Final Regulations Simplify Rules for Electing Reduced Research Tax Credit »
The Internal Revenue Service issued final regulations (T.D. 9539) July 26 that simplify how taxpayers elect to claim the reduced research tax credit.
IRS Removes Two-Year Limit on Equitable Innocent Spouse Relief »
Bowing to pressure from lawmakers and the taxpayer advocate, the Internal Revenue Service July 25 announced a switch in policy, eliminating the two-year time limit on certain new and existing innocent spouse relief requests.
Practitioners Say Uncertainty Growing With Increase of Informal Guidance »
The rising use of informal guidance by the Internal Revenue Service and the complications of the regulation process have triggered a range of questions—often unanswerable—for taxpayers and their advisers, practitioners said at a roundtable discussion in Washington, D.C., July 22.
Obama, Congress Still Far Apart as Senate to Vote on GOP Budget Plan »
Fleeting rumors that President Obama and House Speaker John Boehner (R-Ohio) were close to a deal were called “premature exuberance” July 21 as the two sides appear to remain far apart on an agreement to increase the debt limit and reduce the federal deficit.
Obama Opens Door to Short-Term Increase in Debt Ceiling »
White House spokesman Jay Carney July 20 opened the door to the possibility that President Obama would sign a short-term increase in the debt limit, so long as a significant agreement on debt reduction with revenue increases has been reached.
Updated Uncertain Tax Position Guidance Clarifies Treatment of Net Operating Loss »
The Internal Revenue Service offered more guidance July 19 to taxpayers about reporting their uncertain tax positions to the government, addressing key questions surrounding the recording of a tax reserve and the treatment of net operating loss carryforwards, among other significant issues.
Continuing Education Requirements for Tax Preparers to Be Debated at IRS »
Notice 2011-61, issued by the Internal Revenue Service July 18, asked for comments on requirements for approving a continuing education provider for tax preparers, which at least one practitioner said will make the programs more rigorous.
IRS Issues Directive on Applying Codified Economic Substance Doctrine »
The Internal Revenue Service issued a long-awaited directive July 15 (LB&I-4-0711-015) for examiners to use in determining whether and when to seek high-level review in asserting the codified economic substance doctrine and its associated strict liability penalty, bringing praise from practitioners.
IRS Releases FATCA Guidance on Phase-Ins Beginning in June 2013 »
The Internal Revenue Service unveiled guidance (Notice 2011-53) July 14 detailing how the Foreign Account Tax Compliance Act will be implemented in phases beginning in June 2013.
Witnesses: Eliminating Tax Code Incentives Would Require Major Changes »
Both statutory and regulatory changes are needed to eliminate the disparate treatment of debt financing and equity financing that currently exists in the tax code, witnesses told a July 13 joint meeting of the House and Senate tax panels.
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