Impact of Tax Reform and Simplification Proposals on Small Business: Hearings Before the Committee on Small Business, United States Senate, Ninety-ninth Congress, First Session ....

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Page 441 - Society are, for the most part, sole or partners in moderately sized public accounting firms. NSPA members provide accounting, auditing, tax preparation, tax planning and management advisory services to more than 4 million individuals and small businesses.
Page 449 - ... (1) the furnishing of such food or beverages has a clear business purpose presently related to the active conduct of a trade or business, "(2) such expense is not lavish or extravagant under the circumstances, and "(3) the taxpayer (or an employee of the taxpayer) is present at the furnishing of such food or beverages . " The bill places a further restriction on such expenses by limiting the allowable deduction on business meals and entertainment to 80 percent of the amount of the expense. NSPA...
Page 448 - Congress concluded that the minimum tax should serve one overriding objective: to ensure that no taxpayer with substantial economic income can avoid significant tax liability by using exclusions, deductions, and credits.
Page 50 - While in that capacity, he was involved in such major legislative accomplishments as the Economic Recovery Tax Act of 1981, the Tax Equity and Fiscal Responsibility Act of 1982, the Tax Reform Act of 1984, and the Tax Reform Act of 1986.
Page 120 - tax incentive' would be to have the lowest possible rates.' The overall long-term economic benefit of substantial tax rate reductions will be a parallel reduction in the impact which the heavy hand of high rates has on the millions of business and personal financial decisions which are made each day. The rate of tax which a person expects will be imposed on the income from making additional investments or from providing more hours of personal labor certainly affects his or her willingness to do that...
Page 469 - Freelance writers, artists and photographers have a variety of concerns about taxes that employees don't have, including deductions, self-employment tax and home office credits. Many freelance expenses can be deducted in the year in which they are incurred (rather than having to be capitalized, or depreciated, over a period of years). For details, consult the 1RS publications mentioned below.
Page 441 - NSPA members provide accounting, auditing, tax preparation, tax planning, and management advisory services to individuals and to small and medium-sized business firms. Members of NSPA are pledged to a strict code of professional ethics and rules of professional conduct.
Page 27 - If we can be of further assistance to you or your committee, please do not hesitate to call on us.
Page 242 - State, may issue was limited to the greater of (1) 9 percent of the average annual aggregate principal amount of mortgages executed during the 3 preceding years for single-family owner-occupied residences located within the State, or (2) $200 million.
Page 154 - OF JOHN S. SATAGAJ, PRESIDENT, SMALL BUSINESS LEGISLATIVE COUNCIL Mr. SATAGAJ. Thank you, Mr. Chairman. My name is John Satagaj...