On February 16, the IRS published its list of top 12 “tax scams” for 2012 dubbed the “Dirty Dozen.” “Taxpayers should be careful and avoid falling into a trap with the Dirty Dozen,” said IRS Commissioner Doug Shulman. “Scam artists will tempt people in-person, on-line and by e-mail with misleading promises about lost refunds and free money. Don’t be fooled by these sc [...]

On February 13th the United States Treasury released its Green Book which is the Treasury’s explanations of the Administration’s Fiscal Year 2013 revenue proposals. There are many proposed tax changes, which are significant. These are the Administration’s proposals and will have a long road before they become law. Below is a list of some of t [...]

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On Monday February 13, 2012, the Administration submitted its fiscal 2013 budget proposal to Congress. The budget proposal contains changes to spending and deficit projections. As is true with all budget proposals, it includes an outline of future tax proposals by the administration. Here are some of the highlights of the tax proposals: The administration is proposin [...]

House and Senate conferees are in negotiations over a bill to extend the payroll tax cut and 100% percent bonus first-year depreciation through the end of 2012. Current law allows bonus first year depreciation equal to 100% of the cost of qualified property placed in service after Sept. 8, 2010 and before Jan. 1, 2012, and 50% of the cost of qualified property placed [...]

The White House followed up the State of the Union address by releasing a fact sheet named “Blueprint for an America Built to Last” which highlights the administration's proposals for corporate tax reform and support for domestic manufacturing. The corporate tax reform is structured as a framework of ideas that: forces companies to pay a minimum tax for overseas pro [...]

The Council on Jobs and Competitiveness recently issued a report supporting comprehensive corporate tax reform. The reform would include a reduction in the rate corporations pay in federal taxes. Its principal recommendation was for the U.S. to move from a system with a high tax rate and a narrow base to one with a lower rate and a broader base. The report noted that [...]

On December 23, Congress passed H.R. 3765, the “Temporary Payroll Tax Cut Continuation Act of 2011” (“Bill”). The Bill was signed into law shortly thereafter. The Bill provides for a two month extension of the payroll tax cut which was already in place for 2011 and a corresponding extension of a lower tax rate on self-employment income. Befor [...]

Earlier today, IRS Commissioner Douglas Shulman addressed the 24th Annual Institute on Current Issues in International Taxation which is sponsored by the George Washington University School of Law and the IRS. As always, those of us who work in the "tax world" listen carefully to the comments made by the Commissioner in order to understand the direction in which the I [...]

Employers who are tasked with complying with the U.S. tax system, already one of the world's most complicated and onerous, may now be looked upon as collection agents for the IRS. In a recently issued opinion (U.S. v. Heli USA Airways, Inc.), a district court determined that an employer is liable for an employee's unpaid taxes and penalties that IRS sought to collect [...]