Future of Physical Presence Standard in State Sales Tax Landscape Debated
(BNA) – Utah State Tax Commissioner R. Bruce Johnson Feb. 4 urged Congress to abandon the physical presence standard for sales taxes and not to consider it for income or business activity taxes in the new economy, as lawmakers look at legislation (H.R. 1083) to [...]

President’s 2011 Budget Includes Payroll Items
(CCH) – The President has released the proposed budget for fiscal year 2011. There are several payroll-related items highlighted below:
 
Unemployment Taxes Slam Businesses
(CNNMoney.com) — Employers are getting hit with a massive tax hike at a time when they can least afford it.
 
Toyota Recalls 437,000 Priuses, Hybrids Globally
(TOKYO) – Toyota says [...]

New Orleans Saints are Super Bowl XLIV Champions
(USA Today) – Saints stump Colts 31-17 to win franchise’s first Super Bowl title…Quarterback Drew Brees led the way, earning MVP honors after tying a Super Bowl record with 32 completions that included two touchdown passes.
 
State Conformity with Federal Depreciation Rules
(BNA) – The Economic Stimulus Act of 2008 [...]

$14.3 Trillion – New Limit on U.S. Borrowing
(CNNMoney.com) – The House on Thursday approved a record $1.9 trillion increase in the cap on how much the government can borrow.
 
Obtaining a Power of Attorney Through IRS E-Services
(Journal of Accountancy) – E-services is a suite of Internet-based products that allows tax professionals to conduct client business with [...]

The Commercial Real Estate Dilemma
(CNNMoney.com) – Luckily for banks, the commercial real estate time bomb just keeps on ticking.Industry observers have issued dire warnings for more than a year… But for all the gloomy talk, the fallout has remained relatively well contained.
 
College Financial-Aid Form Gets a Facelift
(Kiplinger) – This year the job will be easier. [...]

Budget Seeks 10 Year $1.9 Trillion Tax Rise on Richest, Business
(Bloomberg) — The Obama administration seeks a $970 billion tax increase over the next decade on Americans earning more than $200,000 and wants to take in an additional $400 billion from businesses even as it retools a proposed crackdown on international tax-avoidance techniques
 
Budget Includes [...]

Obama Unveils $3.83T Budget With Massive Deficits
(Forbes) – President Barack Obama sent Congress a $3.83 trillion budget on Monday that would pour more money into the fight against high unemployment, boost taxes on the wealthy and freeze spending for a wide swath of government programs.
 
Managing S Corporation At-Risk Loss Limitations
(Journal of Accountancy) – Today’s [...]

New Bank Rules Sink Stocks
(Wall Street Journal) – President Barack Obama proposed new limits on the size and activities of the nation’s largest banks, pushing a more muscular approach toward regulation that yanked down bank stocks and raised the stakes in his campaign to show he’s tough on Wall Street.
 
Deductibility of Expenses Associated with Renting [...]

Congress Working on Tax Deduction for Haiti Donors
(Miami Herald) – The U.S. House passed a bill to allow charitable contributions made for Haiti before March 1 to be deductible on 2009 tax returns.
 
Could S Corp Owners Be A Tax Target?
(Forbes) – A report released Thursday by Congress’ Government Accountability Office shows why owners of [...]

CBO AMT Will Ensnare 27 Million in 2010
(TaxProfBlog) – The number of people who will be subject to the alternative minimum tax (AMT) will increase dramatically in 2010 under current law. About 4.5 million taxpayers were affected by the AMT in 2009.
 
Lawmakers Warm to Excise Tax Deal as Leaders Continue Health Talks
(BNA) – House lawmakers [...]