Roger Russell

A case decided earlier this week by the South Carolina Supreme Court may have nationwide implications on tax reporting.

Both the American Institute of CPAs and the American Bar Association Tax Section have told the Internal Revenue Service it should withdraw its proposed rule that would require companies with more than $10 million in total assets to disclose uncertain tax positions on the new Schedule UTP, Uncertain Tax Position Statement.

Although we’ve been waiting for an “extenders” bill for some time, the one now before the Ways and Means Committee contains some controversial provisions that have generated quick and vociferous opposition.

Tax Credit Company president Brandon Edwards calls the HIRE Act a “game changer” for mid-market and smaller companies that now can take advantage of the hiring incentive program.

Supreme Court nominee wrote a brief on behalf of the IRS in a far-reaching tax case that could come before the Supreme Court.

Sales and use taxes are key issues for many states that have been hit with dwindling revenue due to the economic downturn. And there’s a case now on appeal in a New York court that is being closely watched by other states suffering a loss of tax revenue from Internet sales.

The comment period set by the Internal Revenue Service onthe proposed preparer registration regulations closed earlier this week, with anumber of professional groups offering their opinions.

A change in the structure of the taxation of carried interest, passed by the House last December and included in the Obama administration budget for 2011, is becoming more likely as the Senate searches for revenue offsets.

Although my prowess in using social media has largely been learned from my offspring, there’s no question that its use has erupted across all forms and sizes of business.

Both the American Institute of CPAs and the American Bar Association Section of Taxation have urged Congress to correct the current state of federal estate, gift and generation-skipping transfer taxes.

I haven’t yet read the 2,400-plus pages of the Health Care Reform Bill (the Patient Protection and Affordable Care Act) that President Obama signed into law on Tuesday. Not even the hundred-plus pages of tax provisions in the bill. But from talking to those who have, it looks like there is enough in it to keep tax professionals occupied for awhile.

An increasing percentage of tax advisors’ client base is now eligible for a Roth IRA, according to a survey of 500 tax advisors.

The recession has affected many companies harder than they anticipated. Most organizations experienced some kind of impact from the financial upheaval, according to a survey by Burlingame, Calif.-based Accountants International of 3,500 accounting, finance and human resource executives nationwide.

A number of economic surveys and indicators have surfaced in the past week, most of them mixed or uninspiring with regard to an economic recovery. But there are some positive signs.

The Senate’s latest stimulus effort, a “jobs bill” named the Hiring Incentives to Restore Employment Act, passed this week with a 70 to 28 margin.

What’s not to like about a Roth IRA? As with traditional IRAs, earnings accumulate tax free. But unlike the traditional IRA, withdrawals are tax-free and minimum distributions after age 70 ½ are not mandatory. Add to this the 2010 special incentives to convert a traditional IRA to a Roth IRA, and it’s a wonder taxpayers aren’t lining up to do the conversion.

At last count, at least 11 parties have submitted amicus (friend of the court) briefs to the U.S. Supreme Court as it considers whether to hear an appeal from the First Circuit decision in Textron regarding a corporation’s tax accrual workpapers.

Despite its massive tax increases, the President’s 2011 Budget Plan contains a number of revenue provisions calculated to encourage business expansion and move the economy upward.

While there were no real surprises in the State of the Union speech, it did flesh out some tax proposals that will be acted on in the days ahead, according to observers.

The Internal Revenue Service is considering requiring some business taxpayers to report uncertain tax positions on their tax returns, according to Commissioner of Internal Revenue Douglas Shulman.