Tax News
09/21/2012
Democratic Leaders Back Long-Term Tax, Spending Deal »
Senate and House Democratic leaders said Sept. 20 they would prefer that a long-term, comprehensive budget deal gets hammered out after the November election, potentially putting a damper on bipartisan efforts in the Senate to set up a stopgap measure that could push back the so-called "fiscal cliff" well into 2013.
09/20/2012
Congress Unlikely to Address Tax Extenders Package Before Recess »
Both the House and Senate are unlikely to act on a tax extenders package before leaving for a nearly two-month recess, the chairmen of the tax-writing committees said Sept. 19.
09/19/2012
Taxes May Not Have to Rise Immediately if Congress Fails to Extend Cuts »
The Treasury Department may be able to temporarily deflect the blow of higher taxes on individuals if Congress ends the year without taking action to extend any part of the 2001 and 2003 tax cuts, officials and analysts told BNA.
09/18/2012
Final Rules on Tangible Property Possible Early Next Year »
High-profile rules on accounting for tangible property could be finalized early next year and likely will contain some changes, officials said Sept. 14.
09/17/2012
Camp Rejects Payroll Tax Cut Extension; Levin Waiting »
The 2 percentage point cut in the payroll tax will not be extended again for 2013, House Ways and Means Committee Chairman Dave Camp (R-Mich.) told BNA Sept. 14.
09/14/2012
Plan to Raise Top Rates Ignores Passthrough Challenges, Witnesses Say »
Allowing the top tax rates to rise on households earning more than $250,000 may sound appealing to those looking to slash the nation's deficit without inflicting more pain on the economy, but witnesses before the House Small Business Committee said Sept. 13 that it may pose real problems for many businesses.
09/13/2012
Eliminating Second Home Mortgage Deduction Could Raise $80 Billion »
Repealing the mortgage interest deduction on second homes and home equity loans could raise as much as $80 billion over 10 years, according to a newly released estimate from the Tax Policy Center.
09/12/2012
IRS Awards UBS Whistleblower $104 Million in Record Reward »
UBS whistleblower Bradley Birkenfeld was awarded $104 million by the Internal Revenue Service as payment for insider information he provided the U.S. government on UBS's illegal offshore banking scheme, the National Whistleblowers Center announced Sept. 11.
09/11/2012
Statute of Limitations Requirement Mostly Met by IRS, TIGTA Says »
The Internal Revenue Service has generally complied with the requirement that IRS notify taxpayers of their rights when requesting an extension of the statute of limitations for assessing additional taxes and penalties, TIGTA said in a report released Sept. 10.
09/10/2012
Biden Lashes Out Against Proposal to Move Toward Territorial Tax System »
Vice President Joe Biden used part of his Sept. 6 remarks at the Democratic National Convention to attack a Republican proposal to move toward a territorial system of international taxation, claiming the policy would result in 800,000 jobs—“all of them overseas.”
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