The Associated Press reports that millions of taxpayers will have to repay some of their stimulus rebate back to the IRS come filing time in 2010: The tax credit is supposed to provide up to $400 to individuals and $800 to married couples as part of the massive economic recovery package enacted in February. Most [...]
Tags: Announcements · Individual Taxation
Joe Kristan writes about the temporary expansion of the Net Operating Loss (NOL) carryback period from 2 years to 5 years: The regular federal net operating loss carryback period is two years. That allows taxpayers to get refunds on taxes paid in the prior two years if they have a business loss in the third year. A special provision [...]
Tags: Tax Policy
Tax Vox reports, A new package of anti-swine flu tax incentives was introduced in the House [yesterday]. The three-pronged package would provide a new tax credit for businesses that purchase liquid hand sanitizers, make it easier for state and local governments to sell tax-exempt bonds to finance swine flu first-response teams, and provide a new [...]
Tags: Legislative Watch · News
The IRS has issued a 5 year strategic plan aimed at closing the tax gap, increasing voluntary compliance with the federal tax laws and cracking down on unscrupulous and fraudulent tax preparers. The 38 page report is a reaction to the anticipated trends that are or will be affecting the IRS over the next five years, including, “growing human [...]
Tags: Announcements · Tax Collections
It’s the case that never seems to go away. The United States and Switzerland continue to dicker over the proper resolution of the offshore tax haven scandal. The Swiss may be neutral in matters of war, but it would be a mistake to underestimate their resolve in matters of diplomacy. Tax News.com reports, an international tax [...]
Tags: International Taxation · News · Tax Crimes
“Whats it all about, Alfie? Is it just for the moment we live? Whats it all about when you sort it out, Alfie? Are we meant to take more than we give Or are we meant to be kind?” - Burt Bacharach, Alfie - Maybe Andrew Lloyd Webber was right. Telegraph.co.uk reports that British actor Michael Caine, star of [...]
Tags: News · Tax Policy
TaxNews.com reports this morning that Republican leaders in Congress are concerned about the effect on small business of President Obama’s proposed tax increases. Senator Chuck Grassley is the ranking member of the Senate Finance Committee, and Representative Dave Camp is the ranking member of the House Ways and Means. They have released a joint statement in which they claim that the [...]
Tags: Legislative Watch
