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.
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.
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.
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.
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.
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.
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.
Appropriations Panel OKs Measure to Cut IRS Funding by $606 Million »
The House Appropriations Subcomittee on Financial Services and General Government June 16 passed, by voice vote, a funding measure that would grant the Internal Revenue Service $11.6 billion for fiscal year 2012—a $606 million reduction from the $12.1 billion the agency received in fiscal year 2011.
IRS: High-Income Returns Decrease, More Taxpayers Report No Liability »
The number of tax returns reflecting greater than $200,000 in annual income decreased in 2008, but the number of such returns reporting no U.S. income tax liability and no worldwide tax liability increased between 2007 and 2008, the Internal Revenue Service said in its Spring 2011 Statistics of Income Bulletin, released June 14.
Most Organizations Want Exemption Back After Correct IRS Revocation »
The Internal Revenue Service has encountered few mistakes in its listing of 275,000 organizations whose tax exemptions were revoked for failure to file an information return, IRS Exempt Organizations Director Lois Lerner told BNA June 14.
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