Tax News
12/23/2011
Payroll Tax Holiday Impasse Broken; Action Expected by Christmas »
House and Senate leaders agreed Dec. 22 to break the logjam over temporarily extending the payroll tax holiday and other policies for another two months, and House Speaker John Boehner (R-Ohio) said he expects the deal to be passed as soon as Dec. 23.
12/22/2011
IRS Says Gambler Trade, Business Expenses Are Deductible »
The Internal Revenue Service announced in Action on Decision 2011-06, released Dec. 21, that expenses incurred by a taxpayer in the trade or business of gambling are deductible under Internal Revenue Code Section 162(a).
12/21/2011
IRS: PLRs on Trust Decanting Suspended as Part of Comment Request »
No private letter rulings will be issued on transfers between irrevocable trusts when the transfers result in a change in beneficial interests until a study of the tax implications is completed, the Internal Revenue Service said Dec. 20 in Notice 2011-101.
12/20/2011
House Expected to Reject Senate-Passed Payroll Tax Cut Extension »
House Republicans were expected in a late-evening Dec. 19 vote to reject the two-month extension of the payroll tax cut passed by the Senate over the weekend.
12/19/2011
House Leaders Say They Will Not Accept Senate-Passed Payroll Tax Bill »
The Senate-passed two-month extension of the payroll tax cut extension will not be accepted, according to a Dec. 18 statement from House Majority Leader Eric Cantor's office.
12/16/2011
IRS Unveils Rules on Branch-Related Foreign Base Company Sales Income »
The Internal Revenue Service Dec. 15 unveiled final rules (T.D. 9563) providing guidance relating to foreign base company sales income (FBCSI) when personal property sold by a controlled foreign corporation (CFC) is purchased, sold, manufactured, produced, constructed, grown, or extracted by one or more branches of the CFC.
12/15/2011
Lawmakers Question Keeping, Expanding Renewable Energy Tax Credits »
Members of a Senate panel expressed concerns Dec. 14 over keeping renewable energy industries on government subsidies for extended periods of time through tax credits rather than allowing the marketplace to run its course.
12/14/2011
Senate Focuses on Amendments as House OKs Payroll Tax Cut Extension »
The House voted 234-193 to pass legislation (H.R. 3630) Dec. 13 that would extend the existing 2 percentage point payroll tax cut through 2012, but Senate Democrats said they intend to amend it to remove objectionable language and include tax extenders legislation.
12/13/2011
IRS Rules on Section 382 Ownership Changes Intended to Be Prospective »
The effective date for new regulations on ownership changes under tax code Section 382 is intended to be prospective, a senior Treasury Department official said Dec. 12. The guidance has been widely praised by practitioners as likely to result in fewer changes that would trigger limitations on the use of losses in reorganizations.
12/12/2011
Tax Court Whistleblower Anonymity Ruling Aids Informants »
The U.S. Tax Court's ruling Dec. 8 that a whistleblower can remain anonymous in court proceedings is a victory for all whistleblowers worried about revealing their identity, practitioners told BNA Dec. 9, and marks the first step toward the IRS setting up additional procedures for handling the cases.
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