Below please find daily updates pertaining to the latest in financial, business, and tax news:
IRS Proposes Regulations on Taxable Medical Devices
Posted: Fri Feb 03 13:56:46 PST 2012The Internal Revenue Service has issued proposed regulations to provide guidance on the excise taxes imposed on the sale of medical devices under the health care reform law....
Tax Extenders Become Regular Fixtures of the Tax Code
Posted: Thu Feb 02 21:01:00 PST 2012Sometimes it's possible to predict a legislative outcome by comparing opening statements and testimonies of committee witnesses....
KPMG Acquires Thomson Reuters' U.S. Indirect Tax Managed Services Business
Posted: Thu Feb 02 10:21:39 PST 2012KPMG has acquired the U.S. assets of Thomson Reuters' ONESOURCE Indirect Tax Managed Services business....
Senator Introduces 'Buffett Rule' Tax Reform Bill
Posted: Wed Feb 01 15:41:18 PST 2012Sen. Sheldon Whitehouse, D-R.I., has introduced legislation to implement President Obama's proposal in his State of the Union speech that millionaires should pay at least a minimum 30 percent income tax rate....
Senate Examines Tax Extenders and Tax Reform
Posted: Tue Jan 31 10:56:49 PST 2012The Senate Finance Committee held a hearing Tuesday to examine the growing number of tax extenders in the Tax Code that need to be renewed every year or two, and how there could be greater predictability with overall tax reform....
Obama Pushes Small Business Tax Breaks
Posted: Tue Jan 31 10:32:27 PST 2012President Obama encouraged Congress to act on a package of legislative proposals to expand tax breaks and financing for startups and small businesses....
IRS Increases 1099 Expectations
Posted: Mon Jan 30 13:52:18 PST 2012The Internal Revenue Service has increased its forecasts for the number of information-reporting forms it expects to receive this year and in subsequent years as a result of increased reporting requirements....
Swiss Official Urges U.S. Tax Deal to Shield Other Banks
Posted: Mon Jan 30 11:49:30 PST 2012The break-up of Switzerland's oldest bank Wegelin on Friday shows the need to settle a dispute with U.S. authorities over tax cheats hiding cash in secret Swiss accounts, the finance minister said on Saturday....
Senate Hearing Will Examine Tax Extenders Fix
Posted: Mon Jan 30 10:15:40 PST 2012The Senate Finance Committee plans to hold a hearing Tuesday to discuss finding a long-term way to handle "tax extenders"—tax provisions that frequently require annual or biannual renewals—to provide more certainty for taxpayers, not to mention tax preparers....
Consumer Groups Foresee End of RALs This Year
Posted: Mon Jan 30 09:37:42 PST 2012The National Consumer Law Center and the Consumer Federation of America are predicting that this year's tax season will be the final one that refund anticipation loans will be available on a large-scale, nationwide basis....
