Estate Tax Deal Crumbles as Democrats Balk at Tax Decreases for Wealthy Taxpayers

Senate negotiators said May 18 that a deal to cut estate taxes is on the verge of collapse after a majority of the Democratic caucus expressed concerns about voting for an expensive tax cut for wealthy families…

Some Provisions of New Foreign Accounting Tax Compliance Act Apply to Trusts, Treasury Official Says

Practitioners should be aware that some provisions in the Foreign Accounting Tax Compliance Act change when a trust will be deemed to have a U.S. beneficiary, as well as the reporting requirements for…

Senate Budget Committee Approves Resolution Seeking Hike in Top Tax Rates

The Senate Budget Committee approved its fiscal year 2011 budget resolution April 22, voting 12-10 to send the full Senate a package that would allow top individual income tax rates to rise in 2011 while allowing for…

Risk of Obama International Tax Proposals Being Used to Fund Tax Bills Growing, E&Y Says

The risk continues to grow that President Obama’s international tax proposals may be picked up in Congress to pay for jobs legislation or other bills, rather than being considered as part of fundamental tax reform, Ernst & Young LLP practitioners said April 8.

IRS Officials, Stakeholders Discuss Range of Issues on Expatriation, Foreign Trusts

Internal Revenue Service officials and private sector stakeholders Jan. 19 discussed a broad range of international issues related to expatriation…

2010 OUTLOOK: Nearly $3 Trillion in Expiring Tax Cuts Await Congressional Action after Health Bill

Lawmakers are unlikely to get a rest after Congress completes its grueling march toward an overhaul of the nation’s health care system because of a long list of “must-pass” legislation needed to…