AICPA Weighs In On Proposal To Allow IRS Authority To License Tax Preparers

Today, the American Institute of CPAs (AICPA) sent a letter (downloads as a pdf) to the Senate Finance Committee reacting to a proposal which would provide the Department of the Treasury and the Internal Revenue Service (IRS) the authority to regulate “all aspects of Federal tax practice, including paid tax return preparers.” In the letter, … Read more

Marketplace Health Insurance Funded By Tax Credits In Most States: How About Yours?

Nearly 10 million Americans signed up for health insurance through the Marketplace exchanges in 2015, according to data released this month by the Centers for Medicare & Medicaid Services (CMS). As of the end of June 2015, approximately 9.9 million consumers had enrolled: 7.2 million through the federal Marketplaces and the so-called Healthcare.gov states and … Read more

Treasury Secretary Lew Warns Again On Debt Ceiling: What You Need To Know

I am writing to provide an update regarding the Treasury Department’s ability to continue to finance the government, the extraordinary measures we have undertaken to avoid default, and our current levels of cash on hand. And so begins a letter from Jacob Lew, U.S. Secretary of the Treasury writing about the United States. Not Greece. … Read more

Making It Rain: Alabama Considers Porn Tax On Strip Clubs, Magazines & More

Raise taxes or else. Those were the marching orders issued to the Alabama House of Representatives from Gov. Robert Bentley (R) earlier this year. Specifically, the “or else” included a threat to cut a number of services to taxpayers including closing prisons. Kicking up the rhetoric, he warned taxpayers in April, “You might not care about … Read more

Over 2,000 Businesses Send Letter To Congress Demanding Attention To Tax Extenders Bill

Last year, the Senate waited until just over two weeks left in the calendar year to pass a bill that extended certain tax provisions through December 31, 2014 (retroactive to January 1, 2014). In contrast, this year it felt like Congress was getting a jump on things when they began contemplating a tax extender package … Read more

Trump To H&R Block: You’re Fired!

GOP presidential candidate Donald Trump prides himself on speaking his mind. And what he has on his mind is getting rid of Kansas City-based tax preparation company H&R Block. When asked on “Fox & Friends” about tax policy, Trump offered up a few words, “Put H&R Block out of business.” Trump was referring to efforts … Read more

Live Blog: The GOP Debate

With an ever growing GOP presidential candidacy field, debates for potential candidates were divided into two time slots. The most popular slot will be the two-hour debate held at 9:00 p.m. tonight featuring the top ten polling candidates based on an average of the five most recent national polls. The candidates who are scheduled to appear … Read more

Live Blog: The Early GOP Debate

There are two GOP presidential debates today. The first is at 5:00 pm. Candidates involved in the early debate include Texas Gov. Rick Perry, former Pennsylvania Sen. Rick Santorum, Louisiana Gov. Bobby Jindal; former HP head Carly Fiorina; South Carolina Sen. Lindsey Graham; former New York Gov. George Pataki; and former Virginia Gov. Jim Gilmore. You can … Read more

Congressman Chaka Fattah & Associates Indicted In Racketeering Conspiracy

Just weeks after former Rep. Michael Grimm (R-NY) was sentenced to prison on tax related charges, Rep. Chaka Fattah (D-PA) and a number of his associates found themselves targeted by the feds. On Wednesday, a 29 count indictment was handed down to Fattah, as well as lobbyist Herbert Vederman, 69, of Palm Beach, Florida; Fattah’s … Read more