The U.S. Senate recessed for the extended July 4th holiday without acting on H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010 (the extenders bill).
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Two primary pieces of legislation passed in 2010 that, in combination, are intended to jump start corporate America and will have lingering benefits for years to come. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 passed in December 2010 followed closely on the heels of another business boosting measure, the Small Business Jobs Act of 2010.
For entities with a calendar year-end, it's that time of year - time to calculate the second quarter income tax provision. Income tax expense for interim periods is based on an estimated annual effective income tax rate multiplied by the year-to-date ordinary pretax book income.
Sometimes it's hard to tell the difference between the two. Is what I'm experiencing truly the problem or is it a symptom of an underlying problem?
Qualified personal service corporations cannot use these graduated tax rates...
The Research Credit, the Research and Experimentation (R&E) Credit, the Research and Development (R&D) Credit, and Credit for Increasing Research Activities are all different terms for the same Federal Tax Credit. This Federal Credit is filed on Form 6765 - Credit for Increasing Research Activities.
We typically don't comment on new legislation until it's passed, but we've been receiving many questions on the status of the American Jobs and Closing Tax Loopholes Act of 2010 which was passed by the House of Representatives of May 28.
In a new publication on its website, "Publication 4837 - Achieving Quality Examinations through Effective Planning, Execution and Resolution," IRS has announced the implementation of the Quality Examination Process (QEP) - "a systematic approach for engaging and involving Large and Mid-Size Business (LMSB) taxpayers in the tax examination process, from the earliest planning stages through resolution of all issues."