Ruling on Health Care Law Adds Uncertainty, Tax Professionals Say »
A Jan. 31 ruling from a federal judge in Florida stating that the 2010 health care overhaul is unconstitutional has added more uncertainty to efforts to implement new requirements for the $438 billion in new taxes contained in the law, tax professionals and lawmakers told BNA.
Obama Energy Agenda Includes Conversion of Tax Deduction to Credit »
President Obama Feb. 3 launched a campaign to make commercial building space in the United States 20 percent more energy efficient by 2020, in part through changes to the tax code Section 179D for businesses that make such upgrades.
Senate Passes Provision to Repeal Form 1099 Reporting Rules »
The Senate Feb. 2 adopted an amendment (S. Amdt. 9) to a reauthorization of the Federal Aviation Administration (S. 223) repealing the new Form 1099 reporting requirements enacted under the health care reform law.
NYSBA Section Questions Bill to Reduce Foreign Multinationals' Benefits »
The New York State Bar Association Tax Section Jan. 31 urged caution—and perhaps reconsideration—in proceeding with legislation (H.R. 62) that would sharply reduce U.S. tax benefits for foreign multinational corporations by treating them as domestic corporations for tax purposes if they are primarily managed and controlled in the United States.
2012 Could Be Banner Year for State Tax Increases »
The state capitals of New Jersey and Illinois are separated by 875 miles and three other state capitals; still, a war of sorts has broken out between the “Garden State’’ and the “Land of Lincoln’’ that suggests two very different paths being taken around the country to resolve what will likely be one of the most complicated and painful budget cycles state lawmakers have encountered in the past 50 years.
Federal Judge Halts Colorado's Enforcement of ‘Amazon' Tax Law »
A so-called “Amazon” law designed to collect sales tax information from online retailers like Amazon.com was halted Jan. 26 by a federal judge in Colorado citing constitutional concerns.
PTIN Relief Is Welcome, Practitioners Say, Although Problems Remain »
The Internal Revenue Service's announcement that it will allow tax preparers who have been unable to get a preparer tax identification number to use alternative means of identifying themselves came as welcome relief, tax practitioners told BNA Jan. 27.
Lawmakers Praise Obama's Call for Corporate Tax Reform »
Lawmakers late Jan. 25 embraced President Obama's State of the Union call for overhauling the Internal Revenue Code, saying a successful renovation will help grow the nation's economy, and allow American multinational companies to better compete in the global marketplace.
Obama Calls on Congress to Work on Revenue-Neutral Corporate Tax Reform »
President Obama used his State of the Union address Jan. 25 to ask lawmakers to join him in a bipartisan, revenue-neutral attempt at lowering the 35 percent corporate tax rate, which if successful would mark the first time in 25 years that the rate was reduced.
Top JCT Staffer Says Tax Reform is Challenging Amid Array of Concerns »
Tax reform remains a difficult challenge in coming months as policymakers wrestle with the skyrocketing deficit and try to sort out a variety of viewpoints on reform, Joint Committee on Taxation Chief of Staff Thomas Barthold said Jan. 22.
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