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Posted June 28, 2012

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Posted June 14, 2012

The IRS clarified the effective date of the $2,500 limit on salary reduction contributions to health flexible spending arrangements (FSAs) under the 2010 Patient Protection and Affordable Care Act (PPACA). Notice 2012-40 also provides guidance on plan amendments and certain contributions that exceed the $2,500 limit.

Posted June 11, 2012

The IRS recently highlighted two existing tax incentives and a new program for employers to mark national small business week: the expanded Work Opportunity Tax Credit (WOTC) for veterans, the small employer health insurance tax credit, and the Voluntary Classification Settlement Program (VCSP).

Posted May 24, 2012

The House of Representatives has passed the Mobile Workforce State Income Tax Simplification Act of 2012, which would place limits on the taxation of mobile worker income.

Posted May 18, 2012

The IRS has issued proposed regulations that allow an employee to treat local lodging expenses as working condition fringe benefits or accountable plan reimbursements, and allow the employer to treat the expenses as deductible business expenses.

Posted May 11, 2012

The fate of the Bush-era tax cuts was uncertain at the start of 2012, and no resolution appears in sight.

Posted May 3, 2012

An overhaul of the federal tax code could include changes to the treatment of municipal bonds, according to Senate Finance Committee Chairman Max Baucus, D-Mont. He warned witnesses during an April 25 committee hearing that they would all need to work together to avoid future economic hardship.

Posted April 25, 2012

Taxpayers are turning to social media for information from the IRS. However, longer wait times to talk with an IRS customer service representative may be what is fueling the movement.

Posted April 19, 2012

The IRS is taking longer to respond to offers in compromise (OICs) due to a substantial increase in the number of offers submitted by taxpayers, according to a report released by the Treasury Inspector General for Tax Administration (TIGTA).

Posted April 16, 2012

Just-released IRS data shows a notable increase in the odds of being audited within several higher-income categories.

Posted April 16, 2012

There are options for taxpayers who are unable to file their returns or pay their taxes by the April 17 deadline. Extensions are a common means of getting more time to file a return.

Posted March 28, 2012

Tax fraud through identity theft has become an ordinary street crime," says Bill Nelson, D-Fla. "All the fraudster has to do is file a false return electronically, and then have the tax refund loaded onto a prepaid debit card. They never have to use a real physical address or even open a bank account, so the thief is nearly impossible to track down.

Posted March 1, 2012

Treasury Secretary Timothy F. Geithner has unveiled President Obama's framework for business tax reform, which includes proposals intended to reduce the corporate tax rate, eliminate many business tax preferences, and encourage manufacturing.

Posted February 23, 2012

Congress has extended the employee-side payroll tax cut through the end of 2012. After weeks of uncertainty over whether an agreement could be reached, the House passed the Middle Class Tax Relief and Job Creation Act of 2012 (H.R. 3630) by a vote of 293 to 132 on February 17, 2012. Senate approval

Posted February 17, 2012

The IRS and the U.S. Department of Justice (DOJ) launched a nationwide crackdown against identity theft in January. The initiative targeted identity thieves in 23 states. The IRS also updated its website materials about protecting personal information from identity thieves.

Posted February 6, 2012

"It's going to be a tough year for people," said one IRS official in reference to the numerous changes to forms for the 2011 and 2012 filing seasons and beyond.

Posted January 27, 2012

Congress has a full agenda of tax issues to consider as 2012 gets underway...

Posted January 23, 2012

The IRS has issued interim guidance to clarify informational reporting by employers to employees on the cost of employer-provided health insurance.

Posted January 12, 2012

Employers should implement the just-passed two-month extension of the employee-side payroll tax cut as soon as possible, the IRS has instructed. The Temporary Payroll Tax Cut Continuation Act of 2011 extends the employee-side payroll tax cut through the end of February 2012.

Posted December 21, 2011

The business standard mileage rate for 2012 will be 55.5 cents per mile, which is unchanged from the second half of 2011.

Posted December 14, 2011

It's anyone's guess where taxes will end up in the coming year. But that doesn’t mean you are not without options or opportunities here at the end of 2011.

Posted December 7, 2011

The Fall 2011 issue of the Statistics of Income Bulletin (SOI), which features IRS data on 140.5 million individual income tax returns filed for tax year 2009, reflects the impact of the economy on a number of business sectors and individuals.

Posted December 2, 2011

One day after the Joint Select Committee on Deficit Reduction announced that it had failed to reach an agreement on reducing the federal deficit, President Obama was on the road pressing Congress to pass his proposed one-year extension of the payroll tax cut.

Posted November 22, 2011

Congress has passed and the president has signed legislation repealing the 3 percent withholding on government contractors and expanding tax incentives to encourage employers to hire military veterans.

Posted November 16, 2011

Senate Bill Would Give All States Collection Authority A bipartisan group of 10 U.S. senators introduced legislation that would give states implementing simplification requirements the authority to require remote sellers to collect sales and use tax, unless a seller qualifies for a small seller exc

Posted November 9, 2011

Senate lawmakers have failed to approve another facet of President Obama’s jobs package, and then rejected a GOP alternative that would have minimized regulatory red tape in federally funded infrastructure building projects.

Posted November 4, 2011

Higher retirement plan contribution and benefit limits will take effect in 2012. These cost of living adjustments (COLAs) affect defined contribution plans, defined benefit plans, employee stock ownership plans (ESOPs) and individual retirement arrangements (IRAs).

Posted October 26, 2011

The IRS has released new inflation-adjusted amounts for a number of tax provisions for tax years beginning in 2012.

Posted October 19, 2011

The IRS recently posted Draft Instructions to Form 8938, Statement of Specified Foreign Financial Assets, which describe who must report ownership of foreign assets above a certain threshold under the Foreign Account Tax Compliance Act.

Posted October 14, 2011

The IRS has announced it will not discontinue use of the “high-low” method for substantiating travel expenses and issued simplified per diem rates.

Posted October 5, 2011

As the third quarter of 2011 comes to a close, it’s not too early to think about year-end tax planning.

Posted September 26, 2011

President Obama has sent the congressional Joint Select Committee on Deficit Reduction a long-term fiscal control plan that includes $1.5 trillion in revenue increases. In remarks outlining his fiscal plan, Obama said he is ready to work on a bipartisan basis to reform the "entire tax code."

Posted September 20, 2011

President Obama has challenged Congress to immediately pass the American Jobs Act of 2011 – a $447 billion jobs package, including payroll tax cuts and tax credits to encourage hiring, along with extended 100 percent bonus depreciation.

Posted September 13, 2011

President Obama returned to Capitol Hill for a joint session of Congress on September 8 and urged lawmakers to adopt his $447 billion plan to increase jobs and spur economic growth.

Posted September 7, 2011

Unless Congress revises the amount of bonus depreciation allowed in 2012, maximum 100 percent bonus depreciation will be available for only a few more months.

Posted August 29, 2011

The IRS recently issued final regulations relating to elections to deduct start-up costs and organizational expenditures of corporations and partnerships. The final regulations generally track proposed regulations issued in 2008, which reflected changes made by the American Jobs Creation Act of 2004

Posted August 26, 2011

IRS Issues Estate Tax Guidance for Persons Who Died in 2010, Obama Urges Extension of Payroll Tax Credit, Interest Rates Decrease for Next Calendar Quarter