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Law & Accounting

Obama abandons plan to roll back tax-free status of 529 college savings plans

After a national backlash that included criticism from Mississippi Treasurer Lynn Fitch, President Obama has backed off a plan to tax the popular  529 college savings plans. The Washington Post reported Tuesday night that Obama abandoned the tax plan after a mountain of criticism from lawmakers and parents alike. The Post characterized the rollback as “a major political miscalculation”  in ...

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Greater Jackson Chamber Partnership annual meeting is Wednesday

The Greater Jackson Chamber Partnership (GJCP) will host its 2014 annual meeting from 11:30 a.m. 6to 1 p.m. Wednesday at the Jackson Convention Complex. Investors, volunteers and the general public will receive updates on the progress of the Partnership’s recent strategic plan initiatives for the Greater Jackson area.  Chairman Andy Taggart, Chairman-Elect David Gates and President Duane O’Neill will provide ...

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Reeves' bill to kill car inspections heads to full Senate

Lt. Gov. Tate Reeves’ effort to rid the state of its $5 auto inspection sticker requirement won passage Thursday from the Senate Finance Committee. Senate Bill 2519 next goes to the full Senate. Similar bills died in the Legislature the last two years. The state has had the requirement since 1977, according to the Insurance Journal. Estimates are the stickers bring state ...

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Only quarter of eligible Mississippians join health insurance exchange so far

With a month of open enrollment left, 81,251 Mississippians have either registered or been automatically renewed for the state’s Federally Facilitated Marketplace created through the Affordable Care Act. Still, the totals represent just 26 percent of those eligible to enroll, according to the Kaiser Family Foundation. Last year, Mississippi ranked 33rd in the number of eligible people who enrolled in ...

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Shipbuilders say McCain measure threatens Gulf shipyard jobs

A proposed amendment by Sen. John McCain (R-AZ) to the Keystone XL pipeline bill poses a huge threat to Gulf Coast shipbuilding industry and the $15 billion economic punch the shipyards provide, the Shipbuilders Council of America and American Maritime Partnership say. The amendment proposes to eliminate the existing requirement that vessels operating exclusively in America under the Jones Act ...

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Greenville reimbursed for Parks & Rec director’s embezzlement

GREENVILLE, Mississippi – Seventy-thousand dollars stolen from the City of Greenville by former Parks & Recreation chief  Yvette Yeager has been returned to City coffers. The repayment is part of the court-ordered restitution for Yeager, who embezzled $85,155  over a five-year period from October 2007 through September 2012. This money was recovered following the investigation by State Auditor Stacey Pickering ...

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Holder putting stop to cops seizing our belongings without cause

Attorney General Eric H. Holder Jr. on Friday barred local and state police from using federal law to seize cash, cars and other property without evidence that a crime occurred, the Washington Post reports. Holder’s action represents the most sweeping check on police power to confiscate personal property since the seizures began three decades ago as part of the war ...

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Millsaps dean’s lessons reach beyond classroom

Dr. Kimberly G. Burke, dean of the Else School of Management at Millsaps College and professor of accounting, said she was “surprised and delighted” by being receiving the 2014 Outstanding Educator Award from the Mississippi Society of Certified Public Accountants. “This was a completely unexpected honor,” Burke said. But it came as no surprise to colleagues and those who have ...

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Tax professionals need crystal ball for year end advice

Forget the calculators and computers this tax season. CPAs and other tax professionals are looking to the proverbial crystal ball as they wait to see what Congress might do in the next few months about extending tax breaks. Jerry Levens with CPA firm Alexander, Van Loon, Sloan, Levens & Favre in Gulfport said individual taxpayers and especially the small business ...

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