Patrick's Feed
Nov 18, 2013

Adding Obamacare data to W-2 tax form may confuse -U.S. IRS

WASHINGTON, Nov 18 (Reuters) – U.S. Internal Revenue Service
officials fretted on Monday about an idea being pushed by some
businesses to expand the ubiquitous W-2 tax form to include more
healthcare data in an effort to avoid the creation of a new IRS
form.

“The number of fields on the W-2 is a little sacrosanct,”
said Stephen Tackney, an IRS lawyer working on new agency rules
to implement President Barack Obama’s healthcare law.

Nov 15, 2013

Businesses push IRS to reduce data reporting under Obamacare

WASHINGTON (Reuters) – The Internal Revenue Service is under pressure from some businesses to reduce the information they may soon have to collect and report to the IRS under the health law known as Obamacare, including the birth dates and Social Security numbers of employees’ children.

The IRS will be issuing tax penalties to businesses and individuals who fail to obtain health coverage. The data will help verify that businesses and individuals are telling the truth about their healthcare coverage under the law.

Nov 12, 2013

Bankers’ lawsuit jeopardizes U.S. tax dodger crackdown: lawyers

WASHINGTON/NEW YORK (Reuters) – A court challenge by Texas and Florida bankers threatens to undermine a broad U.S. government crackdown on offshore tax avoidance and jeopardize a web of carefully crafted international agreements, tax lawyers said on Tuesday.

The Texas Bankers Association and the Florida Bankers Association, both industry groups, have filed a lawsuit attempting to block a new U.S. Treasury Department rule governing accounts held by foreigners in U.S. banks.

Nov 7, 2013

Prosecutors seek clues on alleged tax dodgers from two U.S. banks

By Patrick Temple-West and Terry Baynes

(Reuters) – U.S. authorities are seeking information from Citigroup Inc’s Citibank NA and Bank of New York Mellon Corp to uncover the identities of U.S. citizens who may have been hiding money in Swiss bank accounts to avoid taxes.

In a filing in Manhattan federal court on Wednesday, the U.S. Attorney for the Southern District of New York requested permission to issue “John Doe” summonses to the two U.S. banks for records of accounts tied to the Swiss bank Zuercher Kantonalbank (ZKB).

Nov 6, 2013

Senators seek to kill tax break for corporate settlement costs

WASHINGTON (Reuters) – Banks and corporations would no longer be able to claim tax deductions for certain payments made under legal settlements with the U.S. government involving alleged business misconduct, under bipartisan legislation offered on Wednesday in the Senate.

Senators Charles Grassley and Jack Reed offered the bill. “Congress needs to close this settlement loophole,” said Reed, a Democrat, in a statement.

Oct 29, 2013

U.S. Treasury gives more detail on offshore anti-tax evasion law

WASHINGTON, Oct 29 (Reuters) – Foreign banks and investment
funds got more detail from the Treasury Department on Tuesday
about how to comply with a new U.S. anti-tax evasion law,
including a draft agreement that some institutions must sign to
avoid possible penalties.

The new details underscore the importance of certain
bilateral agreements Treasury officials are negotiating with
dozens of countries to implement the Foreign Account Tax
Compliance Act (FATCA), set to take effect in July 2014.

Oct 22, 2013

U.S. 2014 tax-filing season delayed up to two weeks: IRS

WASHINGTON (Reuters) – The start of the 2014 tax filing season will be postponed by a week or two next year, the U.S. Internal Revenue Service (IRS) said on Tuesday, likely delaying some tax refunds, as well.

Complications from the 16-day federal government shutdown are the cause, the IRS said, with the 2014 tax season now slated to start between January 28 and February 4, rather than on January 21.

Oct 21, 2013

States’ online ‘Amazon tax’ fight may land in U.S. Supreme Court: lawyers

WASHINGTON (Reuters) – Diverging high court rulings in New York and Illinois over ‘Amazon taxes’ point to a possible U.S. Supreme Court case to settle questions about the legality of states taxing online retail sales, lawyers said on Monday.

With Congress failing to take action on the issue, courts have been intervening case-by-case in a long-running struggle between state governments and major online retailers, including Amazon.com Inc, over sales tax.

Oct 18, 2013

Spanish bank gets partial win in STARS tax shelter fight

WASHINGTON, Oct 18 (Reuters) – Banco Santander won
a partial victory in a $234 million tax refund fight with the
U.S. Internal Revenue Service over controversial tax shelters
known as STARS when a Massachusetts district court ruled in
favor of the Spanish bank.

In several cases against banks with hundreds of millions of
dollars at stake, the IRS is arguing that STARS lacked “economic
substance,” citing a key doctrine used by the agency to combat
activities it sees as designed chiefly to dodge taxes.

Oct 17, 2013

Wisconsin adds sales tax to Amazon.com shopping cart

WASHINGTON (Reuters) – Wisconsin next month will become the 14th U.S. state to begin collecting sales tax on online purchases through Amazon.com Inc, joining a trend toward squeezing more revenue from e-commerce.

Effective November 1, the Midwestern state said sales tax will be added by Amazon to purchases made by Wisconsin residents because the online retailer is opening a distribution center in Kenosha, giving it a physical presence in the state.