Tax Alerts

Tax Briefing(s)

Middle Class Tax Relief and Job Creation Act of 2012

2011 Tax Year In Review

2012 tax season ends quietly
The 2011 filing season ended quietly, apart from a few IRS reminders and last-minute tips issued just before the April 17 deadline. Practitioners generally agreed with the government’s assess...

GAO reports confusion over foreign account reporting under FATCA and FBAR
The U.S. government has been tightening its scrutiny of taxpayers who use foreign financial accounts to circumvent U.S. tax law. Last year the Treasury department imposed new requirements on taxpay...

IRS Commissioner reviews priorities/accomplishments; will step down in September
IRS Commissioner Shulman recently announced he plans to leave his position when his five-year term ends in September 2012. Speaking before the National Press Club this past April, ...

IRS eases up on local lodging deduction for employees
The IRS has issued proposed “reliance” regulations that allow an employee’s deduction for local lodging that is business-related. Although the proposed regulation...

IRS releases updated collection financial standards for ability-to-pay
The IRS has released its Collection Financial Standards for 2012. The Collection Financial Standards specify the amounts that taxpayers may claim as basic, necessary living expenses when they claim...

DC - All retirement account distributions taxed at highest rate
Emergency legislation enacted by the District of Columbia amends the income withholding tax rules for retirement distributions. A distribution from a retirement account will be tax...

MD - Combined reporting legislation introduced
A bill has been introduced in the Maryland House of Delegates that would require mandatory unitary combined reporting for corporate income tax under certain circumstances. If enact...

PA - Bill would create intangible expense addback, implement single sales factor
Legislation introduced in the Pennsylvania House of Representatives would create a corporate income tax addback for intangible expenses and would implement a single sales factor be...

VA - IRC conformity legislation enacted
For personal income and corporate income tax purposes, Virginia has advanced the Internal Revenue Code (IRC) conformity date from December 31, 2010, to December 31, 2011. Therefore...

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