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 […]
Read more- August 22, 2011
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IRS Issues Benefits Summary Rule; Insurers Must Offer Consumer Details
August 18,2011 The Internal Revenue Service, the Employee Benefits Security Administration, and the Centers for Medicare and Medicaid Services Aug. 17 released a proposed rule (Reg-140038-10) that would require insurers to make available to consumers a standardized summary of the benefits and coverage for each plan they offer. The goal of the proposed rule is […]
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