A coalition named Americans for Tax Fairness (ATF) has recently held events in sixteen states for the purpose of pressuring Congress to close corporate/business tax loopholes. It is their premise that removing the ambiguities in the corporate tax code will help to prevent impending budget cuts to vital services and benefits. The ATF, which has […]
Current Events
Don’t Lose Your Refund to an Identity Theft Scam
In 2012 the IRS uncovered a mounting problem involving the thefts of innocent taxpayers’ refunds. According to the IRS, investigators found 898 identification theft cases in 2012. This is a number that has tripled in comparison to the previous years. The IRS has issued numerous media alerts and has hired an additional 3,000 employees to […]
A Summary Of The Fiscal Cliff
Late Tuesday Congress finally approved a plan that ended Washington’s long drawn out battle infamously known as the “fiscal cliff.” The House Republicans conceded to President Obama’s request to allow taxes to rise on the country’s wealthiest households. First, the senate approved the legislation then the House voted in its favor, 257 to 167, which […]
Congress Considers Small Business Tax Breaks
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 […]
Small Business Tax Credit Flop
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 […]