By H. Jacob Lager of Zuber & Taillieu
The Tax Court has held that the step transaction doctrine did not apply to a series of bargain sales from a family-owned S Corp. to a charitable organization. As a result, the shareholders were entitled to charitable contribution deductions related to the sales. In William R. Klauer v. Commissioner of… More...
National Taxpayer Advocate Nina E. Olson today released her annual report to Congress, identifying the combination of the IRS’s expanding workload and declining resources as the most serious problem facing taxpayers. The result, the report says, is inadequate taxpayer service, erosion of taxpayer rights, and reduced tax compliance. More...
The U.S. House of Representatives has voted against U.S. participation in the European Union’s costly emissions trading scheme (ETS) that would impose new emissions taxes on U.S. and other nations’ air carriers flying into and out of the EU. More...
Online retail giants eBay, Amazon.com, and Overstock.com relayed their different positions on pending legislations relating to internet sales tax during congressional hearings conducted by the House Judiciary Committee. More...
By voice vote, the U.S. House of Representatives has approved the Wireless Tax Fairness Act of 2011, a bi-partisan measure which provides for a 5-year moratorium on any new discriminatory wireless tax or fee. More...
Voting 405-16, the House of Representatives passed H.R. 674 sponsored by Rep. Herger (R-CA) and Rep. Blumenauer (D-OR) to repeal the 3 percent withholding rule on certain payments made to vendors by government entities. More...
The House Committee on Ways and Means has favorably reported out two tax bills: H.R. 674, sponsored by Rep. Wally Herger (R-CA) and Rep. Earl Blumenauer (D-OR), to repeal the 3 percent withholding rule on certain payments made to vendors by government entities, and H.R. 2576, sponsored by Rep. Diane Black (R-TN), to align the income definition for certain health programs to more closely reflect how it is measured in other federal means tested programs. Both bills were voted out of Committee on a bipartisan basis. More...
The Automatic IRA Act of 2011 seeks to address the nation's retirement savings crisis. When fully phased in, the bill will give nearly 42 million Americans an easy, effective way to take responsibility for their fiscal futures and plan for a secure retirement. More...
The California State Assembly has passed by a two-thirds majority vote Governor Jerry Brown’s California Jobs Plan that closes what state leaders a “’toxic tax loophole’ that rewards out-of-state job creation,” and seeks to use these savings to give working families an income tax break; lower taxes for California manufacturers; and provide more than $300 million in permanent tax relief to small businesses. More...
The House of Representatives Capital Markets and Government Sponsored Enterprises Subcommittee has considered and advanced six proposals to protect taxpayers by reforming Fannie Mae and Freddie Mac. More...
A new tax proposed legislation Main Street Fairness Act seeks to allow local Main Street retailers to compete more effectively against out-of-state internet sellers. More...
