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.
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.
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.
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.
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.
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.
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.
‘Plain Writing’ Mandate Could Aid IRS Simplification Efforts »
Newly signed legislation (H.R. 946) that would require the Internal Revenue Service and other government agencies to draft public documents in “plain writing” likely will be an additional impetus for a process that has been ongoing for years at IRS, but challenges remain in trying to communicate complex tax concepts in a simpler way, practitioners told BNA Oct. 14.
Small Business Act Increases I.R.C. Decoupling Concerns »
The prospect of another round of state decoupling from recently enacted federal tax breaks feeds a growing concern about the apparent indifference of federal policymakers to state fiscal problems, several state tax specialists told BNA.
IRS Finalizes Basis Reporting Guidance With 2011 Transition Relief »
The Internal Revenue Service Oct. 12 issued broad final guidance on the statutory requirement that stock brokers and mutual fund companies report basis and other information for most stock purchased in 2011 and all stock purchased in 2012 and subsequent years, offering transitional relief for 2011 stock purchases.
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