August 20, 2010
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Congress Urged to Scrap New Form 1099 Reporting Requirements
The U.S. Chamber of Commerce announced Aug. 17 that more than 1,099 companies around the nation have signed a letter to lawmakers asking them to repeal new Form 1099 reporting requirements, calling them burdensome, complex, and very costly. Implemented as part of the recently enacted health care reform law (Pub. L. No. 111-148 as modified […]
Read more- August 19, 2010
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Decoupling Gift Tax, Estate Tax Exemptions Adds Complexity, JCT Says
President Obama’s proposal to keep the exemption level for the gift tax below that of the estate tax may discourage evasion, but it significantly adds to the complexity of the tax code, the Joint Committee on Taxation said in an Aug. 16 analysis. JCT’s analysis of the president’s fiscal year 2011 budget proposal noted that […]
Read more- August 18, 2010
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Laying Claim to Options Expense Deductions
The IRS concludes that stock-option payments made to employees of a former subsidiary create a compensation expense and deduction that belong to the subsidiary, not the parent company. Guidance from the Internal Revenue Service’s chief counsel, released last summer, opined on the tax treatment of stock-option payments made by a parent company to employees of […]
Read more- August 17, 2010
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New Law Significantly Alters FTC Regime, Practitioners Say
Changes to the foreign tax credit under newly signed legislation (Pub. L. No. 111-226) represent significant alterations to the cross-border tax regime and create a host of questions for taxpayers, Ernst & Young LLP practitioners said Aug. 12. “These provisions represent fundamental changes in some long-standing international tax rules,” Barbara Angus, a practitioner in E&Y’s […]
Read more- August 16, 2010
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Rules Issued for Income Deferral of Canceled Debt
The IRS issued temporary and proposed regulations Wednesday relating to taxpayer elections to defer recognition of cancellation of debt (COD) income.The American Recovery and Reinvestment Act of 2009 (ARRA, PL 111-5) enacted IRC § 108(i), providing an election to defer COD income arising from the forgiveness or reacquisition of certain debt instruments occurring between Jan. […]
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