That 3 percent withholding requirement on government contractors is history, thanks to Congress's resounding (and, given the current political climate, surprisingly bipartisan) decision to repeal the mandate.
The AICPA has already chimed in with its response to the repeal. “The AICPA commends Congress for recognizing that it makes sense to repeal the requirement,” said Edward Karl, the AICPA's vice president of taxation.
Now it's CCH's turn.
The software giant has released a special report that takes a closer look at the legislation. The report examines many of the bill's provisions, including government withholding, incentives for hiring veterans, the IRS's expanded “continuous levy” authority, the Veterans Affairs-IRS information exchange, a tax gap report, and a revised health care program eligibility.
Every once in a while, it seems, our elected officials do the right thing. Now, we can enjoy the holidays.
Until the next crisis comes along, that is.
Update:
We'd be remiss if we didn't recognize the efforts of the MACPA's own Government Contractors' Committee in getting this requirement repealed. Members of the committee submitted official comments on the repeal on two separate occasions and were among the CPA groups that were instrumental in driving this legislation forward. Thanks, everyone!
Want to learn more?
Speaking of taxes, you won't want to miss the MACPA's 1040 Fast Track set for Nov. 28-29. This comprehensive individual tax seminar for CPAs and their staff is among the most extensive in the country. The seminar also will be held on Jan. 9-10. Get details and register here.
Also, don't miss the Dec. 6 webinar titled, 'Facilitating Access to Capital.' This free webinar on state-supported finance programs for Maryland business owners, Chamber of Commerce members, bankers and accountants is sponsored by the Maryland Chamber of Commerce, the MACPA, and the Maryland Department of Business and Economic Development. Get details and register here.