The Chamber honored many members at the 37th Annual Awards Luncheon for their continued service and support. The following individuals were recognized for their amazing contributions. Diplomat of the Year: Royce Brooks Woodlands Online; Citizen of the Year: Linda Nelson, Memorial Hermann The Woodlands Hospital; Volunteer of
Read more →The IRS did not have sufficient controls and processes in place to identify erroneous Foreign Tax Credit (FTC) claims, the Treasury Inspector General for Tax Administration (TIGTA) has reported. The audit was initiated to determine whether the IRS controls ensured that the FTC was accurately claimed on
Read more →The Affordable Care Act requires any person or organization that provides minimum essential coverage, including employers that provide self-insured group health plans, to report this coverage to the IRS and furnish statements to the covered individuals. These reporting requirements affect: Health insurance issuers or carriers The executive
Read more →Senate Finance Committee Chairman Orrin G. Hatch, R-Utah, held a hearing on October 1 to examine solutions addressing overpayments of the Earned Income Tax Credit (EITC), as well as with Medicare and Medicaid, whose oversight is conducted by the committee. The Government Accounting Office (GAO) has reported
Read more →The Fourteenth Amendment requires a state to license a marriage between two people of the same sex and to recognize a marriage between two people of the same sex when their marriage was lawfully licensed and performed out-of-state, according to the Supreme Court. The Court held that “the
Read more →Two senior members of the House Ways and Means Committee on April 30, Kevin Brady, R-Tex., and Joe Crowley, D-N.Y., reintroduced legislation, the Real Estate Investment and Jobs Bill of 2015 (HR 2128), which would remove a 1980s era tax provision that discourages foreign investment in U.S.
Read more →Do you own your own business or are in business with several partners? Are you a CEO of a fairly decent size company with multiple key employees? Do you have a plan in place to address the sudden loss of your partner, your top performing employees, or
Read more →The IRS has issued a fact sheet (FS-2015-22) covering the basic information about business taxes needed by anyone who is self-employed. Generally, an individual is self-employed if they: (1) carry on a trade or business as a sole proprietor or independent contractor, or are otherwise in business
Read more →An eleventh-hour temporary extension of federal highway and transportation spending is partially paid for by new tax compliance requirements. The Surface Transportation and Veterans HealthCare Choice Improvement Act of 2015 (H.R. 3236) was approved by the House, 385 to 34, on July 29th and Senate on July
Read more →Whether to hire an independent contractor or an employee is a commonly asked question by Entrepreneurs. There are many costs and benefits with either side, so the decision must be aligned with your Company’s goals. Hiring a contract worker can help your company reduce its payroll obligations,
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