Tax News
04/19/2011
Democrats Say Innocent Spouse Relief Rules Need Review, Modification »
Democratic lawmakers from the House and Senate wrote to the Internal Revenue Service April 18, urging the tax-collecting agency to review and amend the rules setting a two-year limit, starting with the first collection attempt, on the time taxpayers have to file for innocent spouse relief.
04/18/2011
Codification of Economic Substance Tops IRS Guidance Wish List »
One of the main issues tax practitioners hope for more guidance with in the 2011-12 Treasury Department-Internal Revenue Service priority guidance list is the codification of economic substance, Michael Desmond, a partner with Bingham McCutchen, told BNA April 15.
04/15/2011
Lawmakers: How Will Obama Raise $1 Trillion From 4% of Taxpayers? »
President Obama's deficit reduction proposal calls for $1 trillion in new tax revenues to come solely from high-income households, but analysts and Republican lawmakers questioned April 14 how Obama would be able to get so much money from so few people.
04/14/2011
Obama Proposes Failsafe Trigger, $4 Trillion in Debt Reduction by 2024 »
President Obama April 13 laid out his vision for addressing the nation's long-term debt and deficits, proposing a framework to reduce the deficit by $4 trillion over the next 12 years.
04/13/2011
Efforts to Ban Tax Strategy Patents Seen as Major Sea Change »
The ongoing effort in Congress to ban tax strategy patents may gain momentum in the weeks ahead, with stakeholders telling BNA this year's approach—maintaining that tax strategies are unpatentable—represents a sea change from efforts to prohibit such patents in previous Congresses.
04/12/2011
Obama Budget Speech First Step in Possibly 'Bumpy' Negotiations »
Budget experts said April 11 they welcomed President Obama's plan to lay out April 13 his vision for narrowing the nation's long-term budget deficits, but warned it could also be the start of potentially contentious negotiations over raising the congressionally set federal debt limit.
04/11/2011
IRS Unveils FATCA Guidance, but Practitioners Say Challenges Remain »
The Internal Revenue Service April 8 unveiled its eagerly awaited second notice on the Foreign Account Tax Compliance Act, offering what practitioners said is welcome guidance under the new law that requires foreign banks to disclose their U.S.-owned accounts or face a 30 percent withholding tax in some cases.
04/08/2011
House GOP to Take Up Budget Resolution Setting Tax Policy Guidelines »
The partisan debate over what the nation's budget and tax policy should look like in fiscal year 2012 will move to the House floor during the week of April 11 when lawmakers take up a $3.5 trillion budget plan that includes more than $4 trillion in tax cuts over the next 10 years.
04/07/2011
Shulman Says Tax Returns Still Due April 18 if Government Closes »
Commissioner of Internal Revenue Doug Shulman said April 6 that in the event of a government shutdown, taxpayers are still expected to send in their tax returns by the April 18 filing deadline.
04/06/2011
Ryan Budget Would Drop Tax Rates, Cut Tax Expenditures »
House Republicans unveiled a fiscal year 2012 budget proposal April 5 that would make permanent the Bush-era tax cuts and set the top individual and corporate tax at 25 percent, while leaving the nitty-gritty details to congressional tax writers.
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