HR 4 – Jobs for America Act DIVISION I—WAYS AND MEANS TITLE I—SAVE AMERICAN WORKERS Sec. 101. Short title. Sec. 102. Repeal of 30-hour threshold for classification as full-time employee for purposes of the employer mandate in the Patient Protection and Affordable Care Act and replacement with
Read more →Lawmakers are likely to pass tax extender legislation during the lame-duck session of Congress in November and comprehensive tax reform as early as 2015, according to tax experts speaking during webcast sponsored by PricewaterhouseCoopers LLP on October 28. According to Rohit Kumar and Scott McCandless, both principals
Read more →Below is the Senate version of the tax extenders bill, the EXPIRE Bill of 2014. All items listed below have expired or will expire in 2014 that this bill has called to extend two to three more years. TITLE I—PROVISIONS EXPIRING IN 2013 Subtitle A—Individual Tax Extenders
Read more →Negotiations over the fate of more than 50 tax extenders have continued over the Thanksgiving recess. Leaders in both the House and Senate have been in discussions over whether to extend the popular but temporary tax breaks or to make permanent some of the incentives and eliminate
Read more →According to new audit report from the Treasury Inspector General for Tax Administration (TIGTA), current IRS procedures are insufficient to ensure that all foreign seller real estate transactions subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) are in fact compliant with FIRPTA.
Read more →Robert Stack, Treasury deputy assistant secretary (International Tax Affairs), predicts that the department will face a difficult year in 2015 as it begins to tackle several of the tougher issues listed in the Organisation for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) Action
Read more →Congressional and administrative proposals are failing to address the underlying incentives driving inversions and therefore, putting 42,000 U.S. jobs at risk of going overseas, according to new research from the American Action Forum (AAF), a center-right think tank. The AAF study, released on September 4, also found
Read more →The Tax Court has denied basis to individuals who contributed unfunded, unsecured notes to a partnership and claimed basis for the amounts on the notes. As a result, the partners’ bases in their partnership interests were too low for them to claim greater pass-through losses on their
Read more →IRS Chief Counsel (CCA 201436049) has concluded that so-called limited partners of an investment management firm were not limited partners of the firm (a limited liability company (LLC) treated as a partnership) and were being paid compensation for services. Therefore, the amounts they received from the firm
Read more →The Internal Revenue Service is diligently working to stop fraud perpetrated by persons who buy or steal Social Security numbers. Tax identity theft is a growing problem that affects millions of Americans, but “it’s gone from hundreds of people filing hundreds of fraudulent returns to thousands of
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