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PostHeaderIcon Tax News – July 28, 2013

I missed the past couple of days so lets call this the weekend edition of Tax News.

Japan had planned on raising its countries’ sales tax in one of the biggest reforms to date but with the tax coming up soon, it looks like there’s some backtracking. Now it looks like it’s either going to be delayed or watered down.  While not relevant to what’s happening in the US, there have been some moves towards a national sales tax or a value added tax in the US so it’s interesting to see how other countries are handling, or in Japan’s case not handling, things with regard to their sales tax.

Obamacare strikes again when a new tax will begin this week.  It’s a $1 per employee excise tax on companies that employ Flexible Spending Accounts or Health Reimbursement Accounts.  Next year the tax goes up to $2 per employee and the money will go to fund the Patient-Centered Outcomes Research Institute.  It was created under Obamacare to study treatments and systems that work best at keeping people healthy.

CPAs have their own times and ways for keeping tabs on their clients.  If you don’t have someone helping, this article talks about some of the changes you might be facing with the year half way through.  The changes to the home office deduction are particularly interesting.

I’ve been saying this from day one but this Forbes article talks about why tax reform is impossible. In case you’re confused about how politics works, it comes down to money.

Finally, and also on tax reform, we have the blow back from Harry Reid’s comments about tax reform raising taxes.  It’s not going to fly in the house, which is another reason tax reform won’t even get off the ground.