A blue-ribbon panel will meet Friday at the AICPA’s New York office to discuss constituent comments on private-company reporting. The panel is expected to recommend alternative models related to GAAP standard setting for private companies. Read more»
Many Democrats are joining Republicans in an effort to repeal a tax provision in the health care reform law that would require businesses to file a 1099 tax form for anyone from whom they purchase more than $600 in goods. Sen. Bill Nelson, D-Fla., says that businesses with fewer than 25 employees should be exempt from the requirement and that the reporting threshold for larger businesses should be set at $5,000 rather than $600. A spokeswoman for the National Federation of Independent Business said that under the proposal, businesses would still have to track vendor payments to determine whether they exceed the threshold. Read more»
President Barack Obama will call for increasing bonus depreciation for purchased business equipment from 50% to 100% and extending the tax break through 2011, a White House official said. Obama plans to propose that the bonus be made retroactive to Sept. 8, 2010, the official said. The measure applies to capital investment including office, factory and transportation equipment. Read more»
Laura Monroe’s article HIRE Act: Incentives to Hire and Retain the Unemployed appeared in the August newsletter of the Pelican Chapter of Associated Builders and Contractors
Starting this year, the domestic manufacturing deduction increases to 9% of income from eligible activities, making it more attractive even for smaller businesses. The deduction is available for a range of production activities performed in the U.S. Read more»
A joint proposal from the Financial Accounting Standards Board and the International Accounting Standards Board to overhaul lease accounting would result in a single “right-of-use” approach applied to lessees and lessors. The standard-setting bodies Tuesday outlined details of the proposed changes, which would affect any business entering into a lease, with some specified exceptions, and opened a four-month comment period during which they will evaluate the costs and benefits of the proposal and other implications. Read more»
In an effort to confront high unemployment, the Hiring Incentives to Restore Employment (HIRE) Act provides incentives for hiring and retaining unemployed workers. Under the HIRE Act, a qualified employer’s 6.2 percent share of OASDI Social Security tax liability is forgiven for new hires, and a general business credit is allowed for each retained worker that satisfies a minimum employment period. Read more»
Gone are the days when contractors focused only sporadically on income tax issues. Today, the potential for lost opportunities is too great. Tax planning throughout 2007 can go a long way. This article will examine how recent federal tax legislation may impact your planning. Because every business is unique, we’ll look at the “big picture”. Read more»
Dear Client:
The massive tax law passed in 2004, the American Jobs Creation Act , continues to work its way into the lives of many businesses as its provisions become effective and the IRS issues interpretative rules and regulations to govern its details. One of the major new business tax breaks in this category was the generous deductions allowed to domestic manufacturers. For 2005-2006, the deduction (commonly called the “manufacturing” deduction) equals 3 percent of the lesser of qualified production activities income or taxable income. The percentage rises to 6 percent in 2007-2009 and finally to a hefty 9 percent in 2010 and thereafter. Read more»
