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Tag Archive for Peter Scalise

TaxConnections Worldwide Tax Blogs Honors Peter Scalise

Kat Jennings

Every week, until the end of the year, we will be celebrating one of our top writers on TaxConnections.

This week we are honoring Peter Scalise.

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The PATH Act Significantly Enhances The R&D Tax Credit Program

Tax Advisor - Peter Scalise

On December 18th of 2015, President Obama signed into law a sweeping $1.14 trillion dollar funding bill that will keep the federal government operating through September 30th of 2016. In connection to the tax aspects of this comprehensive and pivotal legislation, the Protecting Americans from Tax Hikes Act of 2015 (hereinafter the “PATH Act”) accomplished considerably more than the typical tax-extenders legislation passed in previous years and truly signifies a dynamic paradigm shift as the PATH Act makes permanent over twenty leading tax incentives while extending other tax incentives over either a five year period or a two year period.

In particular, the PATH Act meaningfully enhanced the R&D Tax Credit Program (hereinafter “RTC program”) on a myriad of levels. As an overview, the RTC program was initially added to the U.S. Internal Revenue Code (hereinafter the “Code”) in 1981 through the Economic Recovery Tax Act of 1981 as a temporary provision of the Code. The RTC program had most recently expired on December 31, 2014. A tremendous paradigm shift to the RTC program was made possible through the PATH Act which not only renewed the RTC retroactively for all of calendar year 2015 but most importantly made the RTC program permanent. In addition, the enhanced RTC program has been considerably restructured to: Read more

A Legislative Tax Update From Capitol Hill

Tax Advisor - Peter Scalise

On December 18th of 2015, President Obama discussed a Legislative Tax Update on Capitol Hill. He signed into law a sweeping $1.14 trillion dollar funding bill that will keep the federal government operating through September 30th of 2016. In connection to the tax aspects of this comprehensive and pivotal legislation, the Protecting Americans from Tax Hikes Act of 2015 (hereinafter the “PATH Act”) does considerably more than the typical tax-extenders legislation passed in previous years and truly signifies a dynamic paradigm shift as the PATH Act makes permanent over twenty leading tax incentives, including the Research & Development Tax Credit Program, the American Opportunity Tax Credit Program and the enhanced I.R.C. § 179 Expensing Program. The PATH Act further extends other key tax incentives, including the Bonus Depreciation Program and the New Markets Tax Credit Program for five years while reinstating other significant tax incentives for two years. The PATH Act also imposes a two-year suspension on the ACA Medical Device Excise Tax.

The subsequent synopsis will serve as a practical overview of just some of the many far-reaching changes enacted by the PATH Act affecting both business entities and individuals including, but certainly not limited to: Read more

New Legislative Proposal Introduces Comprehensive Energy Reform

Pete Scalise2

On September 22 of 2015, Senate Democrats introduced a comprehensive energy reform bill entitled “The American Energy Innovation Act” that would reform current energy policy and enhance over forty tax incentives subsidizing energy production.

The legislation addresses the need for the creation of new energy based jobs in connection to both infrastructure advancements and technological innovation. As a synopsis, the bill includes programs essential to renewed economic growth in the energy sector that empower consumers; modernize infrastructure; cut carbon pollution and waste; invest in clean energy; and support research and development initiatives.

The tax aspects of the legislation would modify several energy tax incentives already in Read more

Internet Tax Summit – Corporate Tax Day – TODAY – September 22, 2015

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Join us TODAY at TaxConnections Broadcast Channel:

https://www.taxconnections.com/broadcast

♦ Corporate Multinational Tax Departments Today- The Tax Provision (ASC 740/FAS 109)
Shamen Dugger, McGladrey LLP, San Francisco and San Jose, CA

♦ New And Upcoming National Nexus, The U.S. Congressional Marketplace Fairness Act
Dan Thompson, Thompson Tax, Silicon Valley, CA Read more

The Broad Tax Extenders Coalition Urges Congress to Take Immediate Action on Tax Extenders Legislation

Pete Scalise1

The Broad Tax Extenders Coalition (hereinafter “the Coalition”) are recommending to lawmakers on Capitol Hill to take immediate action on over fifty tax provisions that previously expired on December 31st of 2014. In a recent letter dated September 10th of 2015, the Coalition comprised of over two thousand organizations informed members of Congress that failure to timely extend the tax provisions will result in a significant increase in tax liabilities on both business entities as well as individuals.

As a background it should be duly recalled that previously on July 21st of 2015th, the Senate Finance Committee overwhelmingly passed a tax extenders bill with a bipartisan vote of 23 to 3 that planned to extend over fifty previously expired tax provisions for a two year period (e.g., retroactively to cover all of calendar year 2015 and prospectively to cover Read more

Tax Professionals Benefit From New Marketing Technology

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Watching tax professionals reputations grow with higher visibility and authority in tax services is very exciting. Allow me to share the stories of tax professionals who are utilizing new marketing technology only available on www.taxconnections.com.

We focus on powerful native advertising strategies developed with TaxConnections proprietary software. For those of you who are unfamiliar with native advertising, it is a way to market your tax services without people realizing it is an ad about your tax services. We spent years developing this technology and we are delighted to see our members gaining new clients and authority for their tax expertise every day.  Allow me to introduce some of our members and how they are accelerating their tax reputations. Read more

Tax Bloggers Gaining Authority At TaxConnections

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Our members blogs are read by visitors from 210 countries and territories around the world.  We are amazed as we watch our members gain better visibility for their tax expertise and more authority in the marketplace. TaxConnections Bloggers have a unique style that resonates with our readers. We love the way our Tax Bloggers make the stories relatable to our readers. When you are marketing for new clients the secret is to make it less technical and more relatable. This week I want to give you all examples of our Tax Bloggers who had some of the most read blog posts over the past year:  Michael DeBlis, John Dundon, Barry Fowler, Jeffrey Kahn, Ron Marini, Manasa Nadig, Peter Scalise, John Stancil, Hugo van Zyl and so many more.

If you are interested in enjoying a wider distribution of your tax blogs and reputation to our hundreds of thousands of readers, please join us today!

Join TaxConnections Today!

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The IRS Streamlines The Methodology For Small Businesses To Comply With The Tangible Property Regulations

Examining Tax Law

On February 13 of 2015, The Internal Revenue Service (hereinafter the “Service”) streamlined the methodology for small business owners to comply with the Final Treasury Regulations (hereinafter the “regulations”) governing Tangible Property with newly released administrative authority.

Revenue Procedure 2015-20 permits small businesses to change a method of accounting under the regulations on a prospective basis for the first taxable year beginning on or after January 1 of 2014. Moreover, the Service is waiving the arduous requirement to file a Form 3115 Read more

The Senate Finance Committee Outlines Tax Reform Principles

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On Thursday, January 29th the Democrats on the Senate Finance Committee (hereinafter “the Committee”) issued a letter to the Republican Chairman, Orrin Hatch, R-Utah, outlining their main principles for tax reform that emphasizes first that the tax reform process should go through “regular order” and not the budget reconciliation process. “Reconciliation imposes tight restrictions, such as the Byrd rule, that could inhibit our work by forcing us to focus on procedural intricacies rather than good tax policy,” said the Senate Democrats in their letter. “Using, or even the implicit threat of using, the reconciliation process for tax reform would destroy the necessary bipartisanship that made the 1986 reform effort so successful.” Other principles cited by Senate Democrats include making reforms more progressive than current tax policy, and reducing the Read more

Trick or Treat: The IRS Releases New Administrative Authority Governing 2015 Tax Rate and Deduction Levels

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The Internal Revenue Service (hereinafter the “Service”) released today new administrative authority for calendar year 2015 within Revenue Procedure 2014-61 that makes adjustments to more than 40 tax provisions, including the tax rate schedules, deduction levels, and many other tax provisions. It should be duly noted that Revenue Procedure 2014-61, is scheduled to be published in the Internal Revenue Bulletin 2014-47 on Monday, November 17, 2014 and can be cited here.

The primary adjustments included within this new administrative authority include, but are certainly not limited to:

• The tax rate of 39.6% affects singles whose income exceeds $413,200 (i.e., $464,850 for Read more

TaxConnections Worldwide Tax Blogs Awards 2014 – Top Twenty Tax Bloggers

Top_Tax_Blog_2014

Brian Mahany is the top of the list as the most prolific blogger on Worldwide Tax Blogs. Brian blogs on FATCA – The Single Worst Tax Law On the Books, Beanie Baby Founder Headed To Prison, How To Respond When Your Foreign Bank Asks About Your IRS Compliance, Restaurant Owners Beware-IRS Audits Can Lead To Immigration Charges. Brian is an expert on FATCA (Foreign Account Tax Compliance Act) and you can discover for yourselves how informative his blogs are for US citizens with offshore bank accounts. A new world is emerging for citizens with offshore bank accounts this year so stay tuned as Brian continues to share his knowledge with us. Having said that, a group of distinguished tax bloggers leads TaxConnections Worldwide Tax Blogs Top Twenty Tax Bloggers list this year and they all provide a different perspective on a wide variety of tax matters. Read more

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