Increase in Business Startups Over 40 Times
Faster in BRIC Countries Than Other Nations,
April 2012 saw a dramatic decline in any meaningful discussion of fundamental tax reform. Congress was nevertheless active in attempting to enact incremental tax law changes. First up were efforts to curtail various tax breaks now enjoyed by the oil industry. Next on the Congressional agenda was consideration of Representative Eric Cantor's (R-VA) "Small Business Tax Cut Act," discussed in last month's Newsletter. This legislation would give certain small businesses a tax deduction of up to 20% of the business' active income. The Senate's Democrats countered with their own small business tax cut bill, the "Small Business Jobs and Tax Relief Act of 2012." And, Democrats in the Senate are trying to advance President Obama's "Buffett Rule" through the "Paying A Fair Share Act" (S. 2230).
Crain’s Detroit Business in Partnership with the Association for Corporate Growth Names UHY Advisors as a Finalist for Dealmaker Adviser of 2011
The last part of February 2012 and March 2012 was a busy time for both Congress and the Obama Administration. On the tax reform front, President Obama led off with his plan for business tax reform. The House Republicans, on March 20, 2012, countered with their own Fiscal Year 2013 budget blueprint ("The Path to Prosperity") which, among other things, proposed a dramatically simpler income tax code including the repeal of the often-patched alternative minimum tax. The next day, Representative Eric Cantor (R-VA) dropped his own tax reform bombshell by introducing legislation that would allow businesses with fewer than 500 employees to deduct 20% of their active business income (subject to certain limitations) in computing their "taxable income".
Listen to Tony Frabotta by clicking here.
Reporting on a decision by the Permanent Court of Arbitration at The Hague that it has jurisdiction in a case involving environmental damage suits filed against Chevron by plaintiffs lawyers representing residents of Ecuador's Amazon region, WSJ reporter Isabel Ordonez wrote:
Please join us for this quick hitting lunch hour geared towards PEO business owners, chief executives and chief financial officers. Topics will include PEO benchmarking, hot tax topics and a financial accounting update. The webinar will conclude with an open discussion.
Webinar will focus on data center audit standards and assessments
The Hiring Incentives to Restore Employment (“HIRE”) Act, signed into law in 2010, included modified provisions of the previously proposed Foreign Account Tax Compliance Act of 2009 (“FATCA”). These provisions involve two broad categories of tax compliance: reporting by foreign financial institutions on accounts held by U.S. persons, and reporting by U.S. individuals on specified foreign financial assets. It is the latter category that led to the new Form 8938 Statement of Specified Foreign Financial Assets, to be filed in 2012 as part of an individual’s 2011 federal income tax return.
Listen to WDUN's interview with LeighAnn Costley about how to make your tax burden lighter for the New Year.
Wednesday, April 24, 2019 | 7:30 AM – 9:30 AM EDT | The Hartford Club