Tax News
02/22/2011
Filers Will Have 90 Days After Carryover Basis Final Form 8939 is Public »
The final Form 8939 for determining basis for property acquired from a decedent's estate will be posted 90 days before it is required to be filed, a Feb. 16 Internal Revenue Service document said, thereby easing concerns from estate tax practitioners that they would not be able to file the form on time.
02/18/2011
House Ready to Debate Repealing 1099 Rules After Committee Approval »
The House will debate repealing new Form 1099 information reporting requirements at some point in March, possibly as early as the week of Feb. 28, House Republican staffers said Feb. 17.
02/17/2011
Treasury Working to Build Consensus Prior to Offering Tax Reform Plan »
The administration is working to build consensus on corporate tax reform with the goal of laying out a plan that would maximize the ability of Congress to actually pass something, Treasury Secretary Timothy Geithner said Feb. 16 at a Senate Finance Committee hearing.
02/16/2011
Obama Sees Improved Prospects for Passage of Tax, Entitlement Reforms »
President Obama Feb. 15 said the prospects for passage of old proposals to eliminate tax breaks for multinational corporations, oil, and gas companies—reintroduced into the administration's fiscal year 2012 budget—are much improved this year.
02/15/2011
Budget Proposal Relies on Tax Proposals Previously Rejected by Congress »
President Obama's $3.7 trillion budget proposal for fiscal year 2012 relies on dozens of ideas that have been previously rejected by a Democrat-led Congress and will face an even tougher road ahead under a new, larger Republican presence in the Capitol, lawmakers said Feb. 14.
02/14/2011
President's Budget to Pay for Three-Year AMT Patch, End Oil, Gas, Coal Incentives »
President Obama's fiscal year 2012 budget submission to Congress includes a three-year, paid-for patch of the alternative minimum tax and ends 12 tax breaks to oil, gas, and coal companies, senior administration officials said Feb. 13.
02/11/2011
New Tax Law Shifts Estate, Gift Planning Focus for Practitioners »
Enactment of new estate tax law has not changed income tax issues or estate planning techniques, but it has changed the focus on which techniques are most appropriate, several estate tax attorneys said Feb. 10.
02/10/2011
Geithner Says No Corporate Tax Reform, Repatriation in FY 2012 Budget »
The president's fiscal year 2012 budget proposal will not include any plans for corporate tax reform or incentives to encourage corporations to bring foreign earnings back into the United States, Treasury Secretary Timothy Geithner said Feb. 9.
02/09/2011
Finance Sidesteps Landlord Form 1099 Rules Repeal, OKs Aviation Fuel Tax Hike »
The Senate Finance Committee gave voice vote approval Feb. 8 to increasing the fuel tax on general aviation as a way to help fund modernization of the nation's aviation system, but did not hold a vote on repealing expanded Form 1099 reporting requirements for landlords.
02/08/2011
IRS Official Says Due Diligence Rules Could Ensnare More Practitioners »
There are only six cases out of 300 in the Office of Professional Responsibility related to violations by tax-exempt practitioners, Internal Revenue Service OPR Director Karen Hawkins said Feb. 4, but the due diligence requirements of Circular 230 may lead more practitioners, including tax-exempt ones, into closer contact with her office.
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