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.
Hopes Dim for Quick Action on Extenders as Focus Shifts to Payroll Tax »
Congressional leaders in both parties have said they intend to work on passage of the annual tax extenders package early in 2012, but analysts said the odds of that happening have plunged now that top tax writers are focusing on a full-year extension of the payroll tax cut.
House-Senate Payroll Tax Conferees to Start Meetings Week of Jan. 16 »
A 20-member conference committee is expected to begin meeting during the week of Jan. 16 on a full-year extension of the payroll tax holiday, congressional aides said Jan. 3.
'Home Concrete' Supreme Court Briefs Include Three Supporting Taxpayer »
Three amicus curiae briefs supporting a taxpayer's challenge to the application of an extended assessment period to tax shelter transactions involving overstatements of basis are among those submitted to the U.S. Supreme Court in advance of the Jan. 17 oral arguments for United States v. Home Concrete & Supply LLC (United States v. Home Concrete & Supply LLC, U.S., No. 11-139, cert. granted 9/27/11).
NYSBA Tax Section Addresses Denial of Tax-Free Status on Investments »
The New York State Bar Association Tax Section Dec. 28 made several recommendations related to the denial of tax-free treatment for transactions that otherwise qualify as a Section 351 exchange or a Section 368 reorganization when one or more investment companies are involved
Guidance on Tangible Property Could Spur Controversy, Practitioners Say »
Major new rules (REG-168745-03, T.D. 9564) on whether taxpayers must capitalize or can deduct amounts paid to acquire, produce, or improve tangible property contain significant changes and could lead to comment and perhaps controversy in several areas, practitioners told BNA in interviews Dec. 27 and 28.
IRS Issues Guidance on Capitalization of Tangible Property »
The Internal Revenue Service unveiled Dec. 23 more than 250 pages of guidance on the treatment of amounts paid to acquire, produce, or improve tangible property, culminating nearly eight years of work on the issue with proposed and temporary rules (REG-168745-03, T.D. 9564).
President Obama Signs Two-Month Extension of Payroll Tax Cut, ‘Doc Fix,’ UI Benefits »
President Obama Dec. 23 lauded lawmakers for passing legislation that temporarily extends the 4.2 percent Social Security payroll tax rate for individuals, continues unemployment insurance benefits, and prevents reimbursement cuts to Medicare providers.
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