Rick Santorum's tax plan [CNN]
The former conservative senator from Pennsylvania would reduce the number of income tax brackets from six to two (10% and 28%) and triple what his campaign identifies as the personal deduction that parents can claim for their children. Santorum would also eliminate the so-called marriage penalty, which often causes two-earner couples to owe more in federal income taxes than if they filed as single individuals. In addition, he would eliminate both the Alternative Minimum Tax and the estate tax. And he would reduce the capital gains rate from 15% to 12%. For businesses, he would cut the corporate income tax rate in half to 17.5% and eliminate it entirely for manufacturers. Plus, he would increase the research and development credit and reduce the tax burden on U.S. companies that choose to bring back their overseas profits to the United States.
Santorum Becomes Millionaire in Six Years After U.S. Senate Loss [Bloomberg]
Since his 2006 re-election defeat, the former Pennsylvania lawmaker has gone from being one of the poorer members of the U.S. Senate to earning $1.3 million between January 2010 and August 2011. In 2007, he spent $2 million to buy a 5,000-square foot home in Great Falls, Virginia, according to property records. Santorum’s financial rise was powered by consulting contracts with fuel producer Consol Energy Inc. (CNX), faith advocacy group Clapham Group and American Continental Group, a Washington consultancy, as well as media engagements. “If he’s claiming he’s not an insider, this is the thing that insiders do — after public office they cash in,” said Kent Cooper, a campaign finance expert and former Federal Elections Commission assistant staff director.
IRS Kicks Off 2012 Tax Season with Deadline Extended to April 17 [IRS]
You're welcome.
A top accounting firm buys NYC shop [Crain's, BDO]
Chicago-based accounting firm BDO USA announced Wednesday it will acquire Salibello & Broder, a New York accounting operation with an office in Los Angeles. Salibello & Broder has a staff of more than 50 people in New York and eight in L.A., all of whom will relocate to BDO offices in both cities, BDO announced in a news release. All six of Salibello & Broder's partners will be become partners at BDO. “The addition of the partners is going to benefit our firm, and their relationships and community involvement are something we're very interested in,” said Alan Sellitti, BDO's northeastern regional business line leader. “From a revenue standpoint, we know its going to be beneficial to both sides; we just haven't formalized how much.”
NY-Boston accounting merger: Marcum acquires Robert, Finnegan & Lynah [BBJ]
The New England practice of accounting and tax advisory firm Marcum LLP has acquired Robert, Finnegan & Lynah, PC, according to an email distributed Wednesday by Marcum. Robert, Finnegan & Lynah's 10 employees have moved offices and will be housed within Marcum's location at 53 State Street in Boston. With gross revenues of $3 million, Robert, Finnegan & Lynah has provided traditional accounting and tax services.
Overstock lays off 50 workers [DN via @SamAntar]
Utah-based online retailer Overstock.com announced Tuesday it would cut 3 percent of its total workforce. Headquartered in Salt Lake City, the company also known as O.co, laid off about 50 employers from its nearly 1,500-person Utah workforce. O.co president Jonathan Johnson said the across-the-board cuts were the result of cost-saving measures. "Every year when we do our budget for the next year, we figure out what our staffing needs are, and … it felt like it was the right time to take a little bit out," Johnson said.
Payroll tax conferees likely to meet in mid-January [The Hill]
A congressional conference committee created to hammer out a longer extension of the payroll tax cut will likely not convene for at least another 10 days, Hill aides from both parties have suggested. The 20 lawmakers on the panel will instead probably meet for the first time the week of Jan. 16 — the same week House members are due back for this year’s session. That would give the conference committee about six weeks to hash out a yearlong extension of the payroll tax cut, which was first enacted in late 2010. The panel will also look at federal unemployment benefits and the doctor reimbursement rate under Medicare — the so-called “doc fix.”