July 30, 2010
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TIGTA Finds IRS Doesn’t Always Protect Taxpayers, Follow Rules When Filing Liens
A report issued by the Treasury Inspector General for Tax Administration (TIGTA) says the IRS does not always follow legal requirements when issuing liens and lien notices. The report also concludes that, as a result, action is needed to protect taxpayer rights during the lien process. A federal tax lien arises when the IRS attaches […]
Read more- July 29, 2010
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A Double Taxation Warning
U.S. companies with overseas subsidiaries may want to heed the warning of an older tax case that discusses what constitutes ownership for purposes of foreign tax credits. As the global economy begins to show signs of recovery, it may be a good time to review an Internal Revenue Service ruling, upheld by two courts, related […]
Read more- July 28, 2010
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Making Work Pay tax credit set to expire
Get ready for a smaller paycheck. At least that’s what could happen if Congress doesn’t approve President Obama’s proposal to extend the Making Work Pay tax credit soon. The credit, introduced last year as part of the government’s stimulus package, boosts paychecks by up to $400 for single filers and up to $800 for joint […]
Read more- July 27, 2010
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“Glimmers of improvement,” but state woes remain
WASHINGTON (Reuters) – State tax revenue is improving, but only slightly, and may not be enough to end steep spending cuts or replace the loss of assistance from the federal stimulus plan that expires in December, according to a report on Tuesday. The National Conference of State Legislatures said states faced a collective budget gap […]
Read more- July 26, 2010
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IRS Proposes Rules Setting Fee for Preparers to Get Unique ID Number
The Internal Revenue Service July 21 issued proposed rules (Reg-139343-08) establishing a new annual $50 user fee for individuals who apply for or renew a preparer tax identification number (PTIN). The much-anticipated guidance is the first step in setting up a regime of registration with the IRS that will in essence create a new profession […]
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