As we discussed before, the House passed a one year renewal of nearly 50 tax deductions and credits that would expire in 2014. Here is a list of what will be saved in this posting by Andrew Lundeen and Kyle Polmerleau in Tax Foundation: http://taxfoundation.org/blog/house-passes-one-year-renewal-tax-extenders Important for businesses is the extension of bonus depreciation and section 179 increased expensing limits plus the Work Opportunity and Research Credit. Individuals will benefit from extensions of the itemized deduction for state and local sales tax (versus state income tax), the above the line deduction for higher education tuition and fees, the $250 above the line deduction for educator expenses and Private Mortgage Insurance as an itemized deduction. The Senate supposedly will vote on the bill without amendments on Wednesday or Thursday. Hopefully it will pass, as the President has said he will sign it. Stay Tuned. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Tax Musings of a Burbank CPA: Tax Fraud Blotter: Pining for Prison
Here is a group of recent tax fraud cases that have been going through the court system. They have been compiled by Jeff Stimpson in Accounting Today. Take a look: http://www.accountingtoday.com/news/tax_news/tax-fraud-blotter-pining-for-prison-72948-1.html Included are preparers defrauding their clients as well as the IRS. One preparer is required to pay the U.S. over ten million dollars for tax fraud as well as money laundering. As there will be more where that comes from. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Burbank CPA Tax Musings: House Passes $42 Billion Plan to Revive U.S. Tax Breaks for 2014
Well it finally looks like Congress is getting off their backsides and starting to actually help with taxes by passing tax extenders that expired at the end of 2013. See this update in Accounting Today by Richard Rubin and Bloomberg for the details: http://www.accountingtoday.com/news/government-news/house-passes-42-billion-plan-to-revive-us-tax-breaks-for-2014-72913-1.html Now the bill goes to the Senate, then if passed there the two bills will be reconciled and the final bill will go to the President to sign. Why does this always happen at the eleventh hour? Politics of course! For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa