Tax News
01/25/2012
Obama Plan Builds on 'Buffett Rule,' Offers Major Corporate Tax Changes »
Families making more than $1 million per year will have to pay an effective tax rate of at least 30 percent under a plan announced Jan. 24 by President Obama.
01/24/2012
President to Address Tax Fairness, Energy in State of the Union »
President Obama's State of the Union speech Jan. 24 will include remarks on renewable energy as part of a “blueprint” for rebuilding the economy, Obama said in a video preview of his remarks distributed to supporters.
01/23/2012
Federal Circuit: Compelling Release of Data Violates Disclosure Prohibition »
The Internal Revenue Service cannot be compelled to turn over excise tax-related test data in light of the Internal Revenue Code's general prohibition against disclosure of tax return information, the U.S. Court of Appeals for the Federal Circuit held Jan. 20 in a case of first impression.
01/20/2012
IRS Proposes Withholding on ‘Dividend Equivalents' to Foreigners »
Taxes will be required to be withheld on any payments of “dividend equivalents” to nonresident aliens and foreign corporations as a way to crack down on certain tax avoidance practices, the Internal Revenue Service said in temporary and proposed regulations issued Jan. 19.
01/19/2012
Keystone Project May Be Included in Payroll Tax Cut Extension, Camp Says »
Lawmakers negotiating a payroll tax cut extension could include language related to the Keystone XL pipeline project, House Ways and Means Committee Chairman Dave Camp (R-Mich.) said Jan. 18.
01/18/2012
Economic Substance Directive Not Same as Formal Guidance, Officials Say »
An Internal Revenue Service Large Business & International Division field directive on the codified economic substance doctrine and its related strict liability penalties was not meant to be the equivalent of formal taxpayer guidance, a pair of IRS attorneys said Jan. 17.
01/17/2012
Lawmakers, Retailers See Opportunity for Online Sales Tax Bill in 2012 »
Proponents are hopeful for an opportunity to advance legislation in 2012 that would allow states to require online and remote retailers to collect and remit state sales taxes despite a bleak outlook in Congress and tough opposition on a small business exemption.
01/13/2012
Taxpayer Advocate: Enforcement Offers Little International Taxpayer Help »
The Internal Revenue Service's sharply increased focus on international tax enforcement is taking place without adequate service-wide coordination or help for taxpayers trying to comply with myriad confusing rules, IRS Taxpayer Advocate Nina Olson said in a report made public Jan. 11.
01/12/2012
Obama to Propose Tax Breaks for ‘Insourcing' Jobs, Investment in U.S. »
President Obama Jan. 11 said he soon will propose tax incentives for companies that bring jobs back to the United States from their overseas operations, a trend known as “insourcing.”
01/11/2012
OUTLOOK: Uncertain Positions, Economic Substance Take Spotlight »
The Internal Revenue Service will issue guidance on program-related investments in 2012, thereby granting exempt practitioners one of their main wishes for the new year.
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