Tax
Tax News & IRS Insights for Accounting Professionals
Accounting Today delivers news and analysis for accounting and tax professionals on federal and state tax developments, IRS guidance,information reporting, and operational implications for practices and clients. Our coverage focuses on legislative and procedural shifts that tax practitioners must monitor in planning, compliance, and advisory contexts.
-
The New York State Society of CPAs plans to hold a conference next month on international accounting standards.
September 24 -
A study of both presidential candidates' tax plans finds that they will both reduce millions of taxpayers' liability to zero.
September 23 -
The Senate passed a bill that would extend expiring tax cuts, patch the alternative minimum tax for another year, provide clean energy incentives and equalize the disclosure standards for tax preparers and taxpayers.
September 23 -
The Rehmann Group plans to merge with MSW Group to create Michigan's second largest wealth management and consulting firm.
September 22 -
Washington, D.C.-With the hoopla of the Democratic and Republican National Conventions still reverberating throughout the country and the election less than two months away, Accounting Today will examine the tax plans offered by both Democratic nominee Barack Obama and GOP candidate John McCain as each vies to become the 44th occupant of the White House.THE OBAMA PLAN
September 21 -
The recent hearings by the Internal Revenue Services on its proposed preparer penalty rules under Code Section 6694 were the proverbial "last shot" for any concerns to be voiced before the rules become final.Five organizations - including the American Institute of CPAs, the American Society of Appraisers, Padgett Business Services, the National Association of Bond Lawyers, and H&R Block - took the opportunity to testify, while everyone acknowledged the efforts put in by the Treasury and the IRS.
September 21 -
In the world of executive compensation, Internal Revenue Code Section 162(m) limits the deduction that a publicly held corporation can claim in any tax year for compensation paid a top executive to $1 million, with several exceptions. Two recent Internal Revenue Service rulings explored these exceptions.In Rev. Rul. 2008-13, the IRS reversed its position regarding the availability of the performance-based exception from the million-dollar cap if payment may be made in the event of involuntary termination, even if the performance standards discussed below are met. Rev. Rul. 2008-32 deals with whether a director can be an outside director for Sec. 162(m) purposes after briefly serving as an interim chief executive.
September 21