Practice Management

The Internal Revenue Service has issued a revenue procedure that said certain losses do not need to be taken into account in determining whether a transaction is considered a “reportable transaction.”

The Supreme Court has agreed to hear a pair of cases challenging the constitutionality of the federal Defense of Marriage Act and of California’s Proposition 8, which banned same-sex marriage, and the cases could have tax ramifications.

Google Inc. avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show.

Walthall, Drake & Wallace LLP added Frank, Seringer & Chaney Inc., of Amherst and Wooster, Ohio, to its practice.

Microsoft Dynamics Master VAR SBS Group has added technology consultant and Dynamics GP, AX, and CRM reseller Enterprise Resources Technology (ERT Group) to its Partner Network.

CCH has issued a new tax briefing explaining the Internal Revenue Service’s proposed regulations on the Additional Medicare Tax and Net Investment Income Tax that will take effect in January as a result of the health care reform law.

As Democrats demand tax concessions from Republicans to avert a collision over the federal budget, Senate Democratic leaders are signaling that they may be willing to trade an entitlement spending overhaul to secure a deficit- reduction deal.

The Internal Revenue Service and the Treasury Department have issued a set of proposed regulations on the 3.8 percent Net Investment Income Tax that takes effect next year as a result of the health care reform law, along with a FAQ page with questions and answers.

The American Institute of CPAs has written a letter to the Internal Revenue Service and the Treasury Department asking for changes in proposed regulations for tax practitioners.

It looks like U.S. dealmakers may have their hands full with M&A transactions next year.