Tag Archives: taxes

Boehner makes tax rates concession as House of Representatives nears fiscal cliff deadline

In what could be a landmark decision, the U.S. House of Representatives made a major tax concession this week in proposing to increase tax rates on millionaires. House Speaker John Boehner made the proposal, which would increase taxes on Americans … Continue reading

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Obama corporate tax reform: Is industry on board with the president’s plan?

The Treasury department announced details of the Obama administration’s corporate tax reform plan on Wednesday, February 22. The plan calls for lowering the corporate tax rate from 35 to 28 percent and reducing the effective tax rate for manufacturers to … Continue reading

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IRS form 8949: Capital gains tax form takes data from form 1099-B

To ensure that taxpayers pay the correct amount of capital gains tax, the 2012 tax season will see the unveiling of a new IRS form 8949, which will be used by individuals to report capital gains and losses on their … Continue reading

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Lower corporate tax rates supported by Republican presidential candidates despite lower tax revenues

Arguments for lowering corporate tax rates continue to gain the spotlight as Republican presidential candidates stump for their party’s nomination. The debate surrounding corporate tax rates is filled with rhetoric about tax revenues and U.S. competitiveness.

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IRS forms: Form 1099-K and form 1099-MISC instructions still confusing taxpayers

Every January, businesses must report payments of income such as dividends, interest and non-employee compensation with IRS form 1099. The 2012 tax filing season is the first year that businesses must file a form 1099-K. The addition of a new … Continue reading

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Twenty-five years since Reagan Tax Reform Act of 1986: Time for new changes

The Tax Reform Act of 1986 marked its 25th anniversary on October 22, 2011. Crafted through bipartisan cooperation and signed into law by Republican President Ronald Reagan, the law lowered marginal tax rates and simplified the tax code by closing … Continue reading

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New IRS tax form 1099-K to report sales from credit and debit cards

Starting in January 2012, businesses that accept credit and debit cards when making sales to customers will receive an IRS tax form 1099-K from their credit card processing company. The 1099-K will report the total payment transactions for the year … Continue reading

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