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Nov 22, 2013

Hand over tax audit information, clock is running: IRS

WASHINGTON (Reuters) – The U.S. Internal Revenue Service audit, already a feared ordeal, will get even sharper teeth in January when the IRS will start setting strict deadlines for delivery of information it wants from companies and wealthy people it is auditing.

No such deadlines now exist. So taxpayers can put off IRS requests for documents or personal interviews and drag out audits for months, sometimes even years, said tax experts familiar with the rules.

Nov 22, 2013

Hand over tax audit information, clock is running -U.S. IRS

WASHINGTON, Nov 22 (Reuters) – The U.S. Internal Revenue
Service audit, already a feared ordeal, will get even sharper
teeth in January when the IRS will start setting strict
deadlines for delivery of information it wants from companies
and wealthy people it is auditing.

No such deadlines now exist. So taxpayers can put off IRS
requests for documents or personal interviews and drag out
audits for months, sometimes even years, said tax experts
familiar with the rules.

Nov 20, 2013

Top U.S. Senate tax writer urges revamp of corporate offshore taxation

WASHINGTON, Nov 19 (Reuters) – Taxation of large U.S.
multinational corporations would be dramatically overhauled by a
raft of proposals unveiled on Tuesday by the U.S. Senate’s top
tax writer, though there is broad skepticism that they could
become law anytime soon.

Democratic Senator Max Baucus issued a “discussion draft”
that called for, among other things, repealing the present tax
code provision that allows U.S. multinationals to park hundreds
of billions of dollars in foreign profits offshore tax-free.

Nov 19, 2013

Top U.S. Senate tax writer offers corporate global tax proposals

WASHINGTON (Reuters) – Taxation of large U.S. multinational corporations would be dramatically overhauled by a raft of initial proposals unveiled on Tuesday by the U.S. Senate’s top tax writer, though there is broad skepticism that they could become law anytime soon.

Democratic Senator Max Baucus issued a “discussion draft” that called for, among other things, repealing the present tax code provision that allows U.S. multinationals to park hundreds of billions of dollars in foreign profits offshore tax-free.

Nov 18, 2013

Adding Obamacare data to W-2 tax form may confuse: IRS

WASHINGTON (Reuters) – U.S. Internal Revenue Service officials fretted on Monday about an idea being pushed by some businesses to expand the ubiquitous W-2 tax form to include more healthcare data in an effort to avoid the creation of a new IRS form.

“The number of fields on the W-2 is a little sacrosanct,” said Stephen Tackney, an IRS lawyer working on new agency rules to implement President Barack Obama’s healthcare law.

Nov 18, 2013

Adding Obamacare data to W-2 tax form may confuse -U.S. IRS

WASHINGTON, Nov 18 (Reuters) – U.S. Internal Revenue Service
officials fretted on Monday about an idea being pushed by some
businesses to expand the ubiquitous W-2 tax form to include more
healthcare data in an effort to avoid the creation of a new IRS
form.

“The number of fields on the W-2 is a little sacrosanct,”
said Stephen Tackney, an IRS lawyer working on new agency rules
to implement President Barack Obama’s healthcare law.

Nov 15, 2013

Businesses push IRS to reduce data reporting under Obamacare

WASHINGTON (Reuters) – The Internal Revenue Service is under pressure from some businesses to reduce the information they may soon have to collect and report to the IRS under the health law known as Obamacare, including the birth dates and Social Security numbers of employees’ children.

The IRS will be issuing tax penalties to businesses and individuals who fail to obtain health coverage. The data will help verify that businesses and individuals are telling the truth about their healthcare coverage under the law.

Nov 12, 2013

Bankers’ lawsuit jeopardizes U.S. tax dodger crackdown: lawyers

WASHINGTON/NEW YORK (Reuters) – A court challenge by Texas and Florida bankers threatens to undermine a broad U.S. government crackdown on offshore tax avoidance and jeopardize a web of carefully crafted international agreements, tax lawyers said on Tuesday.

The Texas Bankers Association and the Florida Bankers Association, both industry groups, have filed a lawsuit attempting to block a new U.S. Treasury Department rule governing accounts held by foreigners in U.S. banks.

Nov 7, 2013

Prosecutors seek clues on alleged tax dodgers from two U.S. banks

By Patrick Temple-West and Terry Baynes

(Reuters) – U.S. authorities are seeking information from Citigroup Inc’s Citibank NA and Bank of New York Mellon Corp to uncover the identities of U.S. citizens who may have been hiding money in Swiss bank accounts to avoid taxes.

In a filing in Manhattan federal court on Wednesday, the U.S. Attorney for the Southern District of New York requested permission to issue “John Doe” summonses to the two U.S. banks for records of accounts tied to the Swiss bank Zuercher Kantonalbank (ZKB).

Nov 6, 2013

Senators seek to kill tax break for corporate settlement costs

WASHINGTON (Reuters) – Banks and corporations would no longer be able to claim tax deductions for certain payments made under legal settlements with the U.S. government involving alleged business misconduct, under bipartisan legislation offered on Wednesday in the Senate.

Senators Charles Grassley and Jack Reed offered the bill. “Congress needs to close this settlement loophole,” said Reed, a Democrat, in a statement.