Tax News
05/08/2012
Obama to Call on Congress to Pass 'To Do List' of Bills »
President Obama is scheduled to travel to Albany, N.Y. on May 8, where he will call on Congress to act on a “to do list” of bills that he believes will create jobs and help restore middle class security, a White House official confirmed late May 7.
05/04/2012
Supporters of 15-Year Depreciation Law Say Expiration Harms Economy »
Uncertainty caused by the expiration of a tax law allowing improvements to restaurants and retail stores to be depreciated over 15 years rather than the 39 years is delaying remodeling projects and negatively impacting the economy, tax lobbyists told BNA May 2.
05/03/2012
E&Y Official: Tangible Property Rules Likely to Be Finalized by Year's End »
The government is likely working to finalize its comprehensive rules on accounting for tangible property before the end of the year, a principal in Ernst & Young LLP's National Tax Department said May 2.
05/02/2012
Fix Sought for Dual Estate Tax Portability Interpretations »
Congress's recently enacted estate tax portability rules have created a split in opinion between practitioners who believe Congress meant to allow the estate of a surviving spouse to use the accumulated unused estate tax exclusions of more than just the last spouse to die, and those who do not, sources told BNA in April.
05/01/2012
Many Challenges Remain Under FATCA Rules, Foreign Banking Groups Say »
Proposed rules on the Foreign Account Tax Compliance Act (FATCA) do not fully address operational and systematic challenges presented by the new law or fully look into alternatives, two international banking groups told the government April 30.
04/30/2012
IRS Proposes Rules on Disclosure for Health Care Tax Credit Applicants »
The same day the Internal Revenue Service issued guidance on determining whether a health plan provides minimum value, the Department of Health and Human Services said it intends to develop a standardized method that individuals and employers could use voluntarily to determine whether people applying for subsidies are eligible.
04/27/2012
Hearing Witnesses Call for Improved Service From IRS »
A Senate Finance Committee hearing April 26 on the taxpayer experience included a “high-level review” of the 2012 tax season where one witness said the Internal Revenue Service is not what it should be.
04/26/2012
Senate Panel Highlights Need for Action on E-Commerce Bills »
Congressional action on interstate commerce issues such as the online sales tax are key elements of tax reform that will help state and local governments, lawmakers said April 25 at a Senate panel.
04/25/2012
IRS Pulls Contractor Withholding Rules After End of 3 Percent Mandate »
The Internal Revenue Service pulled its rules April 24 on the controversial 3 percent withholding requirement for government contractors in light of the fact that Congress repealed the tax code section requiring the withholding before the provision could take effect.
04/24/2012
IRS Viewing Options for Adjustments in Tangible Property Regulations »
The Internal Revenue Service is considering providing relief for taxpayers requiring a Section 481(a) adjustment to comply with new rules relating to accounting for tangible property but who currently might not have sufficient records, an agency official said April 23.
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