Tax

The House approved the Small Business Jobs Tax Relief Act of 2010 on Tuesday by a bipartisan majority of 247-170.

A new report finds that the majority of financial institutions and companies that received funds from the Troubled Asset Relief Program have resolved the unpaid federal taxes they had owed.

The Internal Revenue Service has issued regulations outlining how the 10 percent excise tax on indoor tanning services in the health care reform bill should be administered.

Senate Majority Leader Harry Reid, D-Nev., has introduced an amendment to the tax extenders bill that would extend the transaction closing date for the First-Time Homebuyer Credit from June 30 to Sept. 30.

The G-20 group of finance ministers decided last weekend against levying a global bank tax amid fierce opposition from some countries, but that doesn’t mean the idea of taxing banks to pay for future bailouts is gone completely.

Senate-Modifies-Carried-Interest-Tax-Provision

Swiss-Lower-House-Rejects-UBS-Deal

The State of California, struggling with a $19 billion budget deficit, is considering legalizing and taxing marijuana in a referendum on the November ballot.

The Swiss Parliament’s upper house voted Thursday in favor of Switzerland’s deal with the U.S. government to share the identities of 4,450 U.S. clients of UBS with numbered bank accounts.

Both the American Institute of CPAs and the American Bar Association Tax Section have told the Internal Revenue Service it should withdraw its proposed rule that would require companies with more than $10 million in total assets to disclose uncertain tax positions on the new Schedule UTP, Uncertain Tax Position Statement.