Tax news

Tax

Permanent Ban on Internet Access Taxes Backed by US House

All that was needed on Tuesday was a voice vote for the House of Representatives to pass a bill that would prevent state and local governments from taxing access to the Internet. Now the ball is in the Senate's court to pass its bill before the Nov. 1 deadline.
Tax

AICPA Files Lawsuit to Stop IRS Voluntary Preparer Education

The federal lawsuit, filed on Tuesday, said the IRS’s new Annual Filing Season Program is “unlawful” and an attempt to bypass two courts’ rulings that prevent the agency from mandating continuing education and competency testing of unlicensed tax return preparers.
Tax

Ex-CA Tax Preparer Gets 18 Months in Jail for Defrauding the IRS

According to court documents, Rene R. Lopez of Van Nuys, California, prepared and filed at least 85 fraudulent income tax returns with the IRS, claiming $130,797 in false income tax refunds, from 1998 through 2001.
A&A

Bramwell’s Lunch Beat: Mylan/Abbott Labs’ ‘Spinversion’ Deal

The menu for July 15 features specials on EY to pay $4 million fine in lobbying case, House backs cuts to IRS budget, NASCAR tracks lobby for tax cuts, Citigroup to get a tax break as part of settlement, and more.
A&A

Bramwell’s Lunch Beat: Hedge Fund’s Tax Maneuvers Under Scrutiny by Lawmakers

The menu for July 14 features specials on UK to tighten rules on foreign takeovers, House likely to vote on highway fund bill this week, another judge wants answers on lost IRS emails, and more.
Tax

The Strange Case of the Blood Deduction

Few tax rules are as long standing and as stringently enforced as the blanket prohibition of deductions for the costs of commuting between home and work. Then came the woman who sold blood and presented novel interpretations of the tax code.
A&A

Bramwell’s Lunch Beat: Rep. Steve Stockman Wants Lois Lerner Thrown in Jail

The menu for July 11 features specials on IRS to take oath on missing emails, short-term highway fund fix gets support on both sides of Congress, Ventas dismisses EY as auditor due to inappropriate relationship, and more.
Tax

House Passes Bonus Depreciation Bill

By a 258-to-160 vote, the Republican-controlled House of Representatives passed a bill on Friday morning that would permanently extend the bonus depreciation tax break for businesses. Thirty-four Democrats voted for the legislation; two GOP lawmakers voted against it.
Tax

White House Opposes House GOP’s Bonus Depreciation Bill

The Republican-led House of Representatives is expected to pass a bill on Friday that would permanently extend the bonus depreciation tax break. But don’t expect President Obama to sign it.
Tax

Sweating the Small Stuff: New 'Yoga Tax' Approved

States are always on the prowl for new revenue, and the nation's capital has decided getting healthy is worth 5.75 percent. Indeed, almost half the states tax health clubs, and New York has been splitting hairs in taxing various establishments.
A&A

Bramwell’s Lunch Beat: TIGTA Wants IRS to Revise Form 1040

The menu for July 10 features specials on Credit Suisse wants sentencing for aiding tax evasion pushed back until November, Lois Lerner’s warning about IRS email chatter, lawmakers discuss highway fund plans today, PwC must face MF Global lawsuit, and more.
Tax

New IRS Rules Place Limits on Tax Refund Direct Deposits

Starting in January 2015, the IRS will limit the number of refunds that are electronically deposited into a single financial account or pre-paid debit card to three, as part of the agency's effort to crack down on fraud and identity theft.
A&A

Bramwell’s Lunch Beat: Salix Jumps on Tax Inversion Bandwagon

The menu for July 9 features specials on Ways and Means pitches transportation measure, House likely to vote on bonus depreciation bill this week, IMA names new chairman of its Global Board of Directors, and more.
A&A

Bramwell’s Lunch Beat: PCAOB Tags Ex-PwC Partner with Penalties

The menu for July 8 features specials on Swiss banks threaten freeze on US accounts over tax evasion, 30 years of inversions in one chart, GAO says IRS misleads audited taxpayers, and more.
Tax

5 Tax Tips Newlyweds Should Consider

Summer wedding season is underway, but have you considered some of the tax issues that go along with tying the knot? If not, the IRS has provided the following five basic tips that can help keep those issues to a minimum.
Tax

Vacation Homes: The 'Secret' Tax Break

There's a creative method that some vacation-home owners may be able to use to avoid adverse tax consequences. The well-known active participation break isn't the only way to save on taxes.
A&A

Bramwell’s Lunch Beat: The Deals Within Tax Inversion Deals

The menu for July 7 features specials on PCAOB likely to vote on naming engagement partner proposal by year’s end, EU widens its tax inquiry of multinational firms, SEC final pay rules coming soon, and more.
A&A

How to Use Investment-Related Tax Breaks

Can you deduct the costs of traveling to investment seminars and shareholders' meetings? The IRS draws some very fine lines on these investment expenses, but the courts have shown some flexibility.
A&A

Bramwell’s Lunch Beat: Pot Shop Challenging IRS Penalties

The menu for July 3 features specials on lawmakers throw the book at tax scofflaws to raise revenue, states take lead on gas tax increases, GOP presses Justice to act on Lois Lerner contempt citation, and more.
Tax

FATCA Pacts with US Grow as Law Takes Effect

The US Treasury Department said on July 1, the day FATCA went into effect, that nearly 100 jurisdictions and more than 80,000 financial institutions worldwide now have agreements with the United States to fight overseas tax evasion.

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