Tax practice

Senate Democrats have begun circulating a draft version of the jobs bill they plan to introduce, with a series of tax breaks and tax extenders designed to lure Republican support.

A coalition of charities, aid groups, unions, and movie actors and directors has launched a campaign calling for a global 0.05 percent tax on banks’ speculative financial transactions, with the proceeds going to combat poverty and climate change.

There’s a certain amount of suspense these days in our nation’s capital about what’s going to happen not only with health care reform, but also financial regulations.

The Iowa Attorney General has filed criminal charges against two filmmakers and the former head of the Iowa Film Office accusing them of mishandling over $1.85 million in tax credits for a movie production.

A former UBS client who owned and operated several businesses that manufactured and sold watches has pleaded guilty to tax charges related to concealing over $10 million in secret Swiss bank accounts.

Sen. Barbara Boxer, D-Calif., and Jim Webb, D-Va., have introduced legislation that would impose a tax on large bonuses paid by Wall Street banks and other firms that received more than $5 billion from the Troubled Asset Relief Program in 2009.

A CPA has been suspended for 12 months from practicing before the Internal Revenue Service for providing false or misleading information when preparing his clients’ tax returns.

Despite its massive tax increases, the President’s 2011 Budget Plan contains a number of revenue provisions calculated to encourage business expansion and move the economy upward.

Treasury Secretary Tim Geithner and Chilean Finance Minister Andrés Velasco signed a new income tax treaty between the United States and Chile to provide certainty and stability of tax treatment for U.S. and Chilean cross-border investors.

The United States and Hungary have signed a new income tax treaty that brings an existing agreement signed by the two countries in 1979 into closer conformity with current U.S. international tax policy.

The U.S. Tax Court has ruled in favor of a Massachusetts taxpayer whose deduction for her sex change operation was rejected by the Internal Revenue Service.

As expected, President Obama proposed a $3.8 trillionbudget for Fiscal 2011, including a projected record deficit of $1.6 trillion.

IMGCAP(1)]Google has contrived a convoluted way to determine its income tax responsibilities to the U.S. and other taxing jurisdictions, in part by shifting income to its operations in Ireland.

Congressional auditors responsible for holding governmentagencies responsible for their financial integrity are doing a bang-up job -according to a performance review that they conducted on themselves.

While there were no real surprises in the State of the Union speech, it did flesh out some tax proposals that will be acted on in the days ahead, according to observers.

Swiss authorities said they would continue talks with the U.S. to resolve an impasse over the disclosure of secret bank accounts at UBS after a Swiss court blocked a deal reached by the two governments last year.

A former CPA whose license has been suspended by the Oregon Board of Accountancy has pleaded guilty to charges related to mortgage fraud.

A California man has pleaded guilty to conspiracy to defraud the U.S. after he was accused of filing at least 250 tax returns of deceased individuals.

A new report from BNA Tax & Accounting on transfer pricing predicts that tax authorities in different countries will continue to closely scrutinize intercompany transactions across national borders and will begin simultaneous audits of several large companies’ intercompany prices this year.

Financial Executives International has filed a “friend of the court” brief in support of a petition for review of the U.S. v. Textron case, involving the IRS’s right to examine the tax accrual work papers of a company.