WASHINGTON (Reuters) – Two U.S. government watchdogs warned on Wednesday of possible delays in the scheduled October 1 start of new state healthcare exchanges, raising further doubts about the implementation of President Barack Obama’s signature legislation.
One watchdog warned the Internal Revenue Service would have difficulty completing testing of systems required to implement the law, while another from the Government Accountability Office said he also foresaw difficulties in meeting an October 1 deadline.
(Reuters) – The U.S. Treasury Department said on Friday it will postpone enforcement of a new law that cracks down on offshore tax avoidance by Americans by six months until July 1, 2014, giving foreign banks more time to determine how to comply.
The Foreign Account Tax Compliance Act, or FATCA, requires foreign banks and other institutions to supply information to the U.S. Internal Revenue Service about Americans’ offshore accounts worth more than $50,000.
WASHINGTON (Reuters) – A central part of President Barack Obama’s 2010 healthcare law – a requirement that large employers offer health insurance to employees or pay a fine to the U.S. Internal Revenue Service – is being delayed for a year until 2015.
The move, which raised questions about the future of other provisions of the law, followed widespread complaints from businesses and their lobbyists about reporting requirements for employers with 50 or more full-time workers.
WASHINGTON (Reuters) – The U.S. Internal Revenue Service, still reeling from its worst crisis in years, is taking steps to halt bonuses for union employees and senior executives, the acting IRS commissioner told employees on Tuesday.
Bowing to “an unfortunate byproduct” of government-wide budget cuts, acting commissioner Danny Werfel said the move does not reflect poorly on employees’ work and follows a bonus freeze already in place for non-union employees and managers.
WASHINGTON/HONG KONG, July 8 (Reuters) – In one week, the
United States is scheduled to begin registering foreign
financial firms with U.S. customers for a new anti-tax evasion
law, despite industry lobbying to secure another implementation
The Internal Revenue Service still has not finalized sign-up
instructions for the new online portal, due to open by July 15
in one of the last steps toward implementing the Foreign Account
Tax Compliance Act (FATCA) of 2010.
WASHINGTON (Reuters) – The Internal Revenue Service and two technology firms are fighting in court over tax bills from a 2004 corporate tax holiday, with other multinationals watching closely for a result that could come any day, said tax lawyers.
In separate cases, BMC Software Inc (BMC.O: Quote, Profile, Research, Stock Buzz) and Analog Devices Inc (ADI.O: Quote, Profile, Research, Stock Buzz) are challenging IRS demands that the companies pay more tax, arguing the agency’s claim breaches the controversial tax holiday law Congress enacted nine years ago.
WASHINGTON (Reuters) – For U.S. corporations the top federal income tax rate is 35 percent, but large, profitable companies on average paid only about a third of that in 2010, a report by the investigative arm of Congress said on Monday.
As corporate lobbyists seek to preserve business tax breaks and cut the corporate tax rate, the Government Accountability Office said big companies with earnings paid just 12.6 percent of their worldwide income in taxes in 2010.
WASHINGTON (Reuters) – The Treasury Inspector General for Tax Administration, facing criticism of his findings that tax authorities targeted Tea Party-linked groups for extra scrutiny, said his office did not find evidence that the term “progressives” also was used to single out groups.
As the IRS “Tea Party” controversy turned inward on itself, with investigators themselves under scrutiny, J. Russell George said in a letter to Democrats his office found the IRS did not scrutinize both conservative and progressive groups equally.
WASHINGTON, June 25 (Reuters) – A Virginia company
inappropriately secured contracts worth hundreds of millions of
dollars from the Internal Revenue Service based on false
statements and personal ties to an IRS official, the top
Republican investigator in the U.S. House of Representatives
said on Tuesday.
A report issued by Oversight and Government Reform Committee
Chairman Darrell Issa of California said the IRS, which is
embroiled in a series of unrelated controversies, awarded the
contracts to computer networking and security company Strong
WASHINGTON (Reuters) – A Virginia company inappropriately secured hundreds of millions of dollars worth of contracts from the Internal Revenue Service based on false statements and personal ties to an IRS official, the top Republican investigator in the U.S. House of Representatives said on Tuesday.
A report issued by Oversight and Government Reform Committee Chairman Darrell Issa said the IRS, which is embroiled in a series of unrelated controversies, awarded the contracts to computer networking and security company Strong Castle Inc.