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Camp Proposal Would Require Mark-to-Market for Most Derivatives

A discussion draft on the taxation of financial products released by House Ways and Means Committee Chair Dave Camp, R-Mich., on January 24 would repeal section 1256 for all contracts and would mark most derivatives to market at the end of each tax year. The draft comes more than a year after the Ways...

Preparers in Limbo as IRS Shutters PTIN System in After Loving Decision

Tax return preparers who just recently were rushing to get their preparer tax identification numbers from the IRS before it starts accepting 2012 tax returns on January 30 are in limbo after a federal district court enjoined the Service from enforcing requirements under the registered tax return preparer...

Judge Authorizes John Doe Summons for UBS Correspondent Account

A federal judge on January 28 authorized the IRS to issue a John Doe summons to UBS AG to produce account information of U.S. taxpayers banking with Wegelin & Co. through a Connecticut-based correspondent account with UBS. The summons targets a Stamford, Conn., correspondent account with UBS used...

IRS Issues Final Regs on Health Insurance Premium Tax Credit

The IRS has issued final regs (T.D. 9611) on the health insurance premium tax credit, providing guidance under section 36B regarding whether health coverage under an employer-sponsored plan is affordable for individuals who are eligible to enroll in the plan by reason of their relationship to an employee...

Debate on Taxes Resumes as Senate Passes Debt Ceiling Suspension

The Senate on January 31 voted to suspend the nation's borrowing limit until May 19 while the debate over taxes was slowly starting to pick up again. The No Budget, No Pay Act of 2013 (H.R. 325), passed by a 64-34 vote, includes a provision that puts a hold on legislators' pay if their chamber...

Sixth Circuit Affirms Dismissal of Constitutional Challenges to Individual Mandate

The Sixth Circuit affirmed a district court's dismissal of constitutional challenges to the Patient Protection and Affordable Care Act from an organization and two individuals, finding that the Supreme Court upheld the mandate's validity under the Commerce Clause and that the other constitutional...

Obama to Propose $3 Million Limit to Tax-Preferred Retirement Accounts

President Obama's fiscal 2014 budget, scheduled to be released April 10, will propose a $ 3 million limit to tax-preferred retirement accounts and an increase in the federal tobacco tax. The $ 3 million limit on tax-preferred retirement accounts would raise $ 9 billion over 10 years, according to...

IRS Announces 3-Month Filing, Payment Extension Following Boston Marathon Explosions

The IRS has announced (IR-2013-43) a three-month tax return filing and payment extension to Boston area taxpayers and others affected by explosions at the Boston Marathon on April 15. The IRS will issue a notice giving eligible taxpayers until July 15, 2013, to file their 2012 returns and pay any taxes...

IRS Formally Denies Whistleblower Award in Insinga Challenge

The IRS on April 15 finally issued a formal award denial to a tax whistleblower who had waited since 2007 for a determination, and practitioners told Tax Analysts that the move may have spared the Service an unfavorable outcome in the whistleblower's lawsuit seeking to force the agency to make a...

IRS Made Up To $13.6 Billion in Improper EITC Payments in Fiscal 2012, TIGTA Says

The IRS still hands out billions in improper earned income tax credits, up to $ 13.6 billion in fiscal 2012, the Treasury Inspector General for Tax Administration said in a report released April 22. Up to one-quarter of EITC payments made in 2012 were improper, TIGTA estimated in its report, dated February...

U.S. Senators Promise Vote on Marketplace Fairness Act Before Week Ends

U.S. Senate sponsors of the Marketplace Fairness Act of 2013 (S. 743) on April 23 rejected bids to make eleventh-hour changes to the legislation and promised to bring the measure to a final vote this week, even if it means going into a Saturday session. The bill's sponsors held a Capitol Hill press...

Prospects for Tax Reform Unclear After Baucus Annonces Retirement

The April 23 announcement by Senate Finance Committee Chair Max Baucus, D-Mont., that he will not seek reelection in 2014 shocked senators, staff, and lobbyists and left them wondering how the prospects of passing a tax reform bill before the end of 2014 would be affected. Most taxwriters and tax observers...

Baucus Says He Will 'Double Down' on Tax Reform; Camp Says Reform More Likely

One day after he surprised Washington by announcing his decision not to seek reelection in 2014, Senate Finance Committee Chair Max Baucus, D-Mont., said he plans to "double down" on his tax reform efforts and speed up the process. "I've got a lot more free time now," Baucus told...

Senate Finance Prepping Tax Reform Plan for Debt Ceiling Talks

The Senate Finance Committee staff hopes to have a tax reform plan ready this summer in case lawmakers decide to include a reform component in legislation addressing the debt ceiling, a committee aide said April 25. The committee has held a series of closed-door meetings and also released brief reports...

GAO Encourages IRS to Clamp Down on Quiet Disclosures

The Government Accountability Office in a report released April 26 lauded the success of the IRS's offshore voluntary disclosure programs but encouraged the agency to use the obtained information to identify taxpayers with unreported accounts who might be trying to stay under the radar. The IRS has...

Transcript Reveals Inconsistencies in Cincinnati EO Workers' Accounts

A manager and his subordinate in the IRS Exempt Organizations Determinations office in Cincinnati gave congressional investigators somewhat inconsistent accounts of how that office came to select conservative groups' applications for extra scrutiny, according to a transcript released June 18. Rep...

Grassley Seeks Answers on $70 Million in IRS Employee Bonuses

Senate Finance Committee member Chuck Grassley, R-Iowa, in a June 18 letter to Daniel Werfel, IRS principal deputy commissioner and deputy commissioner for services and enforcement, demanded answers about an alleged agreement to preserve $ 70 million in employee bonuses. Grassley said the IRS allegedly...

Treasury Evaluating 501(c)(4) Guidance in Wake of Application Scandal

The Treasury Department is considering guidance regarding section 501(c)(4) in response to a Treasury Inspector General for Tax Administration report, said Ruth Madrigal, attorney-adviser in Treasury's Office of Tax Legislative Counsel, on June 20. "We're committed to implementing the TIGTA...

Legislative Outlook: Congress Continues IRS Investigation

Two congressional committees during the week of June 24 will hold hearings that will put IRS contracting and investigation in the spotlight. View the entire article on LexisNexis® Tax Center ... Discover the features and benefits of LexisNexis® Tax Center

IRS BOLO Lists Discontinued After Additional Inappropriate Criteria Discovered

The IRS has suspended the use of most watch lists after learning it had more than one "be on the lookout" (BOLO) list that included inappropriate criteria for scrutinizing organizations seeking tax-exempt status, the agency revealed June 24. IRS Principal Deputy Commissioner Daniel Werfel told...