June 17, 2013
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Senate passes Internet Sales Tax Bill that will require state sales tax on all online purchases
On May 6, 2013 the Senate passed the Marketplace Fairness Act of 2013 (a.k.a, the “Internet Sales Tax Bill” by 69-27. Passage in the Senate was considered a major hurdle for taxing Internet sales. The bill, if passed in the House and signed by the President, would enable states to collect from certain online sellers […]
Read more- June 17, 2013
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IRS steps up guidance under Health Care Law as 2014 mandates loom
The government continues to push out guidance under the Patient Protection and Affordable Care Act (PPACA). Several major provisions of the law take effect January 1, 2014, including the employer mandate, the individual mandate, the premium assistance tax credit, and the operation of health insurance exchanges. The three agencies responsible for administering PPACA – the […]
Read more- June 17, 2013
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Review of IRS’s treatment of conservative groups intensifies; Agency under 30-day top-down review
The IRS’s improper handling of applications for tax-exempt status from conservative groups has led to the removal of top officials, the appointment of a new Acting Commissioner, a 30-day top-down review of the agency’s operations, Congressional hearings, and a criminal investigation. The outcome of all these activities may reshape how the IRS operates and how […]
Read more- May 27, 2013
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May 2013 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of May 2013. May 1 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates April 24-26. […]
Read more- May 27, 2013
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FAQ: What is “cost of goods sold”?
A business that manufactures products to be sold, or purchases products for resale, must value its product inventory at the beginning and the end of each tax year to determine the cost of goods sold (COGS) during the year. The business determines its gross profits by deducting COGS from its gross receipts for the year. […]
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