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    AICPA Urges Congress to Quickly Fix Tax Cliff

    News In written and oral testimony, Jeffrey Porter, CPA, addressed the impact of tax uncertainty in several areas and made recommendations on behalf of the AICPA for alleviating some of that uncertainty.
    Published on June 25, 2013

    Sequestration Will Lead to IRS Cuts in Services, Enforcement, and Tax-Related Payments

    News The IRS announced the reductions in tax-related payments and other cuts as a result of the federal government's sequestration.
    Published on March 07, 2013

    Tax Court Defines Gross Receipts for the Research Credit

    News The Tax Court clarified that nonsales income is included in gross receipts for purposes of the Sec. 41 research credit.
    Published on September 26, 2012

    HIRE Act

    Article Hiring Incentives to Restore Employment Act.
    Published on April 19, 2012

    Appeals Court Invalidates Associated Property Rule in Capitalization Regulations

    News The Federal Circuit held that the “associated property” rule requiring capitalization of interest expense under Sec. 263A was invalid insofar as it applies to property temporarily withdrawn from service.
    Published on June 04, 2012

    Small Business Stimulus Passes Congress

    Article The House on Thursday passed the Small Business Jobs Act of 2010 (HR 5297) by a vote of 237–187, and sent it to the President, who is expected to sign the bill into law.
    Published on January 28, 2011

    Supreme Court Upholds Health Care Law

    News The Supreme Court declared the mandate requiring U.S. citizens and legal residents to maintain minimum essential health coverage to be a permissible exercise of Congress’s taxing powers under the Constitution.
    Published on June 29, 2012

    Supreme Court Affirms That 6-Year Limitation Period Does Not Apply to Overstated Basis

    News The Supreme Court affirmed that the extended six-year statute of limitation, which applies when a taxpayer “omits from gross income an amount properly includible” in excess of 25% of gross income, does not apply when a taxpayer overstates its basis in property it has sold.
    Published on April 26, 2012

    Guidance Issued on Employee Expense Reimbursement Arrangements

    News The IRS issued guidance on situations in which employers recharacterize wages as nontaxable reimbursements and whether they met the requirements to be treated as paid under an accountable plan.
    Published on September 11, 2012

    For Penalty Calculation, Amount of Tax Shown on Return Reduced by Credits, Tax Court Holds

    News The Tax Court held that the amount of tax shown on the taxpayers’ return was reduced by refundable credits, but not below zero, for purposes of calculating the Sec. 6662(a) accuracy-related penalty.
    Published on November 20, 2013

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