Last week the Pennsylvania House passed tax reform legislation by a vote of 129-65.
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There has been much guidance released over the last few months related to the Patient Protection and Affordable Care Act (ACA). Many issues were highlighted and discussed at an IRS hearing on April 23, 2013, at which 20 different groups testified on proposed regulations that the IRS issued on the Employer Mandate.
When I first started as a full-time tax accountant, my superior told me about the Discriminant Function (DIF) System. The System is a computerized method the IRS uses to select tax returns for audits (explained in the Internal Revenue Manual). However, the public has only limited information as to how exactly the DIF system works.
Proposed legislation would give Pennsylvania new authority to require certain remote sellers (internet retailers) to collect the PA sales tax. House Bill 1043 would implement the “affiliate nexus” concept, which has become popular as the states search for ways to capture the revenue they have been losing because such remote sellers have not been collecting their sales tax.
The staggering cost of college makes it critical for families to plan carefully for this major expense, and in many cases grandparents want to play a role. As you examine the many financing options for your grandchildren, be sure to consider their impact on your estate plan.
Taxpayers are recalling the times that they used to receive their tax information from all reporting entities by January 31 each year. Now they are telling their tax professionals that they’ve gathered all of their tax information but haven’t received their brokerage account statements.
There is no denying that going through a divorce can be one of the most arduous, stressful, emotionally draining experiences anyone can ever have. However, if the parties aren’t careful or properly informed, the terms of their marital settlement agreement or divorce decree can give rise to a number of equally as stressful tax complications and possibly additional litigation proceedings with the Internal Revenue Service.