1. Articles in category: Politics

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    1. Lots of Employees Get Misclassified as Contractors. Here’s Why It Matters

      Lots of Employees Get Misclassified as Contractors. Here’s Why It Matters

      Worker misclassification — when employees are classified erroneously as independent contractors — has been widely discussed when it comes to Uber and other platforms. But Uber is not unique. The misclassification of employees pervades the modern economy and can be devastating to workers in the form of lost wages and little bargaining power. While the Obama administration issued guidelines for companies about how to interpret existing law, the Trump administration recently rescinded them.

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    2. GOP momentum builds to change rules for longer-lasting tax cuts | Accounting Today

      (Bloomberg) The push to change congressional budget rules and enact tax cuts for longer than 10 years even if they add to the deficit received more support Thursday as the top Senate tax writer endorsed it. “It would be better” if the existing 10-year budget window were extended, Senate Finance Chairman Orrin Hatch said in an interview. “The 10 years is problematic,” he said. “I would like to do that.” A leader of the conservative House Freedom Caucus said he’s open to the idea.

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    3. Federal Remote Seller Legislation-Here we go Again!

      It was just a matter of time before the U.S. Congress would take up the initiative of giving states the ability to compel remote sellers, with the force of state law, to collect sales tax on all sales that originate in one state but are delivered to another state unless such sales are exempt from tax in the destination state. The current House Bill is H.R. 2193 and is named ‘Remote Transactions Parity Act of 2017.

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    4. Universities seek to defend endowments from Republican tax plans | Accounting Today

      Some of the richest U.S. colleges are pushing back against scrutiny by Congress over the tax-exempt status of their endowments. Lobbying disclosure forms show almost two dozen schools such as Princeton University, the University of Notre Dame and Cornell University are including endowment tax issues in their federal agenda, along with perennial topics such as student loans and funding for scientific research.

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    5. Tax reform will have to wait for health care, Trump says | Accounting Today

      (Bloomberg) Despite a stalemate in Congress over a plan to repeal and replace Obamacare, President Donald Trump says his efforts on health care are “doing very well” and that he still wants a bill passed before tackling tax reform. Trump said in an interview aired Wednesday morning on Fox Business that a GOP health bill will get done, even after members of Congress left last week for recess with no clear compromise in sight.

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    6. Analysis: New tax breaks would cost Georgia $483M

      The Georgia Budget and Policy Institute has done the math on a series of tax breaks the General Assembly passed during the recent legislative session. Added together, 10 bills would reduce state tax revenues by $483 million over five years, according to an analysis the public policy research organization released Wednesday. The biggest impact by far would come from legislation lowering taxes on leased vehicles, which would cost the state almost $227 million in lost revenue. The bill also would…

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    7. AICPA asks Congress to pass tax corrections legislation | Accounting Today

      The American Institute of CPAs wants Congress to reintroduce legislation to make various technical corrections in the tax laws. In a letter Wednesday, the AICPA urged leaders of Congress’s tax committees, the House Ways and Means Committee and the Senate Finance Committee, to reintroduce the Tax Technical Corrections Act of 2016. It was originally introduced last December in both houses of Congress by Democrats and Republicans.

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    8. AICPA Hails Reintroduction of Mobile Workforce Legislation in U.S. House and Senate

      AICPA Hails Reintroduction of Mobile Workforce Legislation in U.S. House and Senate

      WASHINGTON--(BUSINESS WIRE)--The American Institute of CPAs (AICPA) endorsed the Mobile Workforce State Income Tax Simplification Act of 2017 introduced yesterday in the U.S. House of Representatives and U.S. Senate. The companion bills, H.R. 1393 and S. 540, were introduced by Representatives Mike Bishop (R-Mich.) and Hank Johnson (D-Ga.) and Senators John Thune (R-S.D.) and Sherrod Brown (D-Ohio). H.R. 1393 was introduced with 22 original co-sponsors and S. 540 had 18 original co-sponsors.

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    9. Georgia lawmakers adopt mid-year budget

      The General Assembly gave final passage this week to a $23 billion mid-year budget covering state spending through June 30. The Georgia Senate adopted the spending plan unanimously on Wednesday, one day after the state House of Representatives, which also approved it in a unanimous vote. The two legislative chambers had so few disagreements on Gov. Nathan Deal’s spending recommendations they didn’t have to refer the bill to a conference committee. One key change incorporated into the mid-year…

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    10. Obama Seeks to Expand 401(k) Use by Employers Pooling Plans

      (Bloomberg) President Barack Obama will propose allowing small businesses to more easily pool 401(k) plans, in the hope that more Americans will adopt a crucial tool to save for retirement. The proposal, to be included in his 2017 budget, represents Obama’s latest attempt to leverage an issue with some Republican support to both tick off an item on his agenda—longstanding concerns about Americans’ retirement security—and influence the campaign to succeed him.

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    11. Tax cut measures introduced in Georgia Senate

      The latest effort at tax reform in the General Assembly surfaced Friday in the Georgia Senate. Sen. Judson Hill, R-Marietta, introduced a bill and constitutional amendment, both aimed at cutting the state income tax from the current 6 percent. Senate Bill 280, dubbed the Tax Relief Act of 2016, would set the income tax rate at 5.4 percent and increase personal exemptions per person by $2.000.

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    12. Georgia Senate renews video gaming tax credit

      Georgia Senate renews video gaming tax credit

      The Georgia Senate voted 44-7 Tuesday to renew for three years a tax credit the state offers to video gaming companies that set up shop in Georgia. Under the Senate’s version of the bill, which originated in the state House of Representatives, gaming companies have to make an upfront investment of at least $500,000 to be eligible for the credit. The version the House passed earlier this month required the companies to post a Georgia payroll of at least $500,000 a year. Both the House and Senate…

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    13. Georgia Senate expands historic renovations tax credit

      Georgia Senate expands historic renovations tax credit

      A proposal to expand a state tax credit used to help restore historic buildings in Georgia could be headed to a legislative conference committee.

      The state Senate approved a bill 36-10 Tuesday with substantial differences from the version of the measure the Georgia House of Representatives passed earlier this month.

      Lawmakers created the tax credit a few years ago but limited it to small-scale restorations involving historic homes or small “Main Street” businesses in historic districts.

      This…

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    14. Congress Votes to Expand 529 College Savings Plans

      WASHINGTON (AP) — The House voted Wednesday to expand the benefits of popular college savings plans that President Barack Obama failed to scale back. The bill would let students use money from college savings accounts to buy computers and other technology, something they cannot do now with tax-free distributions from the accounts. "Computers are an absolutely essential part of higher education, and the law should be updated to reflect that," said Rep. Lynn Jenkins, R-Kansas, the bill's sponsor.

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    15. Savannah Harbor port deepening bill clears General Assembly

      Savannah Harbor port deepening bill clears General Assembly

      Pro forma legislation enabling the Savannah Harbor deepening project to move forward is the first bill to make it through the General Assembly this year. The Georgia House of Representatives Thursday unanimously passed a Senate bill ensuring that the Georgia Ports Authority and any other non-federal partner in the $706 million project would indemnify the federal government for any liability arising from the work. The state Senate approved the legislation last week, also without opposition. The…

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    16. Senators Propose to Expand Tax Breaks in 529 College Savings Plans

      Senators Propose to Expand Tax Breaks in 529 College Savings Plans

      A group of senators have introduced legislation aimed at enhancing the tax breaks available in Section 529 college savings plans, only days after the Obama administration backed away from a proposal to tax new contributions to such plans. Last week, President Obama abandoned a proposal to tax new contributions to college savings accounts (see Obama Said to Drop Proposal to Repeal 529 College Tax Break).

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    17. President Obama seeks $42M for Savannah Harbor project

      President Obama seeks $42M for Savannah Harbor project

      The Obama administration is stepping up with its first significant funding request for the Savannah Harbor deepening project. The president asked Congress Monday to approve $21 million in this year's federal budget for the project and another $21 million in fiscal 2016, which begins Oct. 1. Work on the $706 million project officially began last week, with Georgia dipping into its $266 million share of the work while awaiting for the federal dollars to begin to flow. Gov. Nathan Deal called the…

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    18. Tax Credits Extended for One More Year

      Tax Credits Extended for One More Year

      President Obama signed the one-year “tax extenders” bill (H.R. 5771) Dec. 19, retroactively renewing 55 previously expired tax credits and other key policies for the 2014 tax year. The bill had strong support in Congress, with the Senate voting 76-16 and the House voting 378-46.

      The laws, which had expired Dec. 31, 2013, are now in place through Dec. 31, 2014.

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    19. Lawmakers Re-introduce Bill to Curb Offshore Tax Havens

      Lawmakers Re-introduce Bill to Curb Offshore Tax Havens

      A pair of Democratic lawmakers in the House and Senate have re-introduced legislation aimed at preventing the abuse of offshore tax havens by multinational companies. Rep. Lloyd Doggett, D-Texas, a senior member of the tax-writing House Ways and Means Committee, and Sen. Sheldon Whitehouse, D-R.I., a member of the Senate Budget Committee, introduced the Stop Tax Haven Abuse Act on Monday.

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