Tax News
07/26/2012
White House to 'Evaluate' Need to Again Extend Payroll Tax Cut »
White House Press Secretary Jay Carney told reporters July 25 that the White House will "evaluate" closer to the end of the year the need to again extend the temporary 4.2 percent Social Security payroll tax rate for individuals.
07/25/2012
House Panel Mulls Exemptions on Internet Sales Taxes »
Lawmakers on the House Judiciary Committee were split July 24 on whether small businesses should be exempt from charging sales taxes on online purchase and, if so, how small those businesses should be to avoid the requirement.
07/24/2012
IRS Offers First Sign 501(c)(4) Political Activity Rules Could Be Updated »
The Internal Revenue Service's top exempt organization official said that IRS will consider changing the rules on political activity for tax code Section 501(c)(4) organizations, following complaints from reform groups and others that its rules are allowing social welfare organizations to mask their true goal of primarily engaging in politics.
07/23/2012
Estate Tax Headed to Senate Floor, Zero Expectations for Resolution »
There is a substantial difference in the number of taxpayers who might be impacted under two competing estate tax bills in the Senate, but analysts said July 20 taxpayers should not read too much into either since a final deal will not be negotiated for months.
07/20/2012
Democrats Drop Estate Tax Language as Attention Turns to Tax Cuts »
Senate Democrats removed any mention of the estate tax from legislation headed to the floor that would extend the 2001 and 2003 tax cuts for families earning $250,000 or less, a Senate Democratic aide said July 19.
07/19/2012
Durbin: Online Sales Tax Vote Unlikely Before 2013 Despite Progress »
Senate Majority Whip Richard Durbin (D-Ill.) said July 18 that while he hopes legislation to impose sales taxes on online purchases will be considered this year, it is more likely to hit the Senate floor in 2013.
07/18/2012
AICPA Says Tangible Property Rules Too Complex, Asks IRS for Changes »
Rules on accounting for tangible property (REG-168745-03, T.D. 9564) are too complex and will lead to administrative difficulty, the American Institute of Certified Public Accountants said in comments made public July 17.
07/17/2012
Concerns About Alternate Method for Setting Home Purchase Prices »
State and federal housing associations and agencies are expressing sharp concerns about a potential new method for setting the average purchase price for homes financed through qualified mortgage bonds and mortgage certificates.
07/16/2012
IRS Unveils Guidance to Stop Tax-Free Income Repatriations »
The Internal Revenue Service July 13 unveiled guidance to stop transactions intended to repatriate earnings from foreign corporations without the appropriate recognition of income.
07/13/2012
Small Business Tax Credit Measure Falls Short of Votes in Senate »
The Senate July 12 voted down efforts to advance legislation that would have offered $28.5 billion in tax breaks to small businesses to encourage them to hire or make capital investments.
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