Legislation

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.

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

PRACTICE MANAGEMENT

Tax software survey

Our annual survey offers a look at how CPAs judged their tax preparation software in a wide range of types of practices.

NEWS

Congress enacts tax reform

Here are many of the most important provisions in the new law that affect both individual taxpayers and businesses. All changes were effective Jan. 1, 2018, except as noted.