Treasury

Tax

IRS Official Lois Lerner Pleads the Fifth before House Oversight Committee

Lois Lerner, director of the IRS Exempt Organizations division, chose to invoke her Fifth Amendment right against self-incrimination before the House Oversight and Government Reform Committee on May 22.
194
Tax

Treasury and IRS Issue Final FATCA Regulations

The US Department of the Treasury and the IRS jointly issued comprehensive final regulations under the Foreign Account Tax Compliance Act (FATCA) for reporting and withholding taxes on US taxpayers with financial accounts held abroad.
2935
Tax

Combating Offshore Tax Evasion, Implementing FATCA

The Treasury is engaging with a broad coalition of foreign governments to effectively implement FATCA - it is a milestone in establishing an intergovernmental approach to combating tax evasion.
2212
Tax

Treasury Department Unveils Model FATCA Agreement

The Treasury Department has just released a new "model agreement" designed to facilitate global information sharing about investments under the Foreign Account Tax Compliance Act (FATCA) of 2010.
2913
Practice

Treasury Proposes New Rules for Annuity Options in Retirement Plans

The U.S. Treasury and the IRS have proposed a package of regulations and rulings intended to encourage retirees to invest some proceeds of their retirement accounts in annuities. Retirees have shown no interest in this type of investment because they are reluctant to invest their entire retirement account in an annuity.
5391
A&A

Fixes to Form 1099-R Could Boost Compliance, Inspector General Says

Changes to IRS tax form 1099-R could eliminate taxpayer confusion, improve compliance, and generate "substantial" revenue for the federal government, according to a report released Tuesday by TIGTA - "Opportunities Exist to Identify More Taxpayers Who Underreport Retirement Income."
2516
Tax

NTEU President Says Workforce Reduction Bill Undermines Essential Government Services

The leader of the nation's largest independent federal employees union this week called on members of Congress to reject legislation that proposes what she is calling an "ill-advised reduction of the federal workforce threatening vital government services."
2505
Tax

Kelley re-elected to fourth term as NTEU President

On August 9, delegates to the fifty-third NTEU National Convention elected Colleen M. Kelley to a fourth term as president by a decisive 86-to-14-percent margin over her lone challenger. As the nation's largest independent federal union, NTEU represents 150,000 employees in thirty-one agencies and departments, including the Department of the Treasury, the Department of Health and Human Services, and the Department of Homeland Security.
2177

Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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