Tax News | BNA Software
12/15/2011
Lawmakers Question Keeping, Expanding Renewable Energy Tax Credits »
Members of a Senate panel expressed concerns Dec. 14 over keeping renewable energy industries on government subsidies for extended periods of time through tax credits rather than allowing the marketplace to run its course.
12/14/2011
Senate Focuses on Amendments as House OKs Payroll Tax Cut Extension »
The House voted 234-193 to pass legislation (H.R. 3630) Dec. 13 that would extend the existing 2 percentage point payroll tax cut through 2012, but Senate Democrats said they intend to amend it to remove objectionable language and include tax extenders legislation.
12/13/2011
IRS Rules on Section 382 Ownership Changes Intended to Be Prospective »
The effective date for new regulations on ownership changes under tax code Section 382 is intended to be prospective, a senior Treasury Department official said Dec. 12. The guidance has been widely praised by practitioners as likely to result in fewer changes that would trigger limitations on the use of losses in reorganizations.
12/12/2011
Tax Court Whistleblower Anonymity Ruling Aids Informants »
The U.S. Tax Court's ruling Dec. 8 that a whistleblower can remain anonymous in court proceedings is a victory for all whistleblowers worried about revealing their identity, practitioners told BNA Dec. 9, and marks the first step toward the IRS setting up additional procedures for handling the cases.
12/09/2011
IRS Moves Forward With Real-Time Tax System to OK Returns Up Front »
Internal Revenue Service Commissioner Douglas Shulman Dec. 8 took a major step forward in his quest to revamp the way individuals file their income tax returns, vetting the creation of a real-time tax system in which return information would be matched against other third-party data before returns are accepted by the IRS.
12/08/2011
Obama Threatens to Block Payroll Tax Proposal Over Pipeline Language »
President Obama warned Dec. 7 that he will not accept any payroll tax cut extension bill that would include “extraneous” provisions, such as the Keystone XL pipeline language, expected to be part of the $180 billion House Republican payroll tax bill.
12/07/2011
AICPA: Change Rules on 2 Percent Floor for Estate Advisory Fees »
The American Institute of Certified Public Accountants asked the Internal Revenue Service Dec. 6 to make changes to rules addressing which bundled fees incurred by an estate or trust are subject to the 2 percent floor for miscellaneous itemized deductions.
12/06/2011
House GOP Set to Release Payroll Tax Extension Without AMT, Extenders »
House Republican leaders are set to release their own version of legislation that would extend the existing payroll tax cuts for an additional year, as well as extend unemployment insurance benefits and prevent cuts to Medicare payments to physicians, lobbyists familiar with the legislation told BNA Dec. 5.
12/05/2011
IRS Issues Final Regulations on New Markets Tax Credit Qualification »
The Internal Revenue Service Dec. 2 unveiled final regulations (T.D. 9560) detailing how entities can meet the qualification requirements to claim the New Markets Tax Credit under Section 45D(e)(2).
12/02/2011
Lawmakers Expand Differences on Breadth of Payroll Tax Cuts, Offsets »
Extending payroll tax cuts will involve some additional negotiations over not only how to pay for them, but whether expanding them to provide extra stimulus to the economy is necessary, lawmakers said Dec. 1.
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