Patrick's Feed
Aug 1, 2013

Obama nominates John Koskinen to lead IRS

WASHINGTON (Reuters) – President Barack Obama on Thursday nominated John Koskinen, who has held a variety of roles in government, to lead the Internal Revenue Service amid a controversy over the agency’s scrutiny of conservative political groups.

If confirmed by the Senate, Koskinen will take over the agency of about 90,000 employees responsible for administering the increasingly complex tax code.

Jul 30, 2013

U.S., Liechtenstein bank reach settlement in tax evasion case

WASHINGTON, July 30 (Reuters) – U.S. federal prosecutors and
Liechtenstein’s oldest bank, Liechtensteinische Landesbank AG,
announced a $23.8 million settlement on Tuesday that halts any
criminal prosecution of the bank, which admitted to helping U.S.
clients evade taxes.

The Vaduz, Liechtenstein-based bank, which had been under
investigation since at least 2011, will face no criminal charges
for opening and maintaining undeclared bank accounts for
Americans who tried to dodge U.S. tax obligations from 2001
through 2011, both parties said in the 13-page settlement
released on Tuesday.

Jul 24, 2013

IRS pursuing ‘stateless income’ tax enforcement: official

WASHINGTON (Reuters) – The Internal Revenue Service is pursuing tax enforcement cases against companies over the issue of “stateless income,” a senior agency official said on Wednesday in a reference to corporate profits that are not taxed by any country.

Erik Corwin, an IRS deputy chief counsel, said there were international tax disputes with companies, “most involving consequences of complex restructurings designed either to create stateless income or to affect a tax efficient repatriation.”

Jul 24, 2013

U.S. IRS pursuing ‘stateless income’ tax enforcement -official

WASHINGTON, July 24 (Reuters) – The U.S. Internal Revenue
Service is pursuing tax enforcement cases against companies over
the issue of “stateless income,” a senior agency official said
on Wednesday in a reference to corporate profits that are not
taxed by any country.

Erik Corwin, an IRS deputy chief counsel, said there were
international tax disputes with companies, “most involving
consequences of complex restructurings designed either to create
stateless income or to affect a tax efficient repatriation.”

Jul 22, 2013

For some gays in America, a legal victory becomes a tax headache

WASHINGTON (Reuters) – Married Californians Jeremy Turpen and Randy Brock celebrated last month’s U.S. Supreme Court rulings on gay marriage. Now they face a tax headache.

Living in a state that recognizes gay marriage, they are entitled under the rulings to federal tax breaks enjoyed by other U.S. married couples such as tax-free, employer-provided healthcare for a spouse.

Jul 19, 2013

U.S. defends IRS tax-exempt review in pro-Israel group lawsuit

WASHINGTON (Reuters) – The Obama administration on Friday defended the Internal Revenue Service’s process for reviewing applications for tax-exempt status and contested a lawsuit filed by a pro-Israel group that is arguing its application was discriminated against.

At a federal district court hearing in Washington, a pro-Israel group, Z Street, argued that it has a legal right to sue the IRS for allegedly targeting its 2009 application for extra scrutiny. Z Street said this violated its legal rights.

Jul 18, 2013

IRS watchdog looking into targeting of groups beyond Tea Party

WASHINGTON (Reuters) – The Internal Revenue Service’s inspector general said on Thursday he is expanding his probe of IRS treatment of political groups that applied for tax-exempt status to see if liberal groups were treated the same way as conservative ones.

Under attack from Democrats over his earlier inquiries, IRS watchdog Russell George said there is new evidence to study in the nine-week-old controversy about the IRS’s handling of tax-exempt applications from “Tea Party” and other groups.

Jul 17, 2013

Officials warn of Obamacare insurance exchange delays

WASHINGTON, July 17 (Reuters) – Two U.S. government
officials warned on Wednesday that the launch of new state
healthcare exchanges could potentially be delayed, raising
further doubts about the implementation of President Barack
Obama’s signature legislation.

Alan Duncan, an auditor with the Treasury Inspector General
for Tax Administration, an Internal Revenue Service agency that
monitors performance, said testing the systems needed to
implement the exchanges “will be difficult to complete” by the
Oct. 1 start date.

Jul 17, 2013

Watchdogs warn of U.S. healthcare insurance exchange delays

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.

Jul 12, 2013

Treasury delays offshore tax-dodging law by six months

By Patrick Temple-West

(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.