Business Groups Oppose Tax Extenders Bill, Put Pressure on Democrats on Eve of House Vote

Business organizations May 24 lashed out against congressional Democrats’ tax extenders and jobs bill (H.R. 4213) set for House floor consideration, saying that its permanent tax increases on…

IRS, Treasury Outline Intent to Issue Rules Stemming from ‘Subpart F Income Partnership Blocker’ Deal Transactions

Treasury and IRS indicate in Notice 2010-41 their intent to issue regulations to classify certain domestic partnerships as foreign for purposes of identifying the U.S. shareholders of a controlled foreign corporation that must include, in gross income…

Provisional Indemnification Receivables Includable in Foreign Insurer’s Subpart F Income, IRS Says

The Internal Revenue Service national office in Technical Advice Memorandum 201015030, released April 16, said provisional indemnification receivables (PIRs) for incurred but not…

California Registry Adopts Carbon Offset Standards for Destruction of CFCs, HCFCs

A Los Angeles-based voluntary carbon offset registry has approved standards to quantify and to monitor greenhouse gas emissions reductions from the recovery and destruction of…

IRS Extends Tax Relief For Controlled Foreign Corporations’ Loans To U.S. Operations

The Internal Revenue Service Dec. 28 extended, until the end of 2010, relief giving controlled foreign corporations a longer window to lend money to their U.S. operations tax-free under tax code Section 956…