Tag Archives: Tax News
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
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
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
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