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.
Obama Attack on Corporate Jet Tax Breaks Draws Labor Union Ire »
President Obama's proposal to eliminate an advantageous tax provision for corporate jet owners has been welcomed by congressional Democrats, but is being criticized by a labor union representing aviation industry workers.
FASB Seeing Discord as Final Goodwill Impairment Rules Readied »
The Financial Accounting Standards Board sees discord between major auditing firms and their company clients over proposed judgments to be made in testing for impairment of goodwill, an aspect of reporting that became significant for many companies after the 2008 financial crisis.
PwC Says UTP Guidance Needed on Definition of Recording a Reserve »
Taxpayers still need guidance on what it means to record a reserve as the deadline draws closer for reporting uncertain tax positions to the Internal Revenue Service, PricewaterhouseCoopers LLP practitioners said June 28.
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