On 12/17/10 President Obama signed an $859 billion tax cut and stimulus package that should strengthen commercial real estate and spur economic recovery. The legislation includes two tax extensions that will significantly influence the commercial real estate sector: the continuation of the 15 percent tax rate on capital gains through 2012, [...]
The tax law passed this month by the lame-duck Congress has already had one unfortunate result: Millions of taxpayers who usually file their returns quickly to get an early refund will have to wait instead.
The Internal Revenue Service is scrambling to reprogram its computers to handle the income-tax deductions extended by the last-minute legislation â [...]
By Barbara Weltman
AuctionBytes.com
Just before the Congress adjourned, the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010 was signed into law. In addition to providing federal funding for the extension of unemployment benefits for 13 more months (through the end of 2011), numerous tax rules that had expired or [...]
IRS delays tax filing to accommodate new tax law. IRS postpones filing for 2010 tax returns until February 2011
Taxpayers, who have to file tax deductions will have to wait until February 2011 to file their 2010 tax returns, Internal Revenue Service (IRS) announced. It means that taxpayers, who have to claim tax deductions for many [...]
Washington â U.S. Sen. Charles Schumer, D-NY, announced Wednesday that a college tuition tax credit for middle class families set to expire at the close of this year will likely extend until the end of 2012.
The tax credit started in 2009 as part of the American Recovery and Reinvestment Act. Schumer said once the tax [...]
WASHINGTON -(Dow Jones)- An $858 billion bill to extend tax cuts for two years has cleared a procedural hurdle in the Senate, setting up a final Senate vote by mid-week.
The legislation would extend Bush-era tax cuts for an additional two years for people of all income levels. It would cut payroll taxes for workers in [...]
Senate Majority Leader Harry Reid on Thursday affirmed his commitment to legalizing online poker, but has apparently decided against using the tax cut bill to achieve his goal.
The Nevada Democrat, who maintains close ties to the gambling industry, had been working to build support for including the poker legalization in legislation to extend the Bush-era [...]
Small businesses are being inundated with news about recent tax deductions, incentives, pending and adopted legislation, and whether or not the Bush tax cuts could expire. With such an extensive list of new legislation and laws, how can you be sure you are effectively taking advantage of those that apply to your business? Here is [...]
Paying federal taxes just got more expensive.
With the Obama administration fiscal year 2010 federal budget deficit coming in at $1.3 trillion, the IRS has implemented new rules to make sure tax preparers are sufficiently regulated so that they can be dismissed from the profession if they fail to collect all possible taxes from taxpayers.
In the [...]
Several hundred demonstrators protesting proposed tax law changes have defied authorities by setting up a tent camp in the center of the Ukrainian capital.
The half-dozen tents on Maidan square on Tuesday echo the massive encampment of the Orange Revolution of 2004. The proposed reforms have sparked the largest wave of protest against President Viktor Yanukovych [...]
Several thousand people in Ukraine are protesting a draft tax law that they say favors big business and will choke small and medium-size firms.
Hundreds of small-business owners were among the crowd that assembled Tuesday outside the parliament in the capital, Kiev, to bang metal pots and buckets, blow horns and whistles and chant “Shame, Shame!”
The [...]
A new law scrapping Delaware’s bottle deposit program and imposing a 4-cent tax on beverage containers is about to take effect.
The new beverage container tax, which replaces the refundable nickel deposit on soda and beer bottles, takes effect Dec. 1.
The new tax will be used to help fund the expansion of recycling programs to every [...]
President Barack Obama said he is âabsolutelyâ ready to negotiate this month with congressional Republicans, who have hardened their stance that soon-to-expire Bush-era tax cuts should be extended for high-income taxpayers.
Obama, a Democrat, said today that he hopes to avoid âbrinkmanshipâ in the lame-duck session of Congress when he confronts Republicans over how to prevent [...]
We all know that in order to deduct a charitable donation on your tax return, the organization you donate to must be tax-exempt.
But what many don’t know is that under a law passed in Congress, the nonprofit must also file a tax return. The law took effect in 2007.
“Charities have to file with the IRS [...]
On Monday, President Obama signed into law HR 5297, the Small Business Jobs Act of 2010. The law includes a series of temporary tax deductions for businesses of all sizes. The bill also includes provisions, which the government hopes will offset some of the costs of the bill. The following is a summary of certain [...]
September 18, 2010 – A new law that will have profound implications for millions of employees just passed the Senate Thursday. Details were not available until yesterday. The House must vote on the bill and the president must sign the bill before it becomes law, but the House vote and the president signing are considered [...]
The Obama administration has decided to pull back its nominee to head the Justice Departmentâs Tax Division, a White House official confirmed Wednesday.
Mary L. Smithâs nomination, first announced in April 2009, has languished for nearly a year due to concerns about whether she had sufficient expertise in tax law for the job.
Smith, who had been [...]
President Obama today plans to propose $30 billion in new investment tax breaks for businesses to go along with tens of billions in spending he called for on Labor Day to invigorate the slow recovery.
At the heart of Obama’s plan: accelerating write-offs of investments in plants and equipment and expanding a tax credit for research [...]
What’s the difference between preparing and manufacturing something? For Missouri restaurants, the difference amounts to tens of thousands of dollars.
The Missouri Supreme Court ruled Tuesday that restaurants cannot claim a tax exemption for the purchase of tables, chairs, plates and kitchen equipment.
The decision hinged on a determination that restaurants prepare – not manufacture – food [...]