The Internal Revenue Service made almost 9 billion disclosures of tax returns or return information in calendar year 2011 to Congress, federal agencies, and other entities allowed to receive the information in accordance with the tax code, the Joint Committee on Taxation said April 24. The total number of disclosures was higher than the 7.03…
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TAX GAP – Sources of Noncompliance and Strategies to Reduce It
Noncompliance cannot be attributed to a single source, but is found with a variety of taxes and categories of taxpayers, a Government Accountability Office (GAO) official said in congressional testimony on April 19. (GAO-12-651T). While individual income tax accounts comprise the largest segment of the tax gap, corporate income tax and employment tax are also…
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UBS head calls tax flap ‘Economic War'.
Switzerland’s tax disputes with the United States and some European nations are “an economic war’’ putting 20,000 jobs at risk, the CEO of Swiss banking giant UBS AG has been quoted as saying. Switzerland has recently tried to shed its image as a tax haven, signing deals with the United States, Germany and Britain to…
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Final Regulations on Treatment of Gain With Stock in Foreign Corporations Issued by IRS
The Internal Revenue Service released final regulations (T.D. 9585) April 23 on the treatment of gain recognized with stock in certain foreign corporations upon distributions. The new rules finalize proposed regulations (REG-147636-08) issued in February 2009 that cross referenced final and temporary regulations (T.D. 9444) involving tax code Sections 367(a) and 367(b) to certain transfers…
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