Tax

IMGCAP(1)]The U.S. government is expected to publish final tangible property regulations later this year.

The Internal Revenue Service said Friday that it will be making changes to the filing requirements for corporate and partnership taxpayers with assets of between $10 million and $50 million.

The fate of the Defense of Marriage Act, also referred to as DOMA, currently sits in the hands of the Supreme Court. In 2011, the Obama administration deemed parts of the Act unconstitutional because it doesn’t acknowledge same-sex marriages. The Supreme Court is expected to announce its ruling by the end of June. Marcum LLP’s LGBT Practice leaders, Nanette Lee Miller and Janis Cowhey McDonagh, sat down with Accounting Today to discuss what would happen if DOMA is struck down and what would happen with tax preparation for same-sex couples if it isn’t.

There is sometimes a disconnect in the handling of dependency exemptions and related tax credits between what courts advise a taxpayer to do and what the Tax Code actually permits.

The leaders of Congress’s two main tax committee teamed up Thursday to launch a new Web site and Twitter feed, with the goal of getting input from the American public on tax reform.

CCH has released a new analysis of the Internet sales tax legislation approved by the Senate this week.

Sen. Rand Paul, R-Ken., has introduced legislation to repeal provisions of the Foreign Account Tax Compliance Act, or FATCA, that he contends undermine the privacy of U.S. citizens.

The Senate has approved legislation requiring online retailers to collect sales taxes from Internet sales, even if they don’t have a physical presence in the state where the customer resides.

Congress’s Joint Committee on Taxation has released a report summarizing various provisions of the Tax Code and suggestions that were sent to House Ways and Means Committee working groups tasked with various aspects of tax reform.

The Internal Revenue Service’s Oversight Board heard about the various problems encountered by tax practitioners and taxpayers, including the shortened tax season, identity theft and tax fraud.