Tax News
07/01/2011
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.
06/30/2011
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.
06/29/2011
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.
06/28/2011
White House, GOP Draw Lines Prior to Meeting on Debt Reduction »
Prior to meeting at the White House June 27, both the president and the top Republican in the Senate drew lines in the sand that they said they would not cross in order to increase the debt ceiling and address the nation's deficits and debt.
06/27/2011
Democrats Crafting Fresh Repatriation Bills Aimed at Job Creation »
Additional ideas to allow U.S. multinational companies to repatriate more than $1 trillion in overseas profits are emerging, with Democrats trying to forge consensus on legislation that would encourage hiring rather than punish companies for eliminating workers.
06/24/2011
Fate of Talks Unclear as GOP Demands Tax Increases Be Taken Off Table »
Bargaining between congressional Republicans, the White House, and congressional Democrats over the federal debt ceiling may have entered a new phase June 23 after the representative of House Republicans, Majority Leader Eric Cantor (R-Va.), said he was dropping out of the talks until the issue of tax hikes is resolved.
06/23/2011
IRS Issues Guidance on Basis of Stock Subject to Broker Reporting »
The Internal Revenue Service June 22 issued interim guidance (Notice 2011-56) to taxpayers under tax code Section 1012 on issues relating to the basis of stock subject to broker reporting under Section 6045, as it attempts to clarify final rules (T.D. 9504) and related guidance (Notice 2010-67)) published last October that offered transitional relief for 2011 stock purchases.
06/22/2011
IRS Suspends Some Foreign Financial Assets, Investments Reporting Rules »
The Internal Revenue Service June 21 suspended the requirement for certain individuals to report foreign financial assets and passive foreign investments until IRS releases new Form 8938 and revised Form 8621 capturing that information.
06/21/2011
Hatch Says to Keep Tax Reform Out of Debt Reduction Discussions »
Senate Finance Committee ranking member Orrin Hatch (R-Utah) said June 20 that it would be a mistake for congressional negotiators to mix long-term tax issues with efforts to cut the budget deficit and increase the nation's debt ceiling.
06/20/2011
TEI, SIFMA Seek Guidance for Banks, More Time to Implement FATCA »
Two major financial and tax organizations are asking the Internal Revenue Service and Treasury Department to clarify banks' responsibilities—particularly with regard to U.S. financial institutions—and provide more time for them to comply with the Foreign Account Tax Compliance Act.
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