The Obama administration voiced its opinion in a letter to leaders of the congressional tax-writing committees over urging lawmakers to pass legislation that would limit U.S. companies' ability to reincorporate overseas for tax purposes.
Internal Revenue Service Commissioner John Koskinen unveiled the agency's plan to create a voluntary tax preparer certification program.
When homework was completed with a pen and paper, the excuse that the dog ate your homework was plausible. It could happen, although it has always been unlikely. As everyone moves to digital, the excuse becomes the dog chewed up the flash drive or maybe the external hard drive.
U.S. taxpayers hiding assets abroad should take note of the Internal Revenue Service's plan to sharply increase penalties for such acts, while those who unintentionally fail to disclose offshore accounts will experience much more leniency.
More U.S. taxpayers have either renounced their citizenship or returned their green cards in 2013 than ever before, primarily high net-worth individuals who sought to avoid higher taxes on income and capital gains. The major driving forces of the sharp increase are new changes to the tax law, including the Foreign Accounts Tax Compliance Act (FATCA), a law designed to assist the U.S. government in identifying unreported offshore bank accounts.
Thursday's ruling by federal officials marks an historic turn for same-sex couples married in states that recognize their union. These couples will now be treated as married for federal tax purposes, no matter where they choose to live. Gay rights advocates applaud the ruling, but it could lead to complications at the state and local level.
President Barack Obama will extend a new offer to congressional Republicans today in which he would back an overhaul of the corporate tax system in exchange for a guarantee that resulting one-time windfall be used to underwrite various job creation proposals in an attempt to break an impasse. He plans to lay out the plan in Chattanooga, TN, in hopes of winning over Republican lawmakers who have opposed requests from the White House for new spending on infrastructure aimed at boosting the economy.
Not exactly, but under certain circumstances you might! Online role playing games, made famous by games such as World of Warcraft (WoW), are a great example of the growing trend of virtual economies and virtual currencies. The relationship between the virtual economies and the actual economy and what is taxable is becoming a growing area of concern for the IRS, Congress, and taxation law in general.
In light of recent United States Tax Court decisions and subsequent affirmation by the Ninth Circuit Court of Appeals, the IRS has issued a notice to Chief Counsel Attorneys informing them of how to proceed with innocent spouse cases and the standards of review to expect from the Tax Court.
Let's be honest, no one likes to pay taxes. But this aversion to giving up some of our hard earned money is usually offset by our desire to maintain a well-ordered society and infrastructure. Nevertheless, the "bad guy," so to speak, in each country is usually the tax collector. In the United States both Uncle Sam and the IRS often get the bad rap. In Europe, it is a rather similar affair. While naming each European country's "bad guy" would take more time than it's worth, talking about the growing "shadow economy" is worthy of the time.