Monthly Archives: January 2012

The government intends to set an example for the world by enacting a financial transactions tax if the EU does not agree to do so.

IRS reopened the international voluntary disclosure program relating to disclosure of offshore assets. The Service said that it has collected $4.4 billion in assets from the previous two programs.

The White House has released a Fact Sheet on President Obama’s “Blueprint for an America Built to Last” proposals to encourage companies to create U.S. manufacturing jobs rather than shipping those jobs overseas, as laid out in his State of … Continue reading →

Congressional Research Service (CRS) has released a report (RL31852, Jan. 19, 2012) that examines two popular tools for stimulating the economy—first-year bonus depreciation and the Code Sec. 179 expensing election. Despite bipartisan support and a widely held believe in their … Continue reading →

In Chief Counsel Advice (CCA), IRS has concluded that qualified restaurant property and qualified retail improvement property placed in service after Dec. 31, 2008 during the 2008 and 2009 tax years, and qualified retail improvement property placed in service in … Continue reading →

IRS has released a final version of the Form 1120, U.S. Corporation Income Tax Return for 2011 and final instructions for it. They reflect numerous tax and nontax changes, as detailed below. What’s new. The instructions note these new items: … Continue reading →

On January 17, 2012, New Jersey Governor Chris Christie delivered the annual State of the State Address, in which he proposed a 10% income tax cut, across the board, to be phased in over three years beginning in January 2013. … Continue reading →

Instructions for the Schedule for 2011 returns are likely to be expanded to cover issues addressed in FAQs, as well as information from the Schedules in 2010 returns.

In Chief Counsel Advice, IRS has concluded that “removing” the Code Sec. 163(j) limitation of deduction for interest on certain debt doesn’t “qualify” as a change in accounting method under Code Sec. 446. The taxpayer involved in the CCA had … Continue reading →

IRS, revising existing temporary regs, has issued temporary regs on the allocation and apportionment of interest expense that: (1) provide guidance on the treatment of corporations owning a 10% or greater interest in a partnership; (2) clarify the use of … Continue reading →