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Information provided on this site is for general guidance only and
is often simplified. Actual IRS procedures are complex, and taxpayers
should obtain professional assistance or use IRS sources for complete
information.
Obama's Tax Reform Panel Issues Report, by Mike Godfrey, Tax-News.com, Washington
Last updated 17 hours ago | Friday, September 03, 2010
The US President’s Economic Recovery Advisory Board,
chaired by for Federal Reserve Chairman Paul A. Volcker, has issued a report on options for changes in the
current tax system to achieve three broad goals: simplifying the tax system; improving
taxpayer compliance with existing tax laws; and reforming the corporate tax system. [ FULL
STORY ]
IRS Loses Revenue From Foreign Income Claims, by Mike Godfrey, Tax-News.com, Washington
Last updated 17 hours ago | Friday, September 03, 2010
According to a report released by the United States Treasury Inspector General for Tax Administration, the Internal Revenue Service lost an estimated USD90m in revenue
in the 2008 tax year because of erroneously claimed foreign earned income tax
exclusions. [ FULL
STORY ]
IRS Issues Guidance On FATCA, by Mike Godfrey, Tax-News.com, Washington
Last updated 42 hours ago | Thursday, September 02, 2010
The United States Treasury and the Internal Revenue Service have stated
their intent to issue guidance on the reporting requirements imposed on foreign
financial institutions by the enactment of the Foreign Account Tax Compliance
Act on March 18, 2010 within the Hiring Incentives to Restore Employment Act. [ FULL
STORY ]
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