Tax News | BNA Software
12/30/2011
NYSBA Tax Section Addresses Denial of Tax-Free Status on Investments »
The New York State Bar Association Tax Section Dec. 28 made several recommendations related to the denial of tax-free treatment for transactions that otherwise qualify as a Section 351 exchange or a Section 368 reorganization when one or more investment companies are involved
12/29/2011
Guidance on Tangible Property Could Spur Controversy, Practitioners Say »
Major new rules (REG-168745-03, T.D. 9564) on whether taxpayers must capitalize or can deduct amounts paid to acquire, produce, or improve tangible property contain significant changes and could lead to comment and perhaps controversy in several areas, practitioners told BNA in interviews Dec. 27 and 28.
12/28/2011
IRS Issues Guidance on Capitalization of Tangible Property »
The Internal Revenue Service unveiled Dec. 23 more than 250 pages of guidance on the treatment of amounts paid to acquire, produce, or improve tangible property, culminating nearly eight years of work on the issue with proposed and temporary rules (REG-168745-03, T.D. 9564).
12/27/2011
President Obama Signs Two-Month Extension of Payroll Tax Cut, ‘Doc Fix,’ UI Benefits »
President Obama Dec. 23 lauded lawmakers for passing legislation that temporarily extends the 4.2 percent Social Security payroll tax rate for individuals, continues unemployment insurance benefits, and prevents reimbursement cuts to Medicare providers.
12/23/2011
Payroll Tax Holiday Impasse Broken; Action Expected by Christmas »
House and Senate leaders agreed Dec. 22 to break the logjam over temporarily extending the payroll tax holiday and other policies for another two months, and House Speaker John Boehner (R-Ohio) said he expects the deal to be passed as soon as Dec. 23.
12/22/2011
IRS Says Gambler Trade, Business Expenses Are Deductible »
The Internal Revenue Service announced in Action on Decision 2011-06, released Dec. 21, that expenses incurred by a taxpayer in the trade or business of gambling are deductible under Internal Revenue Code Section 162(a).
12/21/2011
IRS: PLRs on Trust Decanting Suspended as Part of Comment Request »
No private letter rulings will be issued on transfers between irrevocable trusts when the transfers result in a change in beneficial interests until a study of the tax implications is completed, the Internal Revenue Service said Dec. 20 in Notice 2011-101.
12/20/2011
House Expected to Reject Senate-Passed Payroll Tax Cut Extension »
House Republicans were expected in a late-evening Dec. 19 vote to reject the two-month extension of the payroll tax cut passed by the Senate over the weekend.
12/19/2011
House Leaders Say They Will Not Accept Senate-Passed Payroll Tax Bill »
The Senate-passed two-month extension of the payroll tax cut extension will not be accepted, according to a Dec. 18 statement from House Majority Leader Eric Cantor's office.
12/16/2011
IRS Unveils Rules on Branch-Related Foreign Base Company Sales Income »
The Internal Revenue Service Dec. 15 unveiled final rules (T.D. 9563) providing guidance relating to foreign base company sales income (FBCSI) when personal property sold by a controlled foreign corporation (CFC) is purchased, sold, manufactured, produced, constructed, grown, or extracted by one or more branches of the CFC.
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