Estate Tax Lawyers Push IRS to Clarify Automatic Allocation of GST Rules »
With the April 18 deadline for filing some 2010 Form 709 returns looming, estate tax attorneys have asked the Treasury Department to issue formal guidance that will clarify that there will be no automatic allocation of the generation-skipping transfer tax (GST tax) exemption where there can be no benefit.
Accountable Care Organizations Driving New Business »
Accountable care organizations (ACOs) are emerging as the hottest new entity to be created by the health care reform law, inspiring practitioners to seek structures that will give them favorable tax treatment or allow them to claim tax-exempt status.
FASB to Issue Draft Rules to Ease Goodwill Impairment Burden »
The nation's top accounting rulemakers plan to issue by mid-April draft standards aimed at easing the reporting burden entailed in gauging an impairment of goodwill, a task presented to many U.S. companies after the onset of the 2008 financial crisis.
Lawmakers See Momentum Growing for Moratorium on New Wireless Taxes »
Long-stalled efforts to enact a five-year moratorium on new, “discriminatory” cellular taxes and fees may finally be getting traction in Congress despite continued opposition from state and local governments, lawmakers and industry officials told BNA.
Wrangling Over Defending DOMA Creates Uncertainty for Taxpayers »
A decision by Congressional leaders to defend the constitutionality of the Defense of Marriage Act adds to the uncertainty for taxpayers who are in same-sex marriages and for litigants challenging Internal Revenue Service over the definition of marriage, practitioners told BNA March 10.
Differences Over Deferral Divide Witnesses at Senate Budget Hearing »
Witnesses testifying March 9 before the Senate Budget Committee differed over moving to a territorial tax system, saying that eliminating deferral from the corporate side of the tax code might not necessarily take away the incentive for companies to move offshore.
Big Firms Should Not Be Taxed as Passthroughs, Experts Tell Senators »
Large partnerships that have more in common with the way corporations operate than small businesses should not be allowed to be taxed as passthrough entities, a panel of tax experts told the Senate Finance Committee March 8.
IRS Issues Guidance on Penalty Framework for Offshore Audits »
The Internal Revenue Service has unveiled guidance to its Large Business & International and Small Business/Self-Employed divisions setting forth the penalty framework for closing agreements with taxpayers who voluntarily disclose their offshore assets to IRS through a special program.
Public Unwilling to Give Up Tax Breaks to Reform Tax Code, Olson Says »
Tax reform has failed to occur because no one is willing to give up their particular tax break in the tax code, Internal Revenue Service Taxpayer Advocate Nina Olson said March 4.
IRS Sets Depreciation, Income Limitations for Passenger Cars Placed in Service in ‘11 »
The Internal Revenue Service, in Revenue Procedure 2011-21, issued March 1, outlined the depreciation deduction limitations allowable for owners of passenger cars first placed in service during calendar year 2011, and amounts to be included in income by lessees of passenger cars first leased during calendar year 2011.
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