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Tax Calendar

This up-to-date Tax News section will help you stay current with any new or pending tax legislation, as well as how it affects your current and future tax situation.

Lawmakers May Deliver Small Business Tax, Pension Relief Before Year-End

Business tax incentives and a host of pension provisions are in limbo after Congress has recessed for Thanksgiving.

President-Elect Obama Outlines Top Priorities

Obama on November 7, 2008, said legislation to boost the U.S. economy and create jobs would be his top priorities if Congress and President Bush do not reach agreement on an economic stimulus package during the lame duck session that begins in mid-November.

New Economic Stimulus Package Should Include Business Tax Breaks: U.S. Chamber

The U.S. Chamber of Commerce called on President-elect Barack Obama to make the economic recovery his top priority by focusing on an economic stimulus package that includes tax incentives for businesses.

Congress Passes Tax Extenders as Part of Bailout Bill

In an effort to increase support for its economic rescue plan, congressional leaders inserted a number of year-end tax measures that Congress was scheduled to address.

Businesses Miss Out on Telephone Excise Tax Refunds; Still Time to File Amended Returns

More than five million businesses have not yet claimed a federal telephone excise tax refund, but they still have time to so, the Treasury Inspector General for Tax Administration (TIGTA) reported on October 9, 2008.

Uncertainty Surrounds Tax Planning for 2008, 2009

As 2008 heads into the fourth quarter, taxpayers who want to minimize their tax burden for this year and next have a range of options, but also face a considerable amount of uncertainty.

Tax Rate Projections for 2009

Taxpayers will benefit next year from the indexing of many features of the tax code, according to estimated income ranges for each 2009 tax bracket.

Business Owners See Job Losses If Tax Extenders Not Renewed

Small business owners urged lawmakers on September 11, 2008, not to adjourn without passing a package of tax extenders.

Some Taxpayers Will Benefit, Others Will Pay for Housing Bailout Bill

The Housing and Economic Recovery Act of 2008--designed to reduce foreclosures, strengthen the housing market and shore up lending institutions--will also change the amounts many taxpayers owe to the IRS, according to CCH.

State Sales Tax Holidays Target Back-to-School Spending

Back-to-school shopping will be tax-free for a few days this August in thirteen states and the District of Columbia, according to CCH, a Wolters Kluwer business and a leading provider of tax, accounting and audit information, software and services.

House Approves AMT Bill with New Tax Increases

Middle-class taxpayers would receive one year of relief from the alternative minimum tax, under a bill passed by the House of Representatives on June 25, 2008. By a party-line vote of 233 to 198, Democrats approved the Alternative Minimum Tax Relief Act of 2008, which was introduced on June 17 by House Ways and Means Chairman Charles B. Rangel (D-N.Y.).

State Consumption Taxes Continue to Rise

The taxes Americans pay as consumers--in retail stores, at the gas pump or for cigarettes--are trending higher, according to CCH, a Wolters Kluwer business and a leading provider of tax, accounting and audit information, software and services.

Feds Continue to Focus on Closing Tax Gap

A recently released report by the Government Accountability Office on ways to close the tax gap, estimated at some $290 billion, has Senate Finance Committee Chairman Max Baucus (D-Mont.) talking more seriously about improving tax compliance as a means to raise much needed revenue.

Congress Debates Expiring Tax Provisions, Disagrees on Tax Hikes

Congress renews several aspects of the tax code every couple of years, prefering to revisit the debates rather than making the provisions permanent. A series of popular tax breaks--for education, charitable deductions, research and development, and alternative minimum taxes--often are held as bargaining chips during a congressional session. This practice also gives the political parties a vehicle for pushing public opinion, especially at election time.

Standard Mileage Rate Raised Mid-Year to 58.5 Cents per Mile

The IRS can't lower your gasoline prices, but if you drive for business, you're now eligible for a bigger deduction as of July 1.

Tax News Archive

For more news stories and features on federal, state and payroll tax issues and how they may affect you.


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