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IRS Electronic Advisory Committee Delivers Report To Congress, by Mike Godfrey, Tax-News.com, Washington02/07/2009
The Electronic Tax Administration Advisory Committee, which provides feedback on the development and implementation of the Internal Revenue Service’s electronic tax administration strategy, has presented its 2009 annual report to Congress. [
FULL
STORY ]
Amazon May Lose Californian Affiliates Over Sales Tax, by Mike Godfrey, Tax-News.com, Washington02/07/2009
While the National Conference of State Legislators struggles to find a workable formula for a uniform national sales tax on internet sales, several individual states are pressing ahead with their own legislation. Online retailer, Amazon, has sent a letter to the Californian State legislature, threatening to cease doing business with marketing affiliates based in the State rather than accept the responsibility for collecting and distributing the State sales tax. [
FULL
STORY ]
FAA Calls For Commitment To Regional Airline Safety, by Mike Godfrey, for LawAndTax-News.com, Washington01/07/2009
The Federal Aviation Administration's Administrator, Randy Babbitt, has announced an expedited review of flight and rest rules and called on US airlines and unions to respond, by July 31, with specific commitments to strengthen safety at regional and major airlines by insisting that airlines obtain all available FAA pilot records, among other actions. [
FULL
STORY ]
Grassley Introduces US Small Business Tax Reduction Bill, by MIke Godfrey, Tax-News.com, Washington01/07/2009
Senator Chuck Grassley, ranking member of the United States Senate Committee on Finance, has introduced a bill he says will strengthen small businesses by lowering their tax burden. [
FULL
STORY ]
Washington Subway Funding Derailed By Tax Shelter?, by Mike Godfery, Tax-News.com, Washington30/06/2009
Chuck Grassley, a senior Republican Senator, has expressed concern that a tax sheltering arrangement entered into between the Washington Metropolitan Area Transit Authority and a foreign bank contributed to a funding shortfall in the transit system, compromising safety to the extent that it was a major factor in the recent fatal subway crash. [
FULL
STORY ]
IRS Relaxes Offshore Income Reporting Deadline, by Mike Godfrey, Tax-News.com, Washington30/06/2009
The US Internal Revenue Service has announced that the June 30 deadline for filing reports about offshore accounts has been put back for certain taxpayers who, until recently, thought they were not caught by the rules. [
FULL
STORY ]
EU And US Challenge Chinese Export Restrictions, by Mike Godfrey, Tax-News.com, Washington26/06/2009
The European Union and the United States have requested World Trade Organization dispute settlement consultations with China regarding its alleged use of export restraints on numerous important raw materials. [
FULL
STORY ]
Kentucky Plans To Boost Finances With Video Lottery Terminals, by Mike Godfrey, Tax-News.com, Washington26/06/2009
Citing the crisis confronting the horseracing industry, Kentucky Governor Steve Beshear has released details of his proposal to authorize the limited use of Video Lottery Terminals at Kentucky horseracing tracks. [
FULL
STORY ]
PRPA And Panama Canal Sign MoU, by Mike Godfrey, for LawAndTax-News.com, Washington26/06/2009
The Philadelphia Regional Port Authority (PRPA) and the Panama Canal Authority (ACP) signed a Memorandum of Understanding (MOU) earlier this month to encourage economic growth and commercial activity between the two entities. [
FULL
STORY ]
Stanford And Associates Indicted In Ponzi Scheme Case, by Leroy Baker, Tax-News.com, New York25/06/2009
The Securities and Exchange Commission on June 19 charged two accountants who are alleged to have
produced bogus financial statements and an Antiguan regulator who allegedly took bribes
to look the other way as Robert Allen Stanford conducted an alleged USD8 billion
Ponzi scheme. Robert Allen Stanford was indicted on June 18, and is set to reappear
in a Texas court on June 24. [
FULL
STORY ]
US Supreme Court Rejects State Tax Challenge, by Glen Shapiro, LawAndTax-News.com, New York25/06/2009
The United States Supreme Court has handed victory to the state of Massachusetts in a case where its right to charge business activity tax was challenged. [
FULL
STORY ]
Watchdog Calls For More Scrutiny Of US Farm Income Reporting, by Leroy Baker, Tax-News.com, New York25/06/2009
The Internal Revenue Service should take additional steps to ensure that farmers are properly reporting subsidies and other income received from the Federal Commodity Credit Corporation, according to a new report by the Treasury Inspector General for Tax Administration. [
FULL
STORY ]
US And Switzerland Initial Revised Tax Treaty, by Mike Godfrey, Tax-News.com, Washington25/06/2009
The US and Switzerland have reached an initial agreement to share information on potential tax evaders for the first time, a step which would allow Swiss banks to disclose client information “in individual cases where a specific and justified request has been made,” according to the Swiss Finance Ministry. [
FULL
STORY ]
IRS's Foreign Tax Credit Position Challenged In US Court, by Glen Shapiro, LawAndTax-News.com, New York24/06/2009
A US-based bank is challenging a USD235m assessment for back taxes, penalties and interest imposed by the Internal Revenue Service in a case which draws attention to the issue of international corporate taxation and the Obama administration’s determination to restrict illegitimate foreign tax credit claims. [
FULL
STORY ]
UK Economists Rally Behind Cayman Islands, by Phillip Morton, Investors Offshore.com23/06/2009
‘Don’t blame the Cayman Islands for the financial crisis’
is the resounding message within a comprehensive analysis of the current economic
crisis by the London based Institute of Economic Affairs, in a letter
signed by leading UK economists. [
FULL
STORY ]
IMF Article IV Consultation With The USA, by Mike Godfrey, Tax-News.com, Washington23/06/2009
John Lipsey, First Deputy Managing Director of the IMF has advised a press conference that it has been possible to revise forecasts of US performance upwards, with better figures expected imminently, leading to sustainable recovery by Spring 2010. [
FULL
STORY ]
Global Trade Barriers Continue To Rise, EU Warns, by Ulrika Lomas, Tax-News.com, Brussels22/06/2009
Trade restrictive measures continue to be on the rise, including in some G20 member states, despite their recent pledge to resist protectionism amid the economic crisis, according to a new report by the European Commission. [
FULL
STORY ]
IRS Asks Congress To Drop Cellphone Tax, by Mike Godfrey, Tax-News.com, Washington19/06/2009
The US Treasury is asking Congress to repeal tax legislation concerning the use of employer-provided cell phones because the law is becoming increasingly burdensome for individuals to comply with and for the Internal Revenue Service to administer. [
FULL
STORY ]
FASB Issues Statements 166 And 167, by Glen Shapiro, LawAndTax-News.com, New York18/06/2009
The Financial Accounting Standards Board has published Financial Accounting Statements No. 166, Accounting for Transfers of Financial Assets, and No. 167, Amendments to FASB Interpretation No. 46(R), which change the way entities account for securitizations and special-purpose entities. [
FULL
STORY ]
Kirk And Lee Discuss US-Korea FTA, by Mike Godfrey, Tax-News.com, Washington18/06/2009
US Trade Representative Ron Kirk has met with President Lee Myung-bak of South Korea (pictured) to discuss the signed but unratified free trade agreement between the two countries, described as America's most 'commercially significant' trade deal for almost two decades. [
FULL
STORY ]
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