Congress passes bill that would allow Americans to deduct contributions to Haiti relief efforts from 2009 taxes.
By Joe Mont, TheStreet
Under current law, taxpayers would have to wait until next year to claim a deduction for Haiti-related contributions. The change is similar to legislation created after a tsunami struck Thailand and Indonesia in 2004.
The U.S. House of Representatives unanimously approved the Haiti Assistance Income Tax Incentive Act on Wednesday. The Senate passed it unanimously late Thursday. President Obama is expected to sign the bill by the end of the week.
The agency plans to look through the books of 6,000 companies over 3 years.
The Internal Revenue Service, trying to recoup some of the estimated $14 billion that companies underpay in employer taxes each year, plans to wage a three-year campaign to audit 6,000 businesses.
The cash-strapped government, which separately said it wants to put a levy on large financial companies that received bailouts, will zero in on worker classification, fringe benefits, reimbursed expenses and executive compensation. The selection of the audited companies will be random, and both big and small businesses will be scrutinized.
Defining who is, or isn't, an employee might be the biggest challenge for the IRS and the companies it audits. While some businesses might be confused about how to classify workers, others might misclassify employees to bypass protections, such as minimum-wage laws, child-labor standards and overtime requirements, and avoid having to offer health and pension plans.
Poor customer service hurts ability to collect taxes, taxpayer advocate says.
This news article comes from Martin Vaughan at partner site The Wall Street Journal:
An expanding slate of duties is stretching the Internal Revenue Service too thin, leading to poor customer service and undermining its ability to collect taxes, a government watchdog said.
Installation of some improvements is included, but for other upgrades, you get credit only for material.
Congress and President Obama want us to save energy.
Global warming is my fault. I’ll take the heat. I actually use my car and prefer to live in a comfortable indoor temperature. I’m sitting here now in minus-7 degree wind chill adjusted outside temperature wondering where I can buy a can of hair spray to open a warming hole in the atmosphere over my house.
Proposal would allow contributions to be deducted on 2009 returns.
As relief workers scramble to bring aid to the victims of last week's devastating earthquake in Haiti, U.S. lawmakers are working out details of a tax break for those who've donated (or plan to donate) to the cause.
Under a bipartisan House bill, if you contributed money to nonprofits providing relief to the stricken island nation, you would be able to deduct those donations on your 2009 tax return. This would allow you the tax benefit of the gifts now, rather than making you wait almost a year to claim the charitable gift when you file your 2010 tax return in 2011.
New rules, which start next year, may help weed out the crooks.
Yippie! They’re from the government and they’re really gonna help you.
The IRS is now requiring all federal tax return preparers to register with the agency and get a preparer identification number. IRS agents plan to set up sting operations
But the unlimited exclusion is likely to end this year, and the tax will stay alive.
Will somebody please smack the back of the head of the supposed savant, still searching for the second digit in his IQ, who keeps asking the same silly question:
“Will the estate tax disappear?”
This complex set of rules changes too often.
He told the truth.
Last October, in a speech at the National Association of Corporate Directors (NACD) Governance Conference, IRS Commissioner Doug Shulman uttered the words, “the complexity of the Tax Code may make your eyes glaze over.”
Tell it like it is, Commish!
But this is nothing new, sir. Had you opened your eyes and actually read the Tax Code, you’d probably be blind by now. You surely would be confused and concerned.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.