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 […]
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New Small Business Tax Cut Bill Considered
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 […]
Projected 2012 Tax Legislation
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 […]
California’s Statewide Compliance and Outreach Program to Visit 16,738 Businesses
Early last month, the California Board of Equalization (BOE) sent letters to 16,738 retail business owners stating that the Statewide Compliance and Outreach Program (SCOP) Team would be paying them a visit. The purpose of the visit is to educate them on sales and use tax reporting, tax compliance, and make sure their businesses are […]
New House Bill Proposes Tax Cut for Small Businesses
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 […]