Article Category: Tax Legislation

Tax Breaks Slide in Under the Wire!

Posted on: December 28, 2015

Tax Breaks Slide in Under the Wire! With less than two weeks to go in 2015, Congress gave both business owners and individual taxpayers a wonderful holiday surprise by passing an important piece of tax legislations. The PATH (Protecting Americans from Tax Hikes) Act, which was signed into law on December 18th, reinstated many important tax breaks that had expired at the end of 2014, making them retroactive to the first of the year.  It extended some of the provisions of the original tax extenders legislation for periods of one to several years while making others permanent. In addition, it … Click to Read More

Small Business Tax Breaks in the News

Posted on: May 1, 2014

Small Business Tax Breaks in the News -This past Tuesday, the House Ways and Means Committee voted to extend six of the more than 60 small business tax breaks that expired on January 13, 2013. Although most analysts assume that the proposal will not be bought up for consideration by the House of Representatives for quite some time, the vote is none the less significant in that it favors extending the small business tax breaks permanently, rather than for some set time period. Proponents of the proposal feel that this will allow small businesses to better plan for the future … Click to Read More

Congress Considers Small Business Tax Breaks

Posted on: June 2, 2012

While many congressional observers predict that no significant tax legislation will be passed before the November election, several important measures have been introduced that would provide tax relief to small businesses. Three significant pieces of tax legislation that are currently under consideration in Congress are outlined below: Startup Act 2.0 This legislation would allow small businesses that are less than five years old and with annual receipts of less than $5 million to offset their payroll tax liability through the use of a refundable research and development tax credit. It would also increase the financial stability of these young companies by … Click to Read More

Small Business Tax Credit Flop

Posted on: May 23, 2012

Why wouldn’t you take advantage of a tax credit for small businesses? In the case of health care tax credit enacted in the 2010 Affordable Care Act, the answer is if it is too confusing or if the cost to receive it is more than the credit is worth. This health care tax credit was supposed to be helping millions of small business to be able to provide health insurance for employees, paying out a budgeted $2 billion dollars on tax returns for 2012. Instead, as the Government Accountability Office reports, only 170,300 companies out of the 1.4 million to … Click to Read More

The Tax Levy Relief Act of 2012

Posted on: April 26, 2012

This past week, a bill was introduced in the House of Representatives that would provide individual or business tax relief by giving the IRS the power to release a tax levy when the imposition of the levy would cause economic hardship. The bill, identified as the Tax Levy Relief Act of 2012, was introduced by Representative Jim McDermott, a member of the House Ways and Means Committee. At a time when many businesses are having difficulty meeting their tax obligations, McDermott’s bill is designed to provide tax relief by giving the IRS the discretion to decide the best way to … Click to Read More

New Small Business Tax Cut Bill Considered

Posted on: April 18, 2012

The House of Representatives is considering the Small Business Tax Cut Act of 2012, sponsored by House Majority Leader Eric Cantor (R-Va.) on Thursday, April 19, 2012. It would reduce taxes on the adjusted gross income (AGI) of an estimated 22 million small businesses, defined as business with under 500 employees, by up to 20 percent next year. It could also add as much as $46 billion to the deficit. While President Obama is likely to veto the bill, Cantor’s argument is that the tax break, which would be $6,500 on average, could be a potent stimulus for the economy, … Click to Read More

Projected 2012 Tax Legislation

Posted on: April 11, 2012

A recent survey of a broad cross section of leading tax executives indicates that there is a low expectation within the business community for the passage of any important tax legislation during the remainder of 2012. Those surveyed believe that the main reason for this is the upcoming general election, along with the split in the houses of Congress. The Policy Forecast Survey under discussion was completed last month by top business tax executives selected from a wide range of US and multinational corporations. Most of the business tax executives polled in the recent survey indicated that they thought the … Click to Read More

New House Bill Proposes Tax Cut for Small Businesses

Posted on: March 27, 2012

A new bill was recently introduced in the House of Representatives that would allow companies with less than 500 employees to take an additional 20% tax deduction. Under this new proposal, small businesses would have the option of taking a 20% reduction on their annual domestic business income after they have taken all other available tax credits. The new deduction would be optional, so if for some reason the company would save less by taking the 20% reduction, they could opt not to use it. While both Democrats and Republicans have been interested in talking about business tax breaks, it … Click to Read More