As the April 18th deadline for filing 2016 income tax returns draws near, practitioners may encounter some clients who don't have cash to pay the balance due on their returns. Clients can avoid penalties but not interest if they can get an extension of time to pay from IRS. But such extensions merely postpone the…
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Treasury Lists Countries Requiring Cooperation With an International Boycott
The U.S. Treasury Department (Treasury) has published a current list of countries that may require participation in, or cooperation with, an international boycott for purposes of Code Sec. 999, the rule that denies certain tax benefits to a person that participates in or cooperates with an unsanctioned international boycott. On the basis of the…
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How a Proposed Cash Flow Tax Could Impact the Finance Industry
The taxation of financial intermediaries has been a perennial problem for the design and administration of VATs. This has required countries around the world to resort to ad hoc solutions that are invariably inefficient and often complex. The House Republican destination-based cash flow tax, which is closely related to a VAT, could be headed down…
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IRS Enforcement Actions Decline 16% in 2016
The Internal Revenue Service released the 2016 IRS Data Book IR-2017-69, a snapshot of agency activities for the fiscal year. The 2016 IRS Data Book describes activities conducted by the IRS from Oct. 1, 2015, to Sept. 30, 2016, and includes information about returns filed, taxes collected, enforcement, taxpayer assistance, the IRS budget and workforce…
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