Speaking to a crowd of real estate professionals in his hometown, Cantor said the tax would be considered as part of the larger tax reform discussion. But he suggested a change is probably not in the cards. “Honestly, there’s not a lot of support for getting rid of the mortgage deduction on Capitol Hill,” Cantor said to loud applause from the audience. Cantor was speaking to nearly 200 members of the Richmond Association of REALTORs. [The Hill]
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- Adrienne Gonzalez
- August 29, 2019
KPMG is in the news again this week, and again it’s for something they probably […]
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UBS and IRS Probably Have a Deal, No Toblerones Involved
- Caleb Newquist
- July 31, 2009
UBS is going to name names, albeit not all of them, bringing us to ever so close to the bitter end of the whole IRS/UBS standoff.
All the gory details are expected to be released on August 10th, when hopefully everyone will kiss and make up officially.
The focus of the settlement will be around 7,000 or so accounts that are associated with offshore companies and trusts that are possibly tied to some financial shenanigans. Under the potential settlement, UBS won’t turn over any names until after September 23rd, which is the last day for offshore account holders to confess their sinful ways.
Deal Reached in UBS Tax Battle [WSJ]
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What’s New in Business Taxation, Federal Payroll, and Retirement Plans?
- Caleb Newquist
- November 18, 2010
Feeling ready for tax season? Ready for those Schedule C’s and Schedule F’s? Here’s a quick list of the things you will want to be familiar with to properly advise your small business clients.
• New Health Bill provisions. You’ll want to understand the small employer health insurance credit and what new employer health plans look like.
• Self-employed health insurance can be deducted on the business return for the first time, which reduces SE tax.
• Health reimbursement “qualified” arrangements
• The new $500,000 Section 179 expensing allowance, a brand new $250,000 Section 179 for real property assets including leasehold improvements and restaurant property, and the unexpected renewal of the 50% bonus depreciation.
• The 2010 Federal mileage, lodging and meal per diem rates. Recordkeeping for travel, entertainment and the new rules on cell phones.
• The “away-from-home-overnight” requirement for travel expense deductions.
• How to handle the blizzard of Form-1099Cs business clients are receiving and how this cancellation of debt income can be avoided or deferred.
• The status of “hobby loss” and the office-in-home limitation rules
• The new NOL carryback provisions
• The new depreciable lives on restaurant buildings
• The new 9% domestic production activity deduction, who qualifies, what qualifies and where to put it on the return
Got it all? Need help pulling all the information together? Get the details on these and other issues related to business tax in Part 3 of CPE Link’s Federal Tax Update webcasts scheduled November-January. Course includes downloadable manual containing hyperlinks to applicable code sections.