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.
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.
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.
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.
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.
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.
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.
White House to 'Evaluate' Need to Again Extend Payroll Tax Cut »
White House Press Secretary Jay Carney told reporters July 25 that the White House will "evaluate" closer to the end of the year the need to again extend the temporary 4.2 percent Social Security payroll tax rate for individuals.
House Panel Mulls Exemptions on Internet Sales Taxes »
Lawmakers on the House Judiciary Committee were split July 24 on whether small businesses should be exempt from charging sales taxes on online purchase and, if so, how small those businesses should be to avoid the requirement.
IRS Offers First Sign 501(c)(4) Political Activity Rules Could Be Updated »
The Internal Revenue Service's top exempt organization official said that IRS will consider changing the rules on political activity for tax code Section 501(c)(4) organizations, following complaints from reform groups and others that its rules are allowing social welfare organizations to mask their true goal of primarily engaging in politics.
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