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.
Cantor Defers on Payroll Tax Cut Idea, Says Priority is Deficit Reduction »
House Majority Leader Eric Cantor (R-Va.) sidestepped questions about whether he would support an extension or expansion of payroll tax breaks June 13, saying his main priority at the moment is to complete negotiations over a debt ceiling increase.
IRS Takes Up-Front Approach to Combat Identity Thieves, Official Says »
The Internal Revenue Service is expanding its ability to flag identity theft used to file fraudulent tax returns or employment forms and is moving toward a forward-looking approach to the problem, an agency official said June 9 at an annual software developer conference.
IRS Renews Stance on Simplified Research Credit Post-Return »
The Internal Revenue Service June 9 renewed its stance that taxpayers cannot make or revoke an election for the alternative simplified research credit after they file their tax returns, bringing disappointment from practitioners interviewed by BNA.
IRS Seeks Comment on Bonus Depreciation Guidance »
The Internal Revenue Service is asking for public comment on recent guidance on two pieces of legislation that provided taxpayers generous bonus depreciation incentives, offering flexibility for taxpayers caught in difficulties over whether to take 50 percent depreciation, an additional 100 percent depreciation available in some cases, or neither.
IRS Will Not Initially Send Schedule UTP to Field Agents, Miller Says »
The Internal Revenue Service will not initially send the forms taxpayers use to report their uncertain tax positions to field agents conducting exams, and will keep them in a specialized unit dedicated to their review, IRS Deputy Commissioner for Services and Enforcement Steven Miller said June 7.
Administration Still Considering Tax Reform but No Set Plans, Corwin Says »
The administration is still looking at a variety of options for tax reform — including a possible move to an international territorial system — but no decisions have been made, and there are no set plans for unveiling a specific proposal, Treasury International Tax Counsel Manal Corwin said June 6.
New Market Tax Credit Changes Proposed to Encourage Investment »
The Internal Revenue Service proposed regulations June 3 that would revise reinvestment requirements for entities investing in operating businesses and streamline compliance requirements for businesses using the new markets tax credit program, among other changes.
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