Thursday, March 13, 2014
Wednesday, March 12, 2014
BY JEANNA SMIALEK
(Bloomberg) Policy makers on both sides of the partisan divide, from Treasury Secretary Jacob J. Lew to Mitt Romney’s economic adviser Glenn Hubbard, favor expanding the Earned Income Tax Credit. This rare harmony holds the potential to reshape the debate on bridging the growing opportunity gap.
“The dynamics surrounding EITC are changing,” said Alex Brill, a researcher at the American Enterprise Institute, referring to the refundable tax credit for low-income workers. “There’s a little bit of a shift among conservatives and Republicans—an increased level of interest in issues around the working poor.”
The House Committee reports that the IRS had a political agenda in regulating tax-exempt organizations
The House Committee on Oversight and Government Reform reports that the IRS had a political agenda in regulating tax-exempt organizations
Read more here - http://nmscpas.com/house-committee-oversight-and-government-reform-reports-irs-had-political-agenda-regulating-tax
Friday, March 7, 2014
Thursday, March 6, 2014
(Bloomberg) House Speaker John Boehner said an IRS official should be held in contempt if she continues to refuse to testify on the agency’s scrutiny of Tea Party groups.
Lois Lerner, who retired from the Internal Revenue Service in September amid the inquiry, exercised her Fifth Amendment right against self-incrimination at a hearing today after 10 questions from Representative Darrell Issa, the Republican chairman of the House Oversight Committee.
“She has to testify or she should be held in contempt,” Boehner, an Ohio Republican, told reporters, adding that he would wait for a report from Issa.
Neikirk, Mahoney & Smith PLLC, an accounting firm in Louisville, Ky. keeps up with what's going on in Washington so you don't have to.
Monday, March 3, 2014
The Internal Revenue Service said Thursday that only three weeks after the opening of tax season, it has already received about one-third of the individual income tax returns it expects to receive in 2014.
The IRS reported that tax season has gone smoothly so far, despite the two-week delay before kicking off tax season on January 31. The IRS has processed almost 98 percent of the 49.6 million returns received so far. Each week this filing season, the IRS has processed a greater percentage of the returns received than during comparable weeks last year.
Bloomberg BNA is offering a free 7 day trial subscription to their Daily Tax Report. Even if you're already working with the accounting firm of Neikirk, Mahoney & Smith CPAs, you might find this a handy tool.
Sign up here -> FREE 7-day trial subscription to the Daily Tax Report and receive a complimentary copy of our highly-anticipated 2014 Outlook: Tax, Accounting and Pensions. This comprehensive report provides an overview of what to expect in 2014 including discussions on international tax, tax legislation, state developments, tax administration, and more!