Tax Reform
Mobile Workforce Bill Passes House
The House approved H.R. 1864, the "Mobile Workforce State Income Tax Simplification Act," on May 15. The law would limit state taxation of the wages or other remuneration of any employee who performs duties in more than one state to the state of the employee’s residence, and the state in which the employee is present and performing employment duties for more than 30 days, according to the bill’s official summary.
DiNapoli Calls for IDA Reform
In a May 1 release, State Comptroller Thomas P. DiNapoli highlighted problems with New York's Industrial Development Agencies (IDAs). He noted that in 2010 they supported 4,444 projects and provided nearly $500 million in net tax exemptions. However, he said, projects were down and cumulative job gains decreased by 22,000 from the prior year. For the second straight year "there appears to be limited correlation between higher tax exemptions and job creation," he said.
Tax Refund Theft on the Rise
Law enforcement officials have reported a dramatic rise in tax refund fraud, a trend that has accelerated partially due to the increasing use of online tax processing and partially due to new IRS policies designed to speed up refund payments, according to CNN, a racket that has already stolen billions of dollars from taxpayers nationwide.
Paperless Payments and Half-Truths
In the way of Internet rumors, a real government program has "merged" with a tax bill that is likely stuck in committee forever to create a scary—and completely false—tax scenario.
President Proposes 28 Percent Corp. Tax
President Barack Obama has called for the corporate income tax to be lowered from its current statutory 35 percent rate to 28 percent, a shift that would be balanced by closing certain loopholes and ending certain subsidies, according to a Feb. 22 proposal outline released by the U.S. Treasury Department.
Society Member Talks Tax on 'The Daily Show'
Jobs Council Recommends Corp. Tax Reform
The President’s Council on Jobs and Competitiveness on Tuesday made a number of recommendations for jolting the nation’s jobs that, among other things, proposes that the statutory corporate tax rate be lowered to rates of what it called international competitiveness, according to the Los Angeles Times.
NYS Tax Dept. offers free webinar Thursday for tax practitioners
From 2 to 4 p.m. tomorrow, Jan. 19, the New York State Department of Taxation and Finance will re-broadcast its first webinar in a series of free sessions aimed at easing the transition from paper to electronic filing for tax professionals.
Who Wins in Albany
The New York Times has assembled an informal scorecard on the victors in the new tax package coming out of Albany. Its conclusions:
Debt Supercommittee Fails to Compromise
Ongoing efforts by the bi-partisan commission charged with finding a way to slash at least $1.2 trillion from the nation’s debt appear to have collapsed amid deep divisions over how exactly this should be accomplished, according to the Boston Globe.
Jobs Bill May Limit Tax Breaks
The $447 billion jobs bill that President Barack Obama last week challenged Congress to swiftly pass could be partially paid for through limiting the number of tax deductions families making more than $250,000 can take, a reduction that could amount to roughly $400 billion, according to Reuters.
New Law Changes Statute of Limitation Rules for Taxpayers
Comptroller Launches Tax Cap Website
The Office of New York State Comptroller launched a new website aimed at helping local entities, as well as taxpayers, find information about the recently enacted property tax cap, previously written about in the August issue of the Trusted Professional.
Study: CEOs Salaries Higher Than Corporate Taxes Paid
At a time when the issues of executive compensation and corporate taxes continue to split our legislators in Washington, a new study adds fuel to the fire by revealing that what corporations paid in federal taxes paled in comparison to what they paid their CEOs.
Buffett NYT Op-ed: Stop Coddling the Rich
The Oracle of Omaha had this to say in an op-ed published in the Sunday New York Times on Aug. 14: “My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.”
Bill Would Change Stock Option Taxation Rules
Legislation introduced in the Senate on July 15, the Ending Excessive Corporate Deductions for Stock Options Act, would require that the tax-deduction value of stock options be the same as their financial book value, a measure that Senator Carl Levin (D–Mich.), the bill’s sponsor, said would raise $25 billion for the government over the next 10 years, according to Reuters.
Senate Takes Aim at Offshore Tax Shelters
Looking to add billions in tax revenue to the nation’s coffers, Democratic senators introduced the Stop Tax Haven Abuse Act on Tuesday, a bill that would change IRS regulations that currently allow U.S. traders of credit-default swaps to avoid paying federal taxes on many transactions that originate in the U.S., reported the Wall Street Journal.
July Trusted Professional: QROC, the NYSSCPA Annual Election Meeting & More
Have you seen the latest issue of The Trusted Professional? Stay on top of Society news and the key legislative, regulatory and administrative issues that affect you.
June Trusted Professional: The Gaied Case, 25 Years of COAP & More
Have you seen the latest issue of The Trusted Professional? Stay on top of Society news and the key legislative, regulatory and administrative issues that affect you.
Tax Reform on the Agenda at Upcoming NYSSCPA Conference
With regard to tax reform, Forbes columnist Janet Novack said she has “no idea what’s going to happen -- no one does, because everything is in play and nothing has been decided yet.”
Albany Lawmakers Reach Tax Cap Deal
Though Gov. Andrew Cuomo and legislative leaders in Albany reached a compromise on May 24 with regards to a 2 percent limit on property taxes, Assembly speaker Sheldon Silver (D–Manhattan), one of the architects behind the cap, said it should only be passed if rent control laws in New York City and its suburbs are reformed at the same time, reported the New York Times.
Legislators Seek to Introduce Simplified Tax Form for Seniors
Seeking to make tax time a less harrowing experience for the nation’s senior citizens, lawmakers introduced the Seniors Tax Simplification Act (H.R. 1058) -- legislation that would help seniors more easily file for Social Security benefits, as well as dividends, capital gains and interest via a new, simpler form, the 1040SR, according to the Cypress Times.
Top U.S. Tax Policy Official to Resign
At a time when President Barack Obama is considering a major corporate tax overhaul, he and Treasury Secretary Timothy F. Geithner will be losing Michael Mundaca, the country’s top tax policy official, reported Bloomberg. Mundaca is resigning from his post effective May 13.
Corporate Tax Reform High on White House Agenda
Corporate tax reform may become a big issue in Washington, now that the Obama administration is reportedly “gearing up” to release a white paper that advocates dropping the top corporate tax rate from 35 percent to as low as 26 percent, said Politico.
May Trusted Professional: Mobility, 1099 Repeal, House CPA Caucus & More
Have you seen the latest issue of The Trusted Professional? Stay on top of Society news and the key legislative, regulatory and administrative issues that affect you.
WEBCAST AVAILABLE: Corporate Taxation
The webcast of the Society’s April 27 Breakfast Briefing on Corporate Taxation is now available online. Watch a panel of tax and financial experts discuss why corporate tax reform is necessary and the various methods by which it could be accomplished.
LIVEBLOG: Breakfast Briefing on Corporate Taxation
This post was live-blogged on April 27. Please scroll to the bottom of the page for the first entry.
You can also view the webcast here.
***********
10:35
Dixon: Might as well change the code for everyone at once, not just corporations, or just individuals. Like in 1986, when there was sweeping reform.
Breakfast Briefing to Focus on Corporate Tax Reform
President Barack Obama’s challenged Congress to lower the corporate tax rate without adding to the nation’s deficit in his State of the Union address on Jan. 25, bringing corporate tax reform to the forefront of the debate over taxes.
President Obama Signs 1099 Repeal
President Barack Obama signed into law on Thursday a bill that abolishes the 1099 reporting mandate, thus marking the first successful repeal of any segment of the Patient Protection and Affordable Care Act and ending a nearly eight-month battle to do away with the requirement, reported the Washington Post.
Society to Host 4/27 Breakfast Briefing on Corporate Tax Reform
The subject of corporate tax reform became a part of President Barack Obama’s State of the Union address on Jan. 25 when he called on both houses of Congress to “Get rid of the loopholes. Level the playing field. And use the savings to lower the corporate tax rate for the first time in 25 years -- without adding to our deficit. It can be done.”