WASHINGTON (Reuters) – The Obama administration said on Thursday it will seek new limits on overseas tax avoidance by corporations in its forthcoming budget proposal, reprising an approach it has made before to try to raise government revenue via a tighter corporate tax code.
With the U.S. Congress gridlocked over fiscal policy, past efforts by Democratic President Barack Obama to crack down on what he sees as offshore corporate tax loopholes have largely failed. The latest measures could meet the same fate.
WASHINGTON (Reuters) – The Treasury Department moved on Thursday to shut the door on further 11th-hour tweaks to a new law set to take effect on July 1 that is meant to fight offshore tax evasion by Americans.
The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 and has undergone successive delays and revisions, with banks even now saying more time is needed to get ready for it.
WASHINGTON (Reuters) – Kev Imandoust guards his U.S. Social Security number with 25-character passwords and email encryption software. But in 2012, the San Diego accountant became one of more than a million Americans whose identities were stolen to use for tax refund fraud.
When he tried to file his taxes days before the April 15 deadline two years ago, Imandoust had his return rejected by the Internal Revenue Service. Someone in Florida had filed using his name and Social Security number, the IRS said.
WASHINGTON (Reuters) – A California homebuilder has prevailed in U.S. Tax Court in a case involving an accounting method that could help builders and developers defer taxes, industry experts said on Thursday.
Handing a defeat to the Internal Revenue Service, the court ruled that Shea Homes LP SHEHM.UL could defer payment of taxes on home sales until 95 percent of the homes in its huge, gated-community developments were sold.
WASHINGTON (Reuters) – A appeals court on Tuesday upheld a lower court ruling that quashed the U.S. Internal Revenue Service’s authority to regulate tax-return preparers, dealing a blow to the Obama administration’s bid to fight tax preparation fraud.
A federal court judge had invalidated test-taking and continuing education requirements the IRS wanted to impose on hundreds of thousands of unregulated tax-return preparers.
WASHINGTON, Feb 11 (Reuters) – A U.S. appeals court on
Tuesday upheld a lower court ruling that quashed the U.S.
Internal Revenue Service’s authority to regulate tax-return
preparers, dealing a blow to the Obama administration’s bid to
fight tax preparation fraud.
A federal court judge had invalidated test-taking and
continuing education requirements the IRS wanted to impose on
hundreds of thousands of unregulated tax-return preparers.
WASHINGTON, Feb 10 (Reuters) – The Obama administration on
Monday again delayed a contentious healthcare law requirement
that requires all but the smallest employers to provide coverage
to full-time workers, this time by giving medium-sized
businesses another year to comply.
The so-called employer mandate, which has been opposed by
businesses, was supposed to take effect in January. The
administration granted a one-year delay in July.
WASHINGTON (Reuters) – Squabbling on Capitol Hill over the U.S. Internal Revenue Service continued on Friday with Democrats accusing Republicans of prolonging multiple investigations into a nine-month-old controversy at the tax agency for political gain.
“We are concerned … that congressional Republicans are wasting taxpayer dollars and continuously using the (IRS) ‘investigations’ for political purposes for the November election,” two U.S. House of Representatives Democrats said in a letter to IRS Commissioner John Koskinen.
OTTAWA/WASHINGTON (Reuters) – Canada and the United States on Wednesday unveiled a tax information-sharing pact, advancing the Obama administration’s fight against tax dodgers, although challenges remained to implementing a U.S. international tax transparency law.
Set to take effect on July 1, President Barack Obama’s Foreign Account Tax Compliance Act (FATCA) will require foreign banks to share information about Americans’ accounts worth more than $50,000 with the Internal Revenue Service, the U.S. tax agency.
WASHINGTON (Reuters) – The new chief of the U.S. Internal Revenue Service on Wednesday said the tax agency needs to start moving beyond a controversy that erupted almost nine months ago about its scrutiny of a handful of conservative political groups.
In his first congressional appearance since taking the helm at the IRS in December, Commissioner John Koskinen said he will cooperate with the six separate investigations into the IRS’s missteps last year, but that he is eager to move forward.