September 05, 2011
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IRS allowed $4.2 billion in credits to undocumented workers, audit says
September 1,2011 Undocumented workers received refundable tax credits totaling $4.2 billion in 2010, a dramatic rise from less than $1 billion in 2005, said a report released Thursday by the Treasury Inspector General for Tax Administration. The Internal Revenue Service, however, said it lacks the authority to disallow claims for the credit and a clarification […]
Read more- September 02, 2011
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Cool Treasury Data on the Revenue Effect of Past Tax Bills
August 24,2011 Jerry Tempalski at Treasury’s Office of Tax Analysis has put together an amazing time series of the revenue effects of major tax legislation going back to 1940. Doing this on a consistent basis is more challenging than you might imagine, and Jerry’s study discusses some of the limitations of his data. But the […]
Read more- September 01, 2011
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Management Accountants: The People Businesses Need Now More Than Ever
August 31,2011 The impact of regional economies over global financial markets is intense. This past month was particularly tumultuous as investors reacted to current events and economic conditions in Europe, Asia and the U.S. The rocky ride has organizations struggling to maintain the inroads they’ve made over the last two years. Corporations must navigate the […]
Read more- August 31, 2011
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IRS Reminds Taxpayers that Aug. 31 Is the Deadline for the Second Special Voluntary Disclosure Initiative of Offshore Accounts
August 26,2011 WASHINGTON — U.S. taxpayers hiding income in undisclosed offshore accounts are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current with the Internal Revenue Service. The IRS today reminded taxpayers that the 2011 Offshore Voluntary Disclosure Initiative (OVDI) will expire on Aug. 31, […]
Read more- August 30, 2011
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New IRS Carryover Basis Guidance Offers Limited Relief for Estates
August 26,2011 New estate tax guidance from the Internal Revenue Service offers limited relief for executors who want to file amended carryover basis returns, Steve Akers, a managing director with Bessemer Trust in Dallas, told BNA Aug. 25. So-called 9100-2 relief in Treasury Department regulations, outlined in Notice 2011-66, allows estate executors to amend their […]
Read more- August 29, 2011
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TIGTA: IRS Does Not Timely Resolve Math Error Disputes
August 24,2011 The Treasury Inspector General for Tax Administration (TIGTA) released a report in which it recommended that the IRS develop processes to ensure that math error disputes with taxpayers are resolved more quickly and accurately. Between Jan. 1 and July 23, 2010, TIGTA reviewed 260 taxpayer responses to IRS math error notices in which […]
Read more- August 26, 2011
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Was Buffett Right? Do Workers Pay More Tax than Their Bosses?
August 23,2011 When Warren Buffett called for higher taxes on the wealthy in a New York Times op-ed last week, the billionaire investor argued that he and wealthy people like him face lower federal rates than the rest of us. Low rates on long-term capital gains and qualified dividends and limited exposure to payroll taxes […]
Read more- August 25, 2011
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First Circuit Upholds Rule Barring Second Estate Tax Filing Extension
August 23,2011 The U.S. Court of Appeals for the First Circuit Aug. 19 upheld a Treasury regulation barring the Internal Revenue Service from granting an executor a second extension of time for filing an estate tax return unless he qualifies for one of the good cause exceptions laid out in the regulation (Dickow v. United […]
Read more- August 24, 2011
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IRS Issues Rules for Suspension of Penalties, Interest for Section 6404(g)
August 22,2011 The Internal Revenue Service issued final regulations Aug. 19 explaining the general rules for suspension of interest, penalties, additions to tax, or additional amounts under Section 6404(g). The final rules (T.D. 9545) incorporate a special rule from Notice 2007-93 about the effective date of changes to Section 6404(g) that were made by the […]
Read more- August 23, 2011
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ANALYSIS: State, Federal Differences Complicate Same-Sex Couple Filings
August 19,2011 With more states passing or considering legislation legalizing same-sex marriage, tax practitioners are paying close attention to the growing complexities and discrepancies between state and federal tax laws involving marriage. The problem stems from the Defense of Marriage Act (Pub. L. No. 104-199), which defines marriage as between a man and a woman […]
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