WASHINGTON - APRIL 27: U.S. President Barack Obama (C) speaks as co-chairs of the National Commission on Fiscal Responsibility and Reform Erskine Bowles (L) and Alan Simpson (R) listen in the Rose Garden of the White House April 27, 2010 in Washington, DC. Obama thanked members of the National Commission on Fiscal Responsibility and Reform for their service and spoke on the

An article in the Wall Street Journal today says that members of the president’s deficit commission could consider eliminating some popular tax credits in their final commission report. The panel, known as the National Commission on Fiscal Responsibility and Reform, must present recommendations to Congress by December 1 that would balance the budget, excluding interest… Read more »

DES PLAINES, IL - MARCH 23:  Various tax forms for 2005 are seen at the Des Plaines Public Library March 23, 2006 in Des Plaines, Illinois. As next month

Associations from across the country joined in their opposition to the new 1099 requirements in the Patient Protection and Affordable Care Act by adding their names to the ASAE letter opposing the onerous paperwork burden.  ASAE’s letter, which was delivered to Congress in September, had signatures from over 550 association executives, staff, volunteer leaders, and… Read more »

The United States Internal Revenue Service (IRS) Building is seen in Washington on September 20, 2010. UPI/Kevin Dietsch Photo via Newscom

The IRS last month released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file returns next year. The draft of Form 8941 is posted on the IRS website. Both small businesses and tax-exempt organizations will use the form… Read more »

U.S. President Barack Obama signs the Small Business Jobs Act in the East Room of the White House in Washington on September 27, 2010. The bill extends Recovery Act measures to increase lending and provide tax relief for small businesses in the U.S.  UPI/Roger L. Wollenberg Photo via Newscom

Before adjourning for the 2010 campaign season, the Senate rejected two amendments to the small business lending bill that would have alleviated the onerous new Form 1099 reporting requirements contained in the Patient Protection and Affordable Care Act (PPACA).  The new requirements would force all businesses and tax-exempt organizations to issue a Form 1099 to… Read more »