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House Bill Would Expand 529 College Savings Plans

by Michael W. Blitstein, CPA Representatives Lynn Jenkins (R-Kansas), and Ron Kind (D-Wisconsin), introduced legislation that would expand and strengthen tax-free Section 529 college savings plans. The bipartisan measure stands in stark contrast to President Obama’s proposal to end the program, which the administration outlined earlier and was referred to in the president’s State of […]
January 28, 2015
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House Passes Child Tax Credit Improvement Bill

by Michael W. Blitstein, CPA Married couples with children would no longer face a tax penalty when claiming the child tax credit under a House bill passed on July 25, 2014. House lawmakers voted 237 to 173 to approve the Child Tax Credit Improvement Bill of 2014.  The bill would eliminate the marriage penalty in […]
July 30, 2014
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House will not consider tax extender legislation in 2013

by Michael W. Blitstein, CPA  Legislation to extend the group of expiring provisions commonly known as “tax extenders” will not be considered by Congress in 2013.  House lawmakers will begin their winter district work period on December 13th, but tax extender legislation is not on the legislative floor schedule and no markup is planned in […]
December 11, 2013
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IRS Increases Audit Examinations

by Michael W. Blitstein, CPA  The Internal Revenue Service has stepped up its examinations in the past year of taxpayers with high adjusted gross income. The IRS released its 2012 IRS Data Book on March 25th, providing a snapshot of agency activities for the fiscal year. The report describes activities conducted by the IRS between […]
March 27, 2013
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IRS Increases Standard Mileage Rate for 2013

by Michael W. Blitstein, CPA  Optional standard mileage rates for use of a vehicle will go up by 1 cent per mile for 2013.  Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. For business use of a car, van, pickup truck, or panel truck, the 2013 […]
January 7, 2013
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