http://www.lawupdates.com en LawUpdates.com, LLC Copyright 2013 2013-05-24T17:30:28+00:00 http://www.lawupdates.com/summary/irs_expands_voluntary_worker_classification_settlement/ http://www.lawupdates.com/summary/irs_expands_voluntary_worker_classification_settlement/ New Statutes, Regulations, and Rulings || Voluntary Classification Settlement Program || The Internal Revenue Service has expanded its Voluntary Classification Settlement Program (VCSP) paving the way for more taxpayers to take advantage of this low-cost option for achieving certainty under the law by reclassifying their workers as employees for future tax periods. tax_new-statutes-regulations-and-rulings 2013-02-28T20:14:27+00:00 http://www.lawupdates.com/summary/irs_to_accept_returns_claiming_education_credits_by_mid-february/ http://www.lawupdates.com/summary/irs_to_accept_returns_claiming_education_credits_by_mid-february/ New Statutes, Regulations, and Rulings || American Opportunity Tax Credit and the Lifetime Learning Credit || As preparations continue for the Jan. 30 opening of the 2013 filing season for most taxpayers, the Internal Revenue Service explained that processing of tax returns claiming education credits will begin by the middle of February. tax_new-statutes-regulations-and-rulings 2013-01-30T20:08:32+00:00 http://www.lawupdates.com/summary/guidance_issued_on_the_principal_reduction_alternative_offered_in_the_hom/ http://www.lawupdates.com/summary/guidance_issued_on_the_principal_reduction_alternative_offered_in_the_hom/ New Statutes, Regulations, and Rulings || Revenue Procedure 2013-16 || The Internal Revenue Service has issued a guidance to borrowers, mortgage loan holders and loan servicers who are participating in the Principal Reduction AlternativeSM offered through the Department of the Treasury’s and Department of Housing and Urban Development’s Home Affordable Modification Program® (HAMP-PRA®). tax_new-statutes-regulations-and-rulings 2013-01-30T19:47:53+00:00 http://www.lawupdates.com/summary/treasury_and_irs_issue_final_regulations_to_combat_offshore_tax_evasion/ http://www.lawupdates.com/summary/treasury_and_irs_issue_final_regulations_to_combat_offshore_tax_evasion/ New Statutes, Regulations, and Rulings || Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign F || The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have issued comprehensive final regulations implementing the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). tax_new-statutes-regulations-and-rulings 2013-01-22T15:31:59+00:00 http://www.lawupdates.com/summary/tax-free_transfers_to_charity_renewed_for_ira_owners_70_or_older/ http://www.lawupdates.com/summary/tax-free_transfers_to_charity_renewed_for_ira_owners_70_or_older/ New Statutes, Regulations, and Rulings || Renewal of Tax-Free Transfers to Charity for IRA Owners 70½ or Older || Certain owners of individual retirement arrangements (IRAs) have a limited time to make tax-free transfers to eligible charities and have them count for tax-year 2012, according to the Internal Revenue Service. tax_new-statutes-regulations-and-rulings 2013-01-18T22:00:46+00:00 http://www.lawupdates.com/summary/irs_issues_simplified_option_for_claiming_home_office_deduction_starting_th/ http://www.lawupdates.com/summary/irs_issues_simplified_option_for_claiming_home_office_deduction_starting_th/ New Statutes, Regulations, and Rulings || Simplified Option for Claiming Home Office Deduction || The Internal Revenue Service has issued a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. tax_new-statutes-regulations-and-rulings 2013-01-18T19:47:36+00:00 http://www.lawupdates.com/summary/filing_season_for_2013_for_1040_filers_to_start_on_january_30_irs_says/ http://www.lawupdates.com/summary/filing_season_for_2013_for_1040_filers_to_start_on_january_30_irs_says/ New Statutes, Regulations, and Rulings || IRS Announcement on 2013 Tax Filing for 1040 Filers || Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. tax_new-statutes-regulations-and-rulings 2013-01-11T00:47:01+00:00 http://www.lawupdates.com/summary/updated_guidance_on_withholding_income_tax_for_2013_now/ http://www.lawupdates.com/summary/updated_guidance_on_withholding_income_tax_for_2013_now/ New Statutes, Regulations, and Rulings || Early Release Copies of the 2013 Percentage Method Tables for Income Tax Withholding || The Internal Revenue Service has released updated income-tax withholding tables for 2013 reflecting last week’s changes by Congress. tax_new-statutes-regulations-and-rulings 2013-01-9T20:46:18+00:00 http://www.lawupdates.com/commentary/iin_re_quality_stores_inc._i/ http://www.lawupdates.com/commentary/iin_re_quality_stores_inc._i/ Expert Legal Commentary || By H. Jacob Lager || The Sixth Circuit has determined that some forms of severance payments are not taxable under FICA. In In re Quality Stores, Inc., No. 10-1563 (6th Cir. Oct. 6, 2012), the Court determined that payments made out of a company’s severance plans were SUB payments, which the Court concluded were not… tax 2013-01-2T23:32:28+00:00 http://www.lawupdates.com/summary/irs_advises_low-_and_moderate-income_workers_to_avail_of_savers_credit/ http://www.lawupdates.com/summary/irs_advises_low-_and_moderate-income_workers_to_avail_of_savers_credit/ New Statutes, Regulations, and Rulings || December 2012 Saver’s Tax Credit Bulletin || The Internal Revenue Service (IRS) has advised low- and moderate-income workers to take steps now to save for retirement and earn a special tax credit in 2012 and the years ahead. tax_new-statutes-regulations-and-rulings 2012-12-20T22:33:47+00:00 http://www.lawupdates.com/summary/irs_updates_procedures_for_it/ http://www.lawupdates.com/summary/irs_updates_procedures_for_it/ New Statutes, Regulations, and Rulings || Updated ITIN Procedure Changes || The Internal Revenue Service (IRS) has updated procedures which the IRS said seeks to strengthen the Individual Taxpayer Identification Number (ITIN) program requirements. tax_new-statutes-regulations-and-rulings 2012-12-20T00:06:06+00:00 http://www.lawupdates.com/summary/california-wide_sales_and_use_tax_rate_increases_january_1_2013/ http://www.lawupdates.com/summary/california-wide_sales_and_use_tax_rate_increases_january_1_2013/ New Statutes, Regulations, and Rulings || Sales and Use Tax Rate Increase – January 1, 2013 || The California statewide sales and use tax rate will increase one quarter of one percent (0.25%) from 7.25 percent to 7.50 percent on January 1, 2013. tax_new-statutes-regulations-and-rulings 2012-12-19T22:47:17+00:00 http://www.lawupdates.com/summary/irs_releases_2013_pension_plan_limitations_taxpayers_may_contribute_up_to_1/ http://www.lawupdates.com/summary/irs_releases_2013_pension_plan_limitations_taxpayers_may_contribute_up_to_1/ New Statutes, Regulations, and Rulings || 2013 Pension Plan Limitations || The Internal Revenue Service today released the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2013. tax_new-statutes-regulations-and-rulings 2012-10-19T21:24:44+00:00 http://www.lawupdates.com/summary/nj_department_of_the_treasury_rolls_out_nexus_initiative_to_encourage_volun/ http://www.lawupdates.com/summary/nj_department_of_the_treasury_rolls_out_nexus_initiative_to_encourage_volun/ New Statutes, Regulations, and Rulings || Intangible Asset Nexus Initiative || Recognizing that there are companies that have nexus with New Jersey as a result of having derived income from the use of intangible assets in this State that have not fulfilled their tax filing responsibilities the Division of Taxation will be offering a limited voluntary disclosure initiative. tax_new-statutes-regulations-and-rulings 2012-10-19T20:58:41+00:00 http://www.lawupdates.com/summary/dojs_directive_144_to_combat_tax-refund_fraud_to_take_effect_on_october_1/ http://www.lawupdates.com/summary/dojs_directive_144_to_combat_tax-refund_fraud_to_take_effect_on_october_1/ New Statutes, Regulations, and Rulings || Tax Division Directive 144 || The Justice Department’s Tax Division has issued a new directive to further the efforts of the Tax Division and the U.S. Attorneys’ Offices to respond quickly and effectively to the grave challenges in stolen identity refund fraud (SIRF) cases. tax_new-statutes-regulations-and-rulings 2012-09-28T22:37:22+00:00 http://www.lawupdates.com/summary/instructions_for_new_streamlined_filing_compliance_procedures_for_non-resid/ http://www.lawupdates.com/summary/instructions_for_new_streamlined_filing_compliance_procedures_for_non-resid/ New Statutes, Regulations, and Rulings || Instructions for New Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer U.S. Taxpayers || On June 26, 2012, the IRS announced new streamlined filing compliance procedures for non-resident U.S. taxpayers to take effect on September 1, 2012. tax_new-statutes-regulations-and-rulings 2012-09-28T22:07:46+00:00 http://www.lawupdates.com/summary/new_california_law_requiring_out-of-state_retailers_to_collect_use_tax_take/ http://www.lawupdates.com/summary/new_california_law_requiring_out-of-state_retailers_to_collect_use_tax_take/ New Statutes, Regulations, and Rulings || An Act to Repeal and add Section 6203 of the Revenue and Taxation Code - Assembly Bill 155 || Beginning September 15, 2012, a new law takes effect (Stats. 2011, ch. 313 (AB 155) that expands the types of out-of-state retailers required to register with the California State Board of Equalization (BOE) and requires them to begin collecting and remitting use tax on sales of tangible personal property to… tax_new-statutes-regulations-and-rulings 2012-09-12T23:02:22+00:00 http://www.lawupdates.com/summary/new_york_tax_dept_movies_received_by_satellite_not_subject_to_sales_tax/ http://www.lawupdates.com/summary/new_york_tax_dept_movies_received_by_satellite_not_subject_to_sales_tax/ New Statutes, Regulations, and Rulings || Petition No. 120203A || The issue in this advisory issued by the New York Department of Taxation and Finance (“Department”) is whether movies received by Petitioner from film studios and distributors by satellite or other electronic means are subject to State and local sales tax. tax_new-statutes-regulations-and-rulings 2012-06-16T02:38:21+00:00 http://www.lawupdates.com/summary/four_tax_bills_on_health_care_pass_the_house_ways_and_means_committee/ http://www.lawupdates.com/summary/four_tax_bills_on_health_care_pass_the_house_ways_and_means_committee/ New Proposed Legislation || Restoring Access to Medication Act, Medical FSA Improvement Act of 2011, Protect Medical Innovation Act of 2011 || The House Ways and Means Committee has passed along bipartisan lines four tax legislations on health care, enabling such bills to be transmitted to the House floor for plenary vote. tax_new-proposed-legislation 2012-06-14T23:14:24+00:00 http://www.lawupdates.com/summary/irs_issues_interim_guidance_to_expand_offers_in_compromise/ http://www.lawupdates.com/summary/irs_issues_interim_guidance_to_expand_offers_in_compromise/ New Statutes, Regulations, and Rulings || Interim Guidance Memorandum for Offer in Compromise Defined in IRM 5.8.5, Financial Analysis || The Internal Revenue Service has expanded its "Fresh Start" initiative by issuing a new Guidance to include flexible terms to its Offer in Compromise (OIC) program. tax_new-statutes-regulations-and-rulings 2012-06-13T23:20:51+00:00 http://www.lawupdates.com/summary/thomson_reuters_releases_report_on_fatca_compliance/ http://www.lawupdates.com/summary/thomson_reuters_releases_report_on_fatca_compliance/ New Statutes, Regulations, and Rulings || Thomson Reuters Report on FATCA Compliance || Compliance professionals around the world have reported major gaps in their readiness for the forthcoming US Foreign Account Tax Compliance Act (FATCA), according to a new survey by intelligent and industry information provider Thomson Reuters. tax_new-statutes-regulations-and-rulings 2012-06-13T22:28:14+00:00 http://www.lawupdates.com/summary/irs_reminds_tax_preparers_need_to_file_due_diligence_checklist_with_all_ear/ http://www.lawupdates.com/summary/irs_reminds_tax_preparers_need_to_file_due_diligence_checklist_with_all_ear/ New Statutes, Regulations, and Rulings || Form 8867 for Earned Income Tax Credit (EITC) || The Internal Revenue Service has issued final regulations requiring paid tax return preparers to file a due diligence checklist, Form 8867, with any federal return claiming the Earned Income Tax Credit (EITC). tax_new-statutes-regulations-and-rulings 2012-05-17T21:12:36+00:00 http://www.lawupdates.com/summary/irs_provides_penalty_relief_to_farmers_affected_by_mf_global_bankruptcy/ http://www.lawupdates.com/summary/irs_provides_penalty_relief_to_farmers_affected_by_mf_global_bankruptcy/ New Statutes, Regulations, and Rulings || Penalty Relief to Farmers || The Internal Revenue Service has provided penalty relief to farmers who incur estimated tax penalties because they did not timely receive Forms 1099 from MF Global or its court appointed trustee, and were unable to file their 2011 calendar year tax return by March 1, 2012. tax_new-statutes-regulations-and-rulings 2012-05-16T21:51:21+00:00 http://www.lawupdates.com/summary/irs_issues_guidelines_to_parents_and_students_on_college_tax_benefits/ http://www.lawupdates.com/summary/irs_issues_guidelines_to_parents_and_students_on_college_tax_benefits/ New Statutes, Regulations, and Rulings || Education Tax Credits and Deductions || The Internal Revenue Service has reminded parents and students rushing to meet this year’s April 17 deadline to be sure and check out several college-related tax benefits before filing their 2011 returns. tax_new-statutes-regulations-and-rulings 2012-04-12T21:12:54+00:00 http://www.lawupdates.com/summary/treasury_irs_issue_proposed_regulations_for_fatca_implementation/ http://www.lawupdates.com/summary/treasury_irs_issue_proposed_regulations_for_fatca_implementation/ New Proposed Regulations || Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign F || The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have issued comprehensive proposed regulations implementing the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). tax_new-proposed-regulations 2012-04-10T06:22:57+00:00