Tax News
12/22/2010
IRS Draft Form for Modified Carryover Basis Missing Tax Law Changes »
The Internal Revenue Service's draft Form 8939 for determining basis for property acquired from a decedent does not reflect estate tax changes made in tax cut legislation signed by the president Dec. 17, IRS spokesman Eric Smith told BNA Dec. 21.
12/21/2010
IRS Releases Electronic Filing Hardship Waiver Form for 2011 »
The Internal Revenue Service Dec. 20 released Form 8944, Preparer e-file Hardship Waiver Request, which will be used by tax preparers who want a waiver from new electronic filing requirements.
12/20/2010
Signing of Tax Cut Extensions Launches Debate for 2012 Campaigns Over Tax Policy »
President Obama on Dec. 17 signed $801 billion in tax cuts into law, but with most of the provisions set to expire at the end of 2012, he will have to return to a bargaining table that will include an empowered congressional Republican caucus, all while he is running for re-election.
12/17/2010
House Votes 277-148 to Send Tax Cut Extension Bill to Obama »
The House voted 277-148 late Dec. 16 on a $859 billion bill to extend the 2001 and 2003 tax cuts for two years and set the estate tax at 35 percent through 2012.
12/16/2010
Senate Passes Tax Rates Extension as Estate Tax Fight Looms in House »
The Senate voted 81-19 Dec. 15 to extend all existing individual income tax and capital gains and dividends tax rates for two years and set the estate tax rate at 35 percent with a $5 million per person exemption level.
12/15/2010
IRS Unveils Rules Reasserting That Basis Overstatements Are Omissions »
The Internal Revenue Service Dec. 14 said it would continue its controversial stance that an overstatement of basis in a sold asset constitutes an omission from gross income for purposes of both the six-year minimum period for assessments of tax attributable to partnership items and the six-year period for assessing tax.
12/14/2010
Final Rules Give IRS Authority to Require UTP Disclosure; Date Changed »
The Internal Revenue Service Dec. 13 unveiled final guidance (T.D. 9510) giving the agency authority to require disclosure of uncertain tax positions, with an effective date change that one practitioner said pushes back the date taxpayers will have to file the first round of forms.
12/13/2010
White House Mulls Tax Reform as Part of Long ‘Conversation’ »
President Obama has long considered reforming the U.S. tax code, but the White House is not yet preparing a proposal for the second half of the president's term, White House spokesman Robert Gibbs said Dec. 10.
12/10/2010
Senate Unveils Tax Bill as House Balks at Obama Deal »
Senate Finance Chairman Max Baucus's (D-Mont.) bill to extend all of the existing tax rates from the 2001 and 2003 tax cuts would retain all of the major provisions of President Obama's agreement with Republicans, including the controversial 35 percent estate tax rate, according to the bill unveiled late Dec. 9.
12/09/2010
House Democrats Suggest Counteroffer to Obama Amid Estate Tax Anger »
House Democratic leaders are considering making a counteroffer to the White House and congressional Republicans that would extend the estate tax at a less generous rate, Rep. Chris Van Hollen (D-Md.) said Dec. 8.
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