2006 Tax Relief and Health Care Act:  December, 2006 

The recently passed 2006 Tax Relief and Health Care Act is a wide-ranging measure that preserves a variety of popular tax breaks for families and businesses, extends energy provisions encouraging alternative and renewable energy sources, and includes trade, oil drilling, and Medicare provisions. Here is a look at the key tax provisions in the new law that directly affects individual taxpayers:  Click to read the full article.

Income Tax Law Changes:  May 11, 2006 

The Tax Increase Prevention and Reconciliation Act (H.R. 4297) began life in 2005 as a tax reconciliation bill designed primarily to retroactively extend a number of popular tax breaks that expired at the end of 2005, and extend a number of tax breaks due to expire in future years.  Months of partisan wrangling focused on providing at least short-term AMT relief, extending tax breaks such as low-taxed capital gains and dividends due to expire years down the road, and how to pay for at least part of these expensive provisions. The result was a short list of extended provisions, several new tax breaks, and a long list of revenue raisers. 

Financing 

If you have already wondered what the terms "seed financing," "mezzanine financing" and other financing terms mean, you should check out this article. (Requires Adobe Acrobat Reader; click to download.)

Auditor Independence

In an effort to keep our clients and friends informed of what the accounting profession is doing to improve auditor independence and reestablish investor confidence, we suggest reading the speech by Barry Melancon, AICPA President and Chief Executive Officer.  Click Here.

Employees & FICA

Not all payments to employees are treated the same for employment tax purposes.  This case had an interesting outcome for the employer.

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