Tax News | BNA Software
11/01/2011
Retailers Urge Super Committee to Address Sales Tax E-Fairness »
The Retail Industry Leaders Association urged the Joint Select Committee on Deficit Reduction in an October 31 letter to include provisions for sales tax e-fairness and comprehensive business tax reform in the 12-member panel's much-anticipated legislative recommendations.
10/31/2011
Economic Substance Field Directive Intended to Be Tool, Not Guidance »
An Internal Revenue Service Large Business & International Division directive to field agents on the codified economic substance doctrine and its related strict liability penalties was intended as a flexible tool to help with examinations, not as formal guidance, a Treasury Department official said Oct. 28.
10/28/2011
Deficit Panel Talks Begin New Phase as All Sides Look for Compromise »
Panel members and congressional leaders said Oct. 27 the congressional deficit-cutting committee's ongoing talks have entered a new phase, even as they reiterated their stances on the major stumbling blocks to the negotiations.
10/27/2011
Camp Unveils Tax Reform Plan for Move to Territorial System »
House Ways and Means Committee Chairman Dave Camp (R-Mich.) released a draft tax reform plan Oct. 26 that would reduce overall tax rates and move the United States tax system to a territorial-based system similar to those used by other major economies.
10/26/2011
Small Businesses Ask Super Committee to Preserve Expensing Deductions »
A broad overhaul of the U.S. tax system is needed and could boost economic growth, but lawmakers should not interfere with the existing tax code Section 179 expensing provisions, the National Small Business Association said in an Oct. 24 letter to the Joint Select Committee on Deficit Reduction.
10/25/2011
'Deemed Repatriation' Proposal Could Be Included in House GOP Tax Plan »
A proposal that would basically force repatriation of corporate dollars resting overseas could be included in a House Republican plan that is expected to be released in the next few days, lobbyists said Oct. 24.
10/24/2011
Senate Rejects Bills to Impose Millionaire Surtax, Repeal Withholding Tax »
The Senate rejected both a Democratic bill to impose a surtax on millionaires and a Republican bill that sought to repeal the 3 percent withholding tax on government contractors late Oct. 20, but both issues are likely to return in different forms in the coming weeks.
10/21/2011
IRS Launches Registration, Renewal of PTINs for 2012 Filing Season »
The 738,000 tax return preparers with preparer tax identification numbers (PTINs) can begin seeking renewals for the 2012 filing season, the Internal Revenue Service said Oct. 20 in a news release.
10/20/2011
IRS Uses Secret Computer Scores to Select Returns for Auditing »
The Internal Revenue Service has a secret weapon in selecting returns for audit—the discriminate information function score, or DIF, which mathematically sorts returns by computer, a Latham & Watkins associate said Oct. 19.
10/19/2011
ABA Tax Section: IRS Preparer Registration Plan Could Harm Compliance »
The Internal Revenue Service should reconsider requiring tax return preparers to submit fingerprints as part of its proposed registration process—a plan that could cost each applicant at least $250 in total fees and end up hurting the industry, the American Bar Association Section of Taxation wrote in a letter Oct. 18.
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