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.
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.
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.
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.
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.
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.
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.”
IRS Signals Willingness to Revise Whistleblower Program »
The Internal Revenue Service may be signaling a willingness to consider changes to its whistleblower program, following complaints that the program is stifling the initiative of informants around a kingpin who may have information about tax evasion.
As Details Emerge, Business Community Could Split on Tax Reform »
The business community is currently unified in its support of lowering the corporate tax rate as part of tax reform, but that could change as more details are revealed, a tax practitioner said during a Sept. 5 webcast.
IRS Proposes Simplifying Cost Allocations for Property Producers, Resellers »
Taxpayers who produce or resell property got guidance Sept. 4 from the Internal Revenue Service that will make it easier for them to account for some costs for tax purposes.
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