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FEDERAL TAXATION Individual Income Taxation 2012 Cost of Living Adjustments Announced The Internal Revenue Service has issued Rev. Proc. 2011-52 containing the cost of living adjustments for various provisions in the Internal Revenue Code for 2012. Due to inflation, many of the various income thresholds and limitations have been increased for 2012. A non-exhaustive list...
Federal American Jobs Act of 2011 President Obama has submitted the American Jobs Act of 2011(the “Act”) to Congress in an effort to stimulate the economy by creating jobs. The Act includes several tax incentives that could benefit business owners. Some of the tax incentives contained in the Act are: 1. Payroll Tax Cuts A....
Federal Various Federal Topics The IRS announced a mid-year adjustment to the 2011 mileage rates to reflect an increase in gasoline prices. The standard mileage rate for 2011 has now been raised to $0.55 per mile. The standard mileage rate was previously $0.51 per mile. In President Obama’s 2012 budget, there are several proposals which...
Tax Patents The House and the Senate have each passed separate legislation that would ban the patenting of tax strategies. The House bill (H.R. 1249) passed on June 23. This bill will now go to the Senate for a vote. At one point, a member of the House sought to amend the legislation to allow...
FEDERAL Repeal of 1099 Reporting Requirements On April 14, 2011, President Obama signed H.R.4 “Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy over payments Act of 2011.” This law retroactively repeals expanded 1099 reporting requirements previously enacted by the “Small Business Jobs Act of 2010” and the “Patient Protection and Affordable Care Act.” Prior to...
FEDERAL A New Code on the Horizon? In his State of the Union Address on January 25, 2011, President Barack Obama urged Congress to simplify the Internal Revenue Code stating, “So tonight, I’m asking Democrats and Republicans to simplify the system. Get rid of loopholes. Level the playing field. And use the savings to lower the corporate tax...
Breaking News The House of Representatives voted (277-148) late in the evening on December 16, 2010 to extend the 2001 and 2003 tax cuts for two (2) years. Earlier this week, the bill, which is currently entitled “The Middle Class Tax Relief Act of 2010″ (S. Amdt. 4753 to H.R. 4853), passed the Senate by...