008 global meltdown. “It’s time to stop talking about fiscal discipline and national security threats as if they’re separate topics: Debt is […]

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Capital gains tax in the United States

In the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income. Capital gains are generally taxed at a preferential rate in comparison to ordinary income. This is intended to provide incentives for investors to make capital investments and […]

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FAQ: What tax legislation is Congress expected to pass this year?

At the start of 2010, Congress had a full tax agenda. As summer approaches, many tax bills remain unfinished, most notably an estate tax bill. Other important tax legislation is also on Congress’s agenda for action before year-end. Estate tax The federal estate tax was abolished as of January 1, 2010. In its place, a […]

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