U.S. Law Watch » Tax Penalties http://www.uslawwatch.com U.S. Legal & Regulatory Headlines Thu, 26 Jan 2012 18:07:29 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Carried Interest Tax Increase, S Corporation Curbs Softened in New Tax Extenders Proposal by Senate Finance Panel Chair Baucus http://www.uslawwatch.com/2010/06/17/tax/carried-interest-tax-increase-corporation-curbs-softened-tax-extenders-proposal-senate-finance-panel-chair-baucus/ http://www.uslawwatch.com/2010/06/17/tax/carried-interest-tax-increase-corporation-curbs-softened-tax-extenders-proposal-senate-finance-panel-chair-baucus/#comments Thu, 17 Jun 2010 13:45:18 +0000 admin http://www.uslawwatch.com/?p=2353

Senate Finance Committee Chairman Max Baucus (D-Mont.) June 16 introduced a new substitute amendment (S. Amdt. 4369) to the tax extenders bill (H.R. 4213) that would further soften a tax increase on investment fund managers and would ease administrative concerns regarding new rules for S corporations.

Baucus’s new substitute amendment to the extenders bill was offered just hours after his original proposal (S. Amdt. 4301) garnered only 45 of the 60 votes needed to advance in the Senate.

Senators in both parties criticized the bill’s carried interest provisions, which would tax most of the share of profits that investment fund managers receive at ordinary income tax rates, rather than the much lower capital gains tax rate at which they are currently taxed.

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]]> http://www.uslawwatch.com/2010/06/17/tax/carried-interest-tax-increase-corporation-curbs-softened-tax-extenders-proposal-senate-finance-panel-chair-baucus/feed/ 0 IRS Uncertain Positions Documents Answer Some Questions, Leave Others, Practitioners Say http://www.uslawwatch.com/2010/04/21/tax/irs-uncertain-positions-documents-answer-questions-leave-practitioners/ http://www.uslawwatch.com/2010/04/21/tax/irs-uncertain-positions-documents-answer-questions-leave-practitioners/#comments Wed, 21 Apr 2010 10:40:08 +0000 admin http://www.uslawwatch.com/?p=1724

The draft schedule and instructions that taxpayers would use to report uncertain tax positions, unveiled by the Internal Revenue Service April 19, are administratively helpful and well thought out—but concerns remain about the use of the information and the scope and breadth of the proposal itself, practitioners told BNA in interviews April 20.

The documents, issued under…

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]]> http://www.uslawwatch.com/2010/04/21/tax/irs-uncertain-positions-documents-answer-questions-leave-practitioners/feed/ 0 IRS Unveils Draft Schedule, Instructions for Reporting Uncertain Tax Positions http://www.uslawwatch.com/2010/04/20/tax/irs-unveils-draft-schedule-instructions-reporting-uncertain-tax-positions/ http://www.uslawwatch.com/2010/04/20/tax/irs-unveils-draft-schedule-instructions-reporting-uncertain-tax-positions/#comments Tue, 20 Apr 2010 09:40:20 +0000 admin http://www.uslawwatch.com/?p=1701

The Internal Revenue Service April 19 unveiled the eagerly awaited draft schedule and instructions that taxpayers would use to report their uncertain tax positions under a proposal announced in late January by Commissioner of Internal Revenue Douglas Shulman…

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]]> http://www.uslawwatch.com/2010/04/20/tax/irs-unveils-draft-schedule-instructions-reporting-uncertain-tax-positions/feed/ 0 Bipartisan House Vote Sends Bill Changing Cell Phone Taxation to Senate http://www.uslawwatch.com/2010/04/15/tax/bipartisan-house-vote-sends-bill-changing-cell-phone-taxation-senate/ http://www.uslawwatch.com/2010/04/15/tax/bipartisan-house-vote-sends-bill-changing-cell-phone-taxation-senate/#comments Thu, 15 Apr 2010 10:10:37 +0000 admin http://www.uslawwatch.com/?p=1647

The House April 14 passed a taxpayer assistance bill (H.R. 4994), sending the Senate a measure that would remove cell phones from listed property under tax code Section 280F, thereby eliminating the paperwork required for businesses to claim a deduction…

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]]> http://www.uslawwatch.com/2010/04/15/tax/bipartisan-house-vote-sends-bill-changing-cell-phone-taxation-senate/feed/ 0 House Ways and Means Panel OKs Small Business Tax Bill; Treasury Concerned over Language Impacting Tax Treaties http://www.uslawwatch.com/2010/03/18/tax/house-ways-means-panel-oks-small-business-tax-bill-treasury-concerned-language-impacting-tax-treaties/ http://www.uslawwatch.com/2010/03/18/tax/house-ways-means-panel-oks-small-business-tax-bill-treasury-concerned-language-impacting-tax-treaties/#comments Thu, 18 Mar 2010 10:47:54 +0000 admin http://www.uslawwatch.com/?p=1360

The House Ways and Means Committee March 17 approved a $17 billion small business tax bill (H.R. 4849) but changes might be forthcoming after the Treasury Department expressed concerns over language it said could override many international tax treaties…

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]]> http://www.uslawwatch.com/2010/03/18/tax/house-ways-means-panel-oks-small-business-tax-bill-treasury-concerned-language-impacting-tax-treaties/feed/ 0 Proposals on Tax Havens, Job Creation Expected to Clear House Ways and Means Committee Today http://www.uslawwatch.com/2010/03/17/tax/proposals-tax-havens-job-creation-expected-clear-house-ways-means-committee-today/ http://www.uslawwatch.com/2010/03/17/tax/proposals-tax-havens-job-creation-expected-clear-house-ways-means-committee-today/#comments Wed, 17 Mar 2010 11:30:02 +0000 admin http://www.uslawwatch.com/?p=1348

The Ways and Means Committee is expected to approve legislation (H.R. 4849) March 17 that would extend the Build America Bonds program, but that support will likely come without help from Republicans because they say it does not create jobs and instead would raise taxes.

The biggest objections from the minority are expected to be…

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]]> http://www.uslawwatch.com/2010/03/17/tax/proposals-tax-havens-job-creation-expected-clear-house-ways-means-committee-today/feed/ 0 Government Cannot Impose 40 Percent Penalty for Participation in Son of BOSS Tax Shelter, Texas Judge Rules http://www.uslawwatch.com/2010/03/15/tax/government-impose-40-percent-penalty-participation-son-boss-tax-shelter-texas-judge-rules/ http://www.uslawwatch.com/2010/03/15/tax/government-impose-40-percent-penalty-participation-son-boss-tax-shelter-texas-judge-rules/#comments Mon, 15 Mar 2010 12:00:19 +0000 admin http://www.uslawwatch.com/?p=1318

A magistrate judge for the U.S. District Court for the Eastern District of Texas March 9 found that the government cannot impose a 40 percent penalty for a substantial valuation misstatement on a partnership that…

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]]> http://www.uslawwatch.com/2010/03/15/tax/government-impose-40-percent-penalty-participation-son-boss-tax-shelter-texas-judge-rules/feed/ 0 Attorneys Who Fail to Disclose Foreign Opposition May Face Sanctions, Justice Department Official Says http://www.uslawwatch.com/2010/03/08/tax/attorneys-fail-disclose-foreign-opposition-face-sanctions-justice-department-official/ http://www.uslawwatch.com/2010/03/08/tax/attorneys-fail-disclose-foreign-opposition-face-sanctions-justice-department-official/#comments Mon, 08 Mar 2010 09:45:18 +0000 admin http://www.uslawwatch.com/?p=1189

Attorneys who deal with foreign cases and documents were told March 5 by a Department of Justice Tax Division attorney that there is no Fifth Amendment right not to comply with a statute that requires the attorneys to provide the Attorney General with notice if the taxpayers are opposing a…

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]]> http://www.uslawwatch.com/2010/03/08/tax/attorneys-fail-disclose-foreign-opposition-face-sanctions-justice-department-official/feed/ 0 House Democrats Welcome Obama’s Latest Health Care Reform Plan; Senate Still Sparring on Reconciliation Use http://www.uslawwatch.com/2010/02/24/tax/house-democrats-obamas-latest-health-care-reform-plan-senate-sparring-reconciliation/ http://www.uslawwatch.com/2010/02/24/tax/house-democrats-obamas-latest-health-care-reform-plan-senate-sparring-reconciliation/#comments Wed, 24 Feb 2010 12:44:30 +0000 admin http://www.uslawwatch.com/?p=1030

House Democrats give President Obama’s most recent health reform proposal a warm reception, though members say they are reserving final judgment on it. “I think it is getting a good reception in our caucus but nonetheless we have more work to do,” House Speaker Pelosi says. The White House is holding a health care summit tomorrow, but…

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]]> http://www.uslawwatch.com/2010/02/24/tax/house-democrats-obamas-latest-health-care-reform-plan-senate-sparring-reconciliation/feed/ 0 Obama Seeks to Revive Health Care Reform by Raising ‘Cadillac Tax’ Threshold Again http://www.uslawwatch.com/2010/02/23/tax/obama-seeks-revive-health-care-reform-raising-cadillac-tax-threshold/ http://www.uslawwatch.com/2010/02/23/tax/obama-seeks-revive-health-care-reform-raising-cadillac-tax-threshold/#comments Tue, 23 Feb 2010 13:36:34 +0000 admin http://www.uslawwatch.com/?p=1009

President Obama offered a fresh $950 billion proposal Feb. 22 that would reduce the number of middle-class households that would be affected by an excise tax on high-cost insurance plans as part of an effort to find additional Senate support health care reform…

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