Tax news

A&A

Bramwell’s Lunch Beat: Camp Opines About the Tax Code

The menu for May 21 features specials on Madison Square Garden’s sweet property tax deal, inversion legislation misses real problem, Issa subpoenas DOJ on IRS probe, accountant injures a crocodile, and more.
A&A

Thomson Reuters Checkpoint Learning Launches Online Continuing Education Subscription Package for Corporate Tax and Accounting Professionals

Thomson Reuters on May 21 announced the launch of a new annual CPE subscription package that provides a complete training and continuing education solution for corporate tax and accounting professionals.
Practice

Thomson Reuters Releases Affordable Care Act Content Marketing Solutions for Tax, Accounting, and Employee Benefits Firms

Thomson Reuters has released a tax act overview and monthly client marketing newsletter focused on the Affordable Care Act (ACA). The overview provides a summary of key tax-related provisions of the ACA that employers should prioritize in their planning.
Practice

Bills in Senate and House Look to Limit ‘Inversion’ Deals

Legislation introduced by Democrats on Tuesday is aimed at curbing mergers that result in US companies paying less in taxes because their new legal tax residence is overseas – a tactic known as an “inversion.”
Tax

How the IRS Tells a Hobby from a Business

Do you like to mold pottery, run chartered fishing trips, bake and decorate cupcakes, or restore antique cars? These are all hobbies that you can turn into businesses—if the IRS says you can.
A&A

Bramwell’s Lunch Beat: Will Guilty Plea Really Hurt Credit Suisse?

The menu for May 20 features more on Credit Suisse’s guilty plea, including the names of tax-dodging customers remain secret, statements from Credit Suisse CEO Brady Dougan and US Attorney General Eric Holder, and more.
A&A

Bramwell’s Lunch Beat: Credit Suisse Guilty Plea Could Come Today

The menu for May 19 features specials on AstraZeneca says no to “final” Pfizer deal, Harry Reid wants control of Senate amendments, China cracks down on foreign auditors, AICPA hands out awards, and more.
Wealth management

TIGTA Investigates 'Missing' Alimony Payments

There's a $2.3 billion difference between what payers of alimony say they've shelled out and what recipients say they've received. TIGTA is very unhappy about this.
A&A

Bramwell’s Lunch Beat: GOP Senators Sink Tax Extenders Bill

The menu for May 16 features specials on PCAOB issues staff guidance on economic analysis standard setting, Beswick to leave SEC, CAQ and George Washington University start financial disclosure project, and more.
Tax

A Guide to the Tax Rules of Mortgage Refinancing

On the roller coaster that's the U.S. mortgage market, we may be seeing an opportunity to refinance once again. But beware the IRS—the tax rules are tricky and strict.
A&A

Bramwell’s Lunch Beat: Inversion Bill Is on the Way

The menu for May 15 features specials on Citibank cleans house over Banamex loan fraud, why hedge fund managers don’t use corporate tax loophole, two questions loom over Senate tax break bill, and more.
Tax

IRS Not Continuing Legal Fight Over Regulating Preparers

The agency decided not to file a petition with the US Supreme Court by the May 12 deadline to continue a court battle on whether it has the legal authority to mandate testing and continuing education of paid tax return preparers.
A&A

Bramwell’s Lunch Beat: New EU Audit Rules Could Be a ‘Challenge’ for US Banks

The menu for May 14 features specials on tax proposal could beef up highway fund, no veto threat on Senate tax extenders bill – yet, GOP wants medical devices tax eliminated, and more.
Tax

Senate Advances Tax Break Legislation

By a vote of 96 to 3, the Democrat-controlled Senate took its first step in reviving a plethora of expired tax breaks by advancing a bill on Tuesday that would extend the provisions for two years, adding nearly $85 billion to the deficit.
Tax

Report: IRS Made Up to $15.6 Billion in Faulty EITC Payments in 2013

The Treasury Inspector General for Tax Administration found that 22 to 26 percent of all EITC payments were issued improperly by the IRS last year, costing taxpayers between $13.3 billion to $15.6 billion.
A&A

Bramwell’s Lunch Beat: Tax Break Ball Back in Senate’s Court

The menu for May 13 features specials on Credit Suisse deal with US could reach $2 billion, financial restatements pack less of a punch, Audit Analytics examines SEC case lengths and settlements, and more.
Tax

Video Explains New FSA Flexibility Rules

In a new video on health care FSAs, the IRS shows flexibility on the old "use it or lose it" rules. You now have a choice between a grace period and carryover.
A&A

Bramwell’s Lunch Beat: SEC to Hear Appeal From Big Four’s China Affiliates

The menu for May 12 features specials on Pfizer/AstraZeneca deal: more about drugs or taxes, Credit Suisse CEO losing support, the House won’t arrest Lois Lerner, and more.
A&A

Bramwell’s Lunch Beat: Wyden Wants to Plug ‘Inversion’ Loophole

The menu for May 9 features specials on US likely to join six-nation tax alliance, Pfizer shareholders could face tax hit in AstraZeneca deal, IRS to give Ways and Means all Lois Lerner e-mails, and more.
Tax

R&D Tax Credit Bill Moves Through House

In a vote of 274 to 131, the House passed a measure on Friday that permanently extends the popular business R&D tax credit – which will add $156 billion to the deficit – despite a veto threat earlier this week from the White House.

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