Monthly Archives: November 2010

The Franchise Tax Board (FTB) is inviting tax professionals and taxpayers to participate in two upcoming free withholding webinars. The first webinar on backup withholding will be held on Tuesday, December 14, 2010 at 10:00 a.m. (PST) and will last … Continue reading →

BOE Approves Nassco Confirming That EZ Credits Can Offset AMT. Last week, the Board of Equalization voted to adopt the Nassco Formal Opinion.  This means  that EZ credits can be used to offset the Alternative Minimum Tax.  The decision will be final … Continue reading →

IRSAC annual report critiques Schedule UTP & suggests improvements. The Internal Revenue Service Advisory Council (IRSAC) has issued its annual report for 2010. IRSAC provides an organized public forum for IRS officials and representatives of the public to discuss relevant … Continue reading →

Bipartisan task force proposes major tax overhaul to cut the debt and boost the economy. The bipartisan Debt Reduction Task Force has issued a report titled “Reviving the Economy, Cutting Spending and Debt, and Creating a Simple, Pro-Growth Tax System.” … Continue reading →

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Senate Finance Democrats discuss pending tax issues ahead of meeting with President. On November 15, Senate Finance Committee Chairman Max Baucus (D-MT) met with a number of Senate Finance Democrats to discuss how to proceed on all open tax issues. … Continue reading →

Baucus set to repeal 1099 reporting requirements for small businesses. On Nov. 12, Senate Finance Committee Chairman Max Baucus (D-MT) announced that he would introduce legislation to repeal requirements for businesses to file forms that would report to IRS payments … Continue reading →

CRS examines pros and cons of hiking top rates. CRS Report, “Raising the Tax Rates on High-Income Taxpayers: Pros and Cons” Click here for the text of the Congressional Research Service report entitled “Raising the Tax Rates on High-Income Taxpayers: … Continue reading →

IRS recommends nonacquiescence with Tax Court’s Veritas decision. AOD 2010-005,12/06/2010 Click here for the text of the AOD. IRS has issued an action on decision (AOD) recommending nonacquiescence with the Tax Court’s decision in VERITAS Software Corporation & Subsidiaries, Symantec … Continue reading →

President Fiscal Commission draft proposal contains dramatic tax options. A draft of the President Fiscal Commission proposal was released today. The Initial Bowles-Simpson Bipartisan Fiscal Commission Proposal (Co-Chair Draft) proposes a $3.8 trillion deficit-cutting plan, including comprehensive tax proposals that … Continue reading →