Tax News
03/08/2011
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.
03/07/2011
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.
03/04/2011
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.
03/03/2011
Amazon Threatens to End California Associates Program Over Tax Plan »
Amazon.com confirmed in a letter released by California State Board of Equalization member George Runner (R) March 1 that it would end its relationship with more than 10,000 “associates” in California if lawmakers enact any of four pending bills requiring online retailers to collect use taxes on sales to California customers.
03/02/2011
Senate Hearing Mulls Tax Code Reforms Amid Uncertainty Over Path »
Senate Finance Committee Chairman Max Baucus (D-Mont.) said it is too early to discuss what tax reform might look like but asked witnesses at a March 1 committee hearing to prioritize trouble spots in the Internal Revenue Code, possibly signaling that lawmakers might avoid a comprehensive overhaul in favor of a piecemeal approach.
03/01/2011
IRS Has Contingency Plans, But Shutdown Seen Unlikely »
The Treasury Department and the Internal Revenue Service “plan for contingencies,” but a government shutdown is not anticipated, a Treasury spokeswoman told BNA Feb. 28.
02/28/2011
Tax Professionals Back Portability Provisions in Obama Estate Tax Plan »
Language in President Obama's recent budget proposal making permanent a law allowing a spouse to transfer his or her estate tax exemption to a surviving spouse will simplify planning, but what taxpayers really need is underlying estate tax permanence, attorneys said in recent interviews.
02/25/2011
Shulman, Olson Differ Over ‘Fresh Start' for Taxpayers From Lien Changes »
Internal Revenue Service Commissioner Doug Shulman Feb. 24 announced several tax initiatives aimed at giving taxpayers a “fresh start” and helping them meet their tax obligations.
02/24/2011
New Health Care Entities to Take Both Taxable, Exempt Form »
Nonprofit organizations will be at the center of some of the new entities created by the 2010 health care reform law, but it is not yet clear whether they will be exempt or non-exempt, Treasury Department official Ruth Madrigal said Feb. 23.
02/23/2011
IRS Offers Penalty Relief to Issuers for Reporting Organizational Actions »
The Internal Revenue Service Feb. 22 offered transitional penalty relief for stock issuers who miss the deadline for filing a return reflecting “organizational actions” that affect the basis of the stock or for making such a return publicly available under tax code Section 6045B.
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