Below please find daily updates pertaining to the latest in financial, business, and tax news:
AccountingWEB.com - NewsOscar swag bags loaded with taxable goodies
Even if you never watch Hollywood’s seemingly endless lineup of awards shows, you’re probably aware that the celebrities who appear on those programs are thanked with gift bags loaded with expensive items. Until a few years ago, the recipients assumed that, because the term gift was used, all that loot was free. Then the Internal Revenue Service stepped in to disagree.
COBRA premium subsidy temporarily extended again
By Lori Basilico, Partner, Edwards Angell Palmer & Dodge LLP
On March 2, 2010, President Obama signed the Temporary Extension Act of 2010 (the “TEA”) extending the COBRA premium subsidy eligibility period for an additional month, through March 31, 2010.
IRS wants new, controversial issues to dissect
The Internal Revenue Service is encouraging business taxpayers, associations and other interested parties to submit to the Industry Issue Resolution (IIR) Program tax issues for resolution involving a controversy, a dispute or an unnecessary burden on business taxpayers.
Though submissions can be made at anytime for consideration in the IIR program, submitted issues received by March 31, 2010, will be considered for acceptance in April and, if accepted, included on the Treasury/IRS Priority Guidance List.
Money matters: CFOs say bonuses reign as top employee reward
Despite lean budgets for many businesses today, most financial executives say cash is king in recognizing their teams' hard work.
Senate moves to protect small business from unfair penalties
Small businesses get a break in the form of an extended moratorium on penalties related to tax shelters. Since last summer the Internal Revenue Service, under pressure from Congress, has been extending the moratorium a few months at a time.
