In a stunning blow to the Internal Revenue Service’s efforts to regulate the tax preparation profession, a federal judge struck down the IRS’s licensing requirements for tax preparers on Friday, including testing and continuing education.
Read more in Accounting Today.
The American Taxpayer Relief Act of 2012 (ATRA) extended the qualified charitable distribution (QCD) provisions for 2012 and 2013. Several special transition rules were included in ATRA to enable taxpayers to have a donation made before February 1, 2013, treated as a 2012 QCD.
A QCD is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or over that is paid directly from the IRA to a qualified charity. An IRA owner can exclude from gross income up to $100,000 of a QCD made for a year, and a QCD can be used to satisfy any IRA required minimum distributions (RMDs) for the year. Also, the amount of a QCD excluded from gross income is not taken into account in determining any deduction for charitable contributions.
Starting in 2014, President Barack Obama’s health care law will expand coverage to some 30 million uninsured people. At the same time, insurers no longer will be allowed to turn away those in poor health, and virtually every American will be required to have health insurance — through an employer or a government program or by buying it on their own.
The Internal Revenue Service and the Treasury Department have issued a set of proposed regulations on the 3.8 percent Net Investment Income Tax that takes effect next year as a result of the health care reform law, along with a FAQ page with questions and answers.
Net Investment Income Tax FAQs.
Note his fund raising model.
Pedernales Brewing makes waves in local craft beer market – Austin Business Journal.
If Wal-Mart includes fresh produce and deli/food to go sections like Tesco in the UK, they will have a winning model. The area around the University of Texas could use a shop like this. The only grocery store available by foot in the area is a small, expensive shop opened by The Co-op. Even Wheatsville is too far to go if you live in the apartments west of Guadalupe. HEB is at Hancock Center, a couple of miles away.
Walgreens should convert their stores into Wal-Greens, add fresh fruit and vegetables and healthy take out options. That company already has great real estate in many neighborhoods. Here’s an article about the food oasis stores that Walgreens has opened.
We’ve been using T-accounts for a long time!
The temporary decrease in the employee portion of the Social Security Tax is set to expire December 31, 2012. Neither party seems inclined to extend it. Since the Social Security Tax wage base is $110,00, employees earning over $110,000 do not pay this tax. This indicates that this rise in tax rates will only affect the lower and middle class.
Toppling Off the Fiscal Cliff: Whose Taxes Rise and How Much?.
Suzanne Mettler and John Sides write in their NY Times article that 96% of Americans have relied on government assistance. This includes the deduction for mortgage interest and tax free employer paid health insurance. They call these submerged government social policies. In my opinion, these are the two most likely tax benefits that we will lose in order to balance the federal budget. They also note that ideology determines whether we label government policies as used by producers or moochers.
Don’t lease too much office space.
Be prepared to offer frequent feedback.
Be flexible.
3 Ways Millennials Will Change The Face Of Business : Lifestyle :: American Express OPEN Forum.