Tax News
08/09/2012
Whistleblower Case Hinges on IRS Time Frame for Setting Awards »
The U.S. Tax Court has given the Internal Revenue Service until Sept. 24 to respond to an amicus brief in support of what could amount to an award of tens of millions of dollars for whistleblower Joseph Insinga, an informant who implicated seven major corporations in tax evasion in 2007 (Insinga v. Commissioner, T.C., No. 4609-12W, 7/31/12).
08/08/2012
States Fail to Evaluate Whether Tax Policies Lead to Economic Development »
While states annually invest billions of dollars in tax incentives to attract and retain corporate taxpayers, very few know whether these expenditures generate new jobs or stimulate the economic impact promised when such benefits are provided, state tax policy experts said Aug. 7 at the National Conference of State Legislatures.
08/07/2012
Congress Could Act on Marketplace Fairness Legislation Before Year End »
The states' long campaign for federal legislation creating tax parity between brick-and-mortar retailers and remote sellers, including internet-based retailers, could come to fruition before the end of the year, aides to two members of Congress said Aug. 6.
08/06/2012
IRS Notice Dispels Worries on Deductions for Gifts to Charity-Owned LLCs »
The Internal Revenue Service's recent pronouncement that gifts to U.S. charity-owned disregarded limited liability companies will be tax deductible clears up long-standing questions about donations of real property to charities, practitioners said.
08/03/2012
Senate Finance Approves Two-Year AMT Patch, Extenders Package »
The Senate Finance Committee voted Aug. 2 to approve a $205 billion package of tax cuts that would extend provisions such as the “patch” for the alternative minimum tax, the research and development tax credit, and the deduction for state sales taxes through 2013.
08/02/2012
Senate's Slimmed Extenders Bill Aims to Signal Cooperation »
Senate Finance Committee leaders announced Aug. 1 that they have reached a compromise on a $152 billion tax extenders package that would cull nearly 25 percent of last year's provisions from the tax code.
08/01/2012
Rules on Corporate Aircraft Use for Entertainment Travel Draw Criticism »
Final rules (T.D. 9597) on the use of business aircraft for entertainment unveiled by the Internal Revenue Service July 31 contain few changes from controversial proposed rules, drawing criticism from a stakeholder.
07/31/2012
Business Entity Choices Reflect Gap Between Tax Rates, JCT Says »
A number of different factors go into the choices that business leaders make in choosing an entity for the classification of their companies, but one key determinant over the years has been the size of the gap between the top tax rates for individuals compared to C corporations, the Joint Committee on Taxation said in a recent report.
07/30/2012
CRS: Many Options to Address Illegal Immigrants Claiming Tax Credits »
The government has a broad variety of policy options to address the ability of illegal immigrants living in the United States to claim refundable tax credits, the Congressional Research Service said in a report unveiled July 27.
07/27/2012
Boehner: House Democrats Will Be Able to Bring Senate Tax Plan to Floor »
House Democrats will be able to bring up the Senate tax bill, which would allow the temporary 2001 and 2003 tax cuts to expire for upper-income earners, in the looming House debate over taxes, House Speaker John Boehner (R-Ohio) said July 26.
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