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U.S. States Pension Fund Deficits Widen by 26%, Pew Center Study Says

April 25th, 2011 U.S. states’ deficits in their employee retirement systems widened by 26 percent in fiscal 2009 as governments were stung by investment losses and failed to pay enough into their pension funds, a study found. The deficits, or the difference between the retirement and health-care benefits states have promised their employees and the […]

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IRS Offers Guidance on Reporting Schedule M-3 Expenses

April 22nd, 2011 The Internal Revenue Service April 21 offered guidance on how taxpayers should report their research and experimentation expenses when filling out the Schedule M-3, which the nation’s largest taxpayers must use to reconcile their tax and book income. In general, IRS said that taxpayers who use a current deduction method of accounting […]

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Obama Raises Prospect of Social Security Hike as Deficit Panel Grows

April 20th, 2011 The list of members of a panel to be headed by Vice President Biden to tackle the government’s long-term deficit was rounded out further April 19 by the appointment of members of the Republican leadership in the House and Senate. Separately, President Obama, appearing at a community college in Virginia, said raising […]

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Why the Federal Reserve Isn’t Worried About Inflation Yet

April 19th, 2011 If you haven’t noticed it at the gas pump, you’ve seen it in the grocery store. The prices of some products, most notably food and oil, are going up. In March, the Consumer Price Index (CPI), which measures the average change in prices over time of goods and services, rose 0.5 percent. […]

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Obamas’ Federal Tax Bill: $453,770

April 19th, 2011 President Barack Obama and his wife, Michelle, paid $453,770 in federal income taxes in 2010 on $1.7 million in income, according to tax returns the White House released on Monday to coincide with the national income-tax filing deadline. Mr. Obama’s income and tax payments fell sharply from 2009, mainly because of declining […]

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Taxpayers Set e-File Record as Tax Deadline Approaches; More than 100 Million e-Filed Returns So Far This Year

April 18th, 2011 With the tax deadline arriving tonight, the Internal Revenue Service announced taxpayers set a record this weekend for e-filed tax returns, topping 100 million for the first time. The IRS saw a late surge of e-filed returns over the weekend. By early Monday morning, the IRS had received nearly 101 million e-filed […]

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IRS Extends, Modifies Program Allowing Truncated Social Security Numbers on Information Returns

April 15, 2011 The IRS announced that it is extending and modifying a pilot program designed to deter identity theft. Under the program, which was introduced in 2009, filers of certain paper information returns are allowed to truncate the payee’s Social Security number on the payee statement. The notice extends the program to payee statements […]

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President Signs Repeal of Expanded 1099 Requirements

April 14th, 2011 On Thursday, President Barack Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (HR 4; 1099 Act), which repeals both the expanded Form 1099 information reporting requirements mandated by last year’s health care legislation and also the 1099 reporting requirements imposed on taxpayers […]

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Obama Embraces Individual U.S. Tax Code Rewrite

April 13th, 2011 President Barack Obama is making his clearest pitch yet for an overhaul of the entire U.S. tax code for individuals and businesses. Obama wants Congress to eliminate so-called tax expenditures and lower rates. The goal is to raise more revenue than an extension of current tax policy would generate, according to a […]

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IRS Unveils FATCA Guidance, but Practitioners Say Challenges Remain

April 11th, 2011 The Internal Revenue Service April 8 unveiled its eagerly awaited second notice on the Foreign Account Tax Compliance Act, offering what practitioners said is welcome guidance under the new law that requires foreign banks to disclose their U.S.-owned accounts or face a 30 percent withholding tax in some cases. In Notice 2011-34, […]

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