Legislation

President’s Budget Proposes Many Tax Changes

In addition to a proposed spending blueprint for the government, President Barack Obama’s proposed FY 2017 federal budget contains a wide variety of tax law changes that would affect individuals and businesses.

Congress Enacts Last-Minute Extenders for 2014

The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76-16 on the evening of Dec. 16. The extender bill passed the House of Representatives on Dec. 3, and was signed by President Barack Obama on Dec. 19.

President Signs Tax Extenders Into Law

President Barack Obama on Friday signed into law the Tax Increase Prevention Act of 2014, which retroactively extends more than 50 expired tax provisions through 2014.

Congress Passes Tax Extender Legislation

The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76–16 on Tuesday evening. The extender bill passed the House of Representatives on Dec. 3, and it now goes to President Barack Obama for his signature.

“Cliff” Law Reconfigures Tax Preparation and Planning

With its scores of new and extended provisions, the American Taxpayer Relief Act offers something for nearly all taxpayers and their preparers to assess and implement as they begin preparing 2012 returns and plan for the future.

Congress Passes Payroll Tax Cut Extension

On Feb. 17, the House of Representatives and the Senate both passed a bill that will extend the reduced 4.2% Social Security tax rate through the end of the year.

House Passes Repeal of 3% Withholding on Government Contracts

The House of Representatives passed a bill October 27 to repeal a law that beginning in 2013 requires tax withholding of 3% of payments to vendors and contractors providing services to federal, state and local governments and their agencies.

EGTRRA and JGTRRA Tax Rates Extended for Two Years in Lame Duck Session

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has provisions from four of the five tax areas that were considered to be important for Congress to address during its “lame duck” session: the estate tax, expiring tax cuts, expired tax provisions, and the alternative minimum tax (AMT). The bill does not address the expanded Form 1099 reporting requirements.

Congress Resolves Many Tax Issues During Lame-Duck Session

Congress adjourned its year-end lame-duck session on December 22 after passing legislative fixes for several pending tax issues, including the estate tax, the expiration of the 2001 and 2003 tax cuts, an alternative minimum tax (AMT) patch, and extensions of many expired provisions. However, it failed to repeal the expanded Form 1099 reporting requirements that were enacted as part of this spring’s health care reform legislation.

Newsletter Articles

50th ANNIVERSARY

50 years of The Tax Adviser

The January 2020 issue marks the 50th anniversary of The Tax Adviser, which was first published in January 1970. Over the coming year, we will be looking back at early issues of the magazine, highlighting interesting tidbits.

PRACTICE MANAGEMENT

2019 tax software survey

This annual survey shows how CPAs rate the tax preparation software they used during last tax season and how it handled the recent tax law changes.