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.
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.
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.
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.
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.
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.”
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.
IRS Reopens Offshore Voluntary Disclosure Initiative »
The Internal Revenue Service Jan. 9 announced that it is reopening its special program to allow taxpayers to disclose their offshore assets to the government for a third time, winning praise from practitioners who said this would encourage more people to come forward as investigations of foreign banks continue.
Opening Briefs in Health Reform Case; Government Calls Mandate a Tax »
Congress had the authority under the commerce clause of the U.S. Constitution to enact, as part of a broader reform package, a mandate that requires nonexempt individuals to obtain health insurance or pay a financial penalty, lawyers for the Obama administration told the U.S. Supreme Court in a merits brief filed Jan. 6 (HHS v. Florida, U.S., No. 11-398, brief filed 1/6/12).
IRS Updates Procedures for Granting of Innocent Spouse Relief »
The Internal Revenue Service announced Jan. 5 a proposed update to its Revenue Procedures regarding innocent spouse relief that will expand how the service will take into account abuse and financial control by the non-requesting spouse in determining whether relief is warranted.
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