Tax News
11/02/2010
IRS Focusing on Whether UTPs Based on Accounting Standards »
The Internal Revenue Service will focus on whether taxpayers are basing their reporting of uncertain tax positions on financial accounting standards as it implements its proposal to require disclosure of uncertain tax positions, a senior IRS official stressed Nov. 1.
11/01/2010
Obama Says 100 Percent Bonus Depreciation Through 2011 'Good Idea' »
President Obama used a pre-election day speech Oct. 29 to tout previously enacted tax cuts and to urge passage of a 100 percent bonus depreciation measure that the Treasury Department said would encourage business expansion by lowering the cost of investment.
10/28/2010
Carryover Basis Guidance Tops Estate Tax Officials' Agenda »
Treasury Department and Internal Revenue Service officials said Oct. 27 they are hard at work on guidance that will help to clarify some of the issues pertaining to modified carryover basis that have cropped up as practitioners try to administer decedents' estates in the absence of an estate tax.
10/27/2010
GAO Says IRS Needs to Develop Tools To Combat Network-Based Tax Evasion »
The Internal Revenue Service is aware of schemes that use complex networks to help high-net-worth individuals avoid capital gains taxes, but it has not yet fully implemented a system that can easily identify such tax evasion, the Government Accountability Office said in a report released Oct. 26.
10/26/2010
IRS Starts Notifying 1 Million Tax Preparers of Need to Register Online »
The Internal Revenue Service Oct. 25 began notifying about 1 million tax return preparers that they need to register with the IRS and renew their preparer tax identification number (PTIN) as part of the IRS's new tax preparer regulatory regime.
10/22/2010
IRS to Use Traditional Case Development Enforcing Economic Substance »
The Internal Revenue Service will issue internal guidance to its attorneys and examiners instructing them to develop violative cases involving the recently codified economic substance doctrine based on “traditional” elements of case development, Associate Chief Counsel (Procedure and Administration) Deborah Butler said Oct. 20.
10/21/2010
Chinese Officials Step Up Tax Enforcement, Anti-Abuse Efforts »
China's tax authorities are stepping up anti-abuse efforts, increasing enforcement of tax laws, and working to conform with international agreements and practices, the central government's lead authority on international taxation told a forum in Beijing Oct. 13.
10/20/2010
Witnesses Say Concerns Remain on Uncertain Tax Positions Guidance »
The Internal Revenue Service's recent guidance on disclosure of uncertain tax positions made substantial improvements but concerns remain, witnesses told the agency at an Oct. 19 hearing, adding that IRS should consider these disclosures as adequate for other purposes in the tax code.
10/19/2010
Several States Eying Tax Changes To Address Budget Shortfalls »
Several states are considering changes to their tax policies as a means to address budget shortfalls, the National Governors Association said in a report released Oct. 18.
10/18/2010
Earnings Subject to Social Security Tax to Remain Unchanged in 2011 »
The maximum amount of earnings subject to Social Security tax will remain at $106,800 in 2011—the same as 2010, the Social Security Administration announced Oct. 15 in a news release.
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