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.
Levin Unveils Bill to Crack Down on Offshore Havens, Strengthen FATCA »
Sen. Carl Levin (D-Mich.) unveiled a new version of legislation July 12 to crack down on offshore tax havens that would authorize “special measures” against foreign jurisdictions and financial institutions that impede U.S. tax enforcement and would build on the provisions of the Foreign Account Tax Compliance Act (FATCA) to find more taxpayers hiding assets overseas.
Obama, Boehner Continue to Draw Lines on Tax Hikes, Spending Cuts »
In dueling press conferences and at a meeting July 11 at the White House, President Obama and House Speaker John Boehner (R-Ohio) continued to argue over whether tax revenues should be used to pay down the nation's debt and deficits.
Big Players Take Opposite Positions on Competency Testing for Preparers »
Two of the biggest players in the tax preparation industry have taken opposite positions on the type of competency testing that should be required of tax preparers under the Internal Revenue Service's new oversight regime, in comment letters filed July 6 and 7.
IRS Suspends Audits into Gift Tax Applicability for Tax-Exempt Nonprofits »
In response to concerns and questions, the Internal Revenue Service has closed and suspended examinations into whether donors to tax exempt organizations should have paid gift taxes, the agency said in a directive released July 7 on its website.
Obama Argues Tax Hikes on Wealthy Would Not Reduce Job Creation »
President Obama July 6 rebutted charges by Republicans that his proposed “job-killing tax increases” on wealthy individuals and businesses would actually reduce job growth.
Tax Preparers' Comments Run Gamut on IRS Competency Testing »
Some tax preparers who will be affected by official competency testing with the Internal Revenue Service take the most extreme view that IRS should force return preparers to get an accounting degree, while others say anyone preparing taxes for five years without problems should be grandfathered, according to recent comments to the agency.
AMT Credit Elected Over Bonus Depreciation Not Subject to Limits »
The Internal Revenue Service Office of Chief Counsel, in a chief counsel advice memorandum released July 1, said a refundable alternative minimum tax credit resulting from a taxpayer's Section 168(k)(4) election is not subject to Section 383's limitation on excess credits because no regular tax liability is offset.
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