Don’t give up on tax extenders â€” Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
Expect Congress to return after Election Day for a lame-duck session that could revive certain favorable tax provisions that officially expired at the beginning of the year. That includes a handful of tax breaks that have been reinstated several times in the past such as credits for research and development costs and enhanced deductions for corporate donations of computers to schools and libraries. The “smart betting” is that the nation’s lawmakers will also restore the state-by-state sales tax deductions repealed on Jan. 1. We’ll keep an eye on the proceedings.
If you handle payroll compliance, beware: As other tax revenue sources dry up, the IRS is hiring 700 new revenue agents whose only job will be to hunt down payroll-law violations. That means intense new scrutiny of your W-2s, 1099s, 1095s and other payroll tax reporting compliance....Click here to find out more.