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Sep 29, 2013

Closed museums to be least of the problems in a U.S. shutdown

WASHINGTON, Sept 29 (Reuters) – The most iconic image from
the last big shutdown of the federal government in 1995 was also
its most misleading.

It was a sign on the door of the Air and Space Museum in
Washington saying “Due to the Federal Government shutdown, the
Smithsonian Institution must be closed. We regret the
inconvenience.”

Sep 27, 2013

U.S., Panama in talks on tax evasion pact -Treasury

Sept 27, WASHINGTON (Reuters) – The United States and Panama
are in talks on a tax evasion agreement, the U.S. Treasury
Department said on Friday, a sign of U.S. progress in
implementing a crackdown on U.S. tax cheats.

The Foreign Account Tax Compliance Act (FATCA), enacted in
2010, takes effect in July 2014. It requires foreign financial
institutions to tell the U.S. Internal Revenue Service about
Americans’ offshore accounts worth more than $50,000.

Sep 27, 2013

Factbox: U.S. IRS still has long to-do list on Obama health law

WASHINGTON (Reuters) – As the sweeping new U.S. healthcare law takes hold, the Internal Revenue Service and the Treasury Department are working on a long list of jobs to help implement “Obamacare.”

The IRS is playing a major part in rolling out President Barack Obama’s new insurance system, meant to help millions of uninsured Americans obtain adequate healthcare coverage.

Sep 27, 2013

U.S. IRS still has long to-do list on Obama health law

WASHINGTON, Sept 27 (Reuters) – As the sweeping new U.S.
healthcare law takes hold, the Internal Revenue Service and the
Treasury Department are working on a long list of jobs to help
implement “Obamacare.”

The IRS is playing a major part in rolling out President
Barack Obama’s new insurance system, meant to help millions of
uninsured Americans obtain adequate healthcare coverage.

Sep 24, 2013

IRS rides 1884 ‘dead horse’ law to defense of tax preparer rules

WASHINGTON (Reuters) – The Obama administration on Tuesday defended its effort to regulate the tax return preparation business for the first time in U.S. history, basing its case largely on a 19th century law dealing with horses lost or killed in the Civil War.

At an appellate court hearing on a challenge brought by libertarian lawyers challenging the administration, Justice Department Tax Division lawyer Gilbert Rothenberg said: “I hate to beat a dead horse, especially one from the Civil War era.”

Sep 23, 2013

U.S. IRS official at heart of ‘Tea Party’ review scandal retires

WASHINGTON (Reuters) – A U.S. Internal Revenue Service official who was a key figure in the controversy over the tax agency’s scrutiny of conservative groups retired on Monday just as an IRS review board was poised to recommend she be fired.

Lois Lerner was at the center of an uproar that shook the IRS for weeks starting in mid-May after she apologized in public for the tax agency’s treatment of political groups with “Tea Party” and other conservative terms in their names.

Sep 23, 2013

IRS, activist lawyers to clash in court over tax preparer rules

WASHINGTON (Reuters) – The U.S. government’s first effort to regulate tens of thousands of tax return preparers will be tested on Tuesday when the Internal Revenue Service squares off in court against a libertarian law firm.

The Institute for Justice, funded by leading conservative activists, will argue that the IRS lacks the legal authority to require return preparers to pass a competency test, and to pay for continuing education classes.

Sep 21, 2013

BB&T Corp loses $772 million ‘tax shelter’ court case

WASHINGTON (Reuters) – BB&T Corp lost on Friday a $772 million tax dispute with the U.S. Internal Revenue Service in federal court over a transaction the judge called “an economically meaningless tax shelter.”

In a ruling that could affect other U.S. banks with similar disputes, BB&T unit Salem Financial was fighting for a tax refund related to a deal that it said was meant to advance its core business.

Sep 20, 2013

BB&T Corp loses case to U.S. IRS as judge says deal a tax shelter

WASHINGTON (Reuters) – BB&T Corp on Friday lost a multimillion-dollar tax dispute with the U.S. Internal Revenue Service in federal court over a transaction the judge called “an economically meaningless tax shelter.”

In a ruling that could affect other U.S. banks with similar disputes, BB&T unit Salem Financial was fighting for a tax refund of $772 million related to a deal that it said was meant to advance its core business.

Sep 18, 2013

BMC Software loses $13 million Tax Court decision to IRS

WASHINGTON (Reuters) – Computer software provider BMC Software Inc on Wednesday lost a $13 million tax dispute with the Internal Revenue Service in a first-of-its-kind U.S. Tax Court decision stemming from 2004′s controversial corporate income tax repatriation holiday.

In a decision that could have implications for other companies in similar disputes with the IRS, the Tax Court said BMC owes taxes on a portion of its foreign profits brought into the United States under the 2004 tax break.