Tax

President Barack Obama, prodding Congress to consider fresh economic proposals after two years of gridlock, called for restructuring business taxes so long as the initial revenue generated goes toward job creation.

The leaders of Congress’s two main tax committees continued their tax reform road show tour with a stop at a New Jersey small business that makes kitchen appliances.

Last week, one of the “girlie” cable channels had a weeklong Christmas-in-July event, where they showed Christmas movies the whole week. (In case you’re wondering, it’s my wife, not me, who watches this particular channel). But the thought occurred that if it’s time to start thinking about Christmas, then it’s also time to begin considering end-of-year tips and planning strategies to offer clients as we approach the beginning of fall.

Senators Tom Harkin, D-Iowa, and Chuck Grassley, R-Iowa, led a bipartisan group of five senators in introducing legislation to increase the alternative tax liability limitation for small property and casualty insurance companies.

There are currently 17 states offering sales tax holidays where state sales tax charges are temporarily dropped on back-to-school items such as clothing, footwear, classroom supplies, computers and certain other products, according to CCH.

The deadline is coming up this week for lawmakers in Congress to submit their preferences for the “must have” tax breaks that need to be kept in the Tax Code under Senate Finance Committee leaders’ “blank slate” approach to tax reform.

Thomson Reuters has introduced Checkpoint Pocket Assistant, a mobile app that helps tax and accounting professionals perform tasks from an Apple iPhone.

Last month’s Supreme Court decision in U.S. v. Windsor held section 3 of the Defense of Marriage Act to be unconstitutional.

Thomson Reuters has integrated the upcoming back-to-school tax holidays into its ONESOURCE Indirect Tax Software.

A pair of lawmakers plan to introduce bipartisan legislation in the House that would provide permanent tax incentives to family farmers, ranchers and other land owners who choose not to develop their land and instead preserve their property for conservation.