While both houses of Congress have addressed the passage of tax extender legislation, it is unlikely that anything will come of their efforts until after the midterm elections. One of the expired provisions that haven’t yet been extended is the R&D, or research, credit. If any provisions do get extended, this is one that will be in whatever package makes it to the President’s desk for his signature.
The Internal Revenue Service needs to improve its strategy to ensure accurate reporting and payment of the Medical Device Excise Tax, according to a new report released by the Treasury Inspector General for Tax Administration.
This year's tax planning is going to be heavily focused on accelerating deductions and maximizing tax credits, according to Evan Stephens, a tax manager at the business consulting and accounting firm Sensiba San Filippo.
A number of groups testified or submitted statements recently at a hearing of the House Committee on Small Business Subcommittee on Economic Growth, Tax and Capital Access titled “Cash Accounting: a Simpler Method for Small Firms?”
For tax preparers who aren’t interested in extending their tax business beyond the end of April, but who would like to keep themselves and their staff employed in some meaningful activity, accountant Craig Comer has a suggestion: go into another seasonal business.
The U.S. District Court for the District of Columbia has ruled that the Internal Revenue Service doesn’t have the authority to regulate CPA tax return preparers’ contingent fee arrangements in the preparation of ordinary refund claims.
The Supreme Court clarified a portion of the ACA applying to closely held businesses, by deciding, in a 5-4 ruling, that the Department of Health and Human Services regulations under the Affordable Care Act, which impose a contraceptive mandate, violate the Religious Freedom Restoration Act of 1993.