Welcome to the IMA Tax Policy Blog. The blog format reflects our efforts to provide IMA members with timely, relevant and thought provoking information in a form that is accessible for easy reference. IMA’s Tax Policy Blog will be updated on a regular basis. Weekly news update emails will be sent out to notify subscribers of new information posted on the blog. IMA members are welcome to submit material for the blog, or request specific information. Simply email Editor Stefany Henson at shenson@ima-net.org with your information or request. Editorial submissions are subject to review. 

Wednesday
Jul232014

Making Bonus Expensing Permanent

The House of Representatives is considering making 50 percent bonus expensing permanent, explain Stephen Entin and Michael Schuyler of the Tax Foundation

Bonus expensing allows businesses to expense, immediately, half of their investment in equipment and certain assets (those with lives of 20 years or less). Unlike standard depreciation (which spreads expenses over a number of years), bonus expensing moves write-offs closer to the time of purchase — making them more accurate and more in line with the actual cost of the investment.

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Wednesday
Jul232014

Avoid Summertime Tax Scams

Ah, summertime! Warm days, rest and recreation and tax scams. Thieves don’t stop victimizing unsuspecting taxpayers with their scams after April 15. Identity theft, phone and phishing scams happen year-round. Those three top the IRS’s Dirty Dozen’ list of tax scams this year. Here’s some important information you should know about these common tax scams:

1. Identity Theft. Identity thieves steal personal and financial information to commit fraud or other crimes. This can include your Social Security number or bank information. An identity thief may file a phony tax return to claim a fraudulent refund.

The IRS has a special Identity Protection page on IRS.gov. It has many resources you can use to reduce your risk of becoming a victim. The page can also tell you what steps to take if you are a victim of identity theft and need help. This includes how and when you should contact the IRS Identity Protection Specialized Unit.

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Wednesday
Jul162014

A Comprehensive Primer on the Marketplace Fairness Act

Tax Foundation explains everything you need to know about the MFA …

The nonpartisan Tax Foundation has released a comprehensive primer on the Marketplace Fairness Act (MFA). This report offers an in-depth background and overview of the MFA and its alternatives, specifically addressing: the Quill physical presence rule, the Streamlined Sales Tax Project, state “Amazon” tax laws, the “hybrid origin-sourcing proposal, and proposed federal legislation.

The growing size of Internet retail and the resultant disparity in tax treatment between goods purchased online and those purchased at brick-and-mortar stores led the U.S. Senate to approve the Marketplace Fairness Act in 2013. This bill would give states limited additional authority to collect existing taxes, so long as the state adopts meaningful simplifications to their sales tax system.

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Thursday
Jul102014

Hands-on ERP demo series: evaluating three top ERP systems

From IMA member McGladrey

Modern organizations are leveraging technology to sell more, win faster and deliver results. Join us for an overview of three top ERP systems, Microsoft Dynamics AX, Microsoft Dynamics GP and NetSuite, and learn how each can help your organization increase efficiency.

Microsoft Dynamics GP R2: Workflow and Purchase Requisitions – Wednesday, July 30, 2014

The recent release of Microsoft Dynamics GP 2013 R2 has provided significant feature enhancements throughout the system. In this webcast, we will discuss two of the larger areas of change in this release: Workflow and Purchase Requisitions.

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Thursday
Jul102014

House to Consider Bonus Depreciation Tax Extender This Week

Permanently extending bonus depreciation would grow the economy, lift wages, and raise revenue

This week, the U.S. House of Representatives will consider permanently extending 50 percent bonus depreciation, otherwise known as 50 percent expensing. This provision allows businesses to immediately write off, or expense, half of their investment in equipment and short-lived structures. If made permanent, it would induce firms to acquire and maintain a larger stock of equipment; the added capital would expand domestic production, raise productivity and wages, and increase employment, according to latest report from the nonpartisan Tax Foundation.

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