Patrick's Feed
Jul 9, 2013

U.S. IRS still has long to-do list on healthcare laws

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.

Jul 9, 2013

IRS moves to halt employee bonuses, citing budget cuts

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.

Jul 8, 2013

Compliance deadlines loom for U.S. global tax evasion law

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
delay.

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.

Jul 2, 2013

IRS battles tech companies over 2004 offshore tax holiday

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.

Jul 1, 2013

For U.S. corporate giants, taxes are far below top rate: study

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.

Jun 27, 2013

Watchdog defends review of IRS conservative scrutiny

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.

Jun 25, 2013

U.S. House Republican says IRS awarded ‘inappropriate’ contracts

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
Castle Inc.

Jun 25, 2013

House Republican says IRS awarded “inappropriate” contracts

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.

Jun 24, 2013

IRS junks “lookout” lists at heart of Tea Party fracas

WASHINGTON, June 24 (Reuters) – The U.S. Internal Revenue
Service has scrapped controversial screening lists used by the
agency to scrutinize conservative and Tea Party groups seeking
tax-exempt status, while offering a speedier path for stalled
applications, the agency’s new chief said on Monday.

Use of the so-called “be on the lookout” lists (BOLO) using
partisan names like “Tea Party” and “Patriot” to flag
applications for more scrutiny were at the heart of a critical
report from the Treasury Inspector General for Tax
Administration issued on May 14.

Jun 24, 2013

IRS scraps “be on the lookout” lists at heart of Tea Party fracas

WASHINGTON, June 24 (Reuters) – The U.S. Internal Revenue
Service has scrapped controversial screening lists used by the
agency to scrutinize conservative and Tea Party groups seeking
tax-exempt status, while offering a speedier path for stalled
applications, the agency’s new chief said on Monday.

Use of the so-called “be on the lookout” lists (BOLO) using
partisan names like “Tea Party” and “Patriot” to flag
applications for more scrutiny were at the heart of a critical
report from the Treasury Inspector General for Tax
Administration issued on May 14.