Tax News
06/27/2012
Foreign Appeal Notice Needed for IRS Offshore Disclosure Effort Eligibility »
The Internal Revenue Service released new details June 26 about its Offshore Voluntary Disclosure Program, tightening the eligibility requirements by making it clear that taxpayers must notify the U.S. Justice Department if they are challenging the disclosure of tax information in a foreign court.
06/26/2012
Some Taxes May Remain Even if Health Reform Law Is Overturned »
Even if the Supreme Court were to strike down the entire health care law, a number of controversial tax provisions prompted by it could still remain, analysts told BNA June 25.
06/25/2012
Guidance Coordinating Rules on Overall Foreign, Domestic Losses Unveiled »
Taxpayers should determine whether income is high-taxed before taking into account any capital gains adjustments or any allocation of losses or recapture of loss accounts under tax code Section 904, the Internal Revenue Service said in proposed rules (REG-134935-11) released June 22.
06/22/2012
Baucus, McCain Clash Over Ending Subsidies to Avoid Defense Cuts »
Sen. John McCain (R-Ariz), ranking member of the Armed Services Committee, was quickly rebuked June 21 by a top Democrat after proposing to end certain tax subsidies—including the ethanol tax credit—in order to raise revenue to avoid defense cuts.
06/21/2012
Estate Tax Portability Rules Give Spouses More Latitude in Gifting »
Not requiring taxable gifts made during the life of the decedent to be included when computing the deceased spousal unused exemption amount if the gifts have already been taxed is one of the big surprises in the recently released estate and gift tax portability rules, practitioners told BNA June 20.
06/20/2012
Experts: Temporarily Extend Tax Cuts With 2013 Tax Reform Guarantee »
Lawmakers must find a way to avoid the fiscal cliff set to hit the economy Dec. 31, even if that means temporarily extending all of the expiring Bush-era tax cuts and addressing the revenue situation as part of tax reform in 2013, bipartisan budget experts told the Senate Finance Committee June 19.
06/19/2012
Foreign Insurance Companies, Credit Unions Want FATCA Rules Changes »
Insurance companies and credit unions are continuing to lobby the Internal Revenue Service for changes to the rules on the Foreign Account Tax Compliance Act as final guidance on the statute goes forward.
06/18/2012
IRS Portability Rules Simplify Process, but Don't Satisfy Practitioners »
Long-awaited portability rules for estates to claim the unused estate and gift tax exclusion amounts of their deceased spouses, released June 15 by the Internal Revenue Service, fell short of practitioners' hopes for an abbreviated estate tax form for smaller estates.
06/15/2012
KPMG: Variety of Tax Issues Raised as Companies Move to 'Cloud' »
The emergence of the computing "cloud" is raising a broad variety of tax issues at the state, federal, and international levels, practitioners with KPMG LLP said June 13.
06/14/2012
Bright-Line Test for Substantial Foreign Business Presence Draws Fire »
Practitioners are sharply criticizing a new 25 percent bright-line test for determining substantial presence in a foreign country under Section 7874, saying the test will be difficult, if not impossible, for most companies to meet.
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