AICPA Urges Congress to Quickly Fix Tax Cliff
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
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
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
Hiring Incentives to Restore Employment Act.
Published on April 19, 2012
Appeals Court Invalidates Associated Property Rule in Capitalization Regulations
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requiring capitalization of interest expense under Sec. 263A was invalid insofar as it applies to property temporarily withdrawn from service.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
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
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
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
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
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