Patrick's Feed
Oct 4, 2013

Good news for tax delinquents: shutdown halts new asset seizures: IRS

WASHINGTON (Reuters) – The U.S. Internal Revenue Service said on Friday that it has stopped initiating new asset seizures from tax delinquents during the government shutdown and is enforcing seizures only in “extremely limited” instances.

During the shutdown, the “IRS is not sending out levies or liens,” an agency spokeswoman said in a statement to Reuters.

Oct 4, 2013

Good news for tax delinquents: shutdown halts new asset seizures -IRS

WASHINGTON, Oct 4 (Reuters) – The U.S. Internal Revenue
Service said on Friday that it has stopped initiating new asset
seizures from tax delinquents during the government shutdown and
is enforcing seizures only in “extremely limited” instances.

During the shutdown, the “IRS is not sending out levies or
liens,” an agency spokeswoman said in a statement to Reuters.

Oct 4, 2013

Shutdown slows U.S. bilateral talks to fight offshore tax dodgers

WASHINGTON (Reuters) – The federal government shutdown has interrupted U.S. efforts to negotiate agreements with other countries on implementing an anti-tax evasion law that is to take effect next year, tax lawyers said on Friday.

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

Oct 2, 2013

Shutdown leaves some U.S. taxpayers defenseless against IRS

WASHINGTON, Oct 2 (Reuters) – The shutdown of the federal
government has left some tax delinquents defenseless against
U.S. Internal Revenue Service (IRS) asset seizures, tax
professionals said on Wednesday.

Some IRS tax collectors who pursue individuals and
businesses that are delinquent are working through the shutdown,
but IRS staff who help these taxpayers defend themselves from
collectors have been furloughed, lawyers said.

Oct 1, 2013

U.S. Supreme Court to weigh taxability of severance pay

WASHINGTON (Reuters) – The U.S. Supreme Court on Tuesday agreed to consider whether severance pay to workers laid off involuntarily is subject to federal payroll tax in a case the Obama administration has warned could affect $1 billion in tax refund claims.

Pitting defunct rural retailer Quality Stores Inc against the U.S. Internal Revenue Service, the dispute centers on the Federal Insurance Contributions Act tax, or FICA, which helps finance two major social programs: Social Security retirement pensions, and Medicare health insurance for the aged.

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.”