Senate Rejects Balanced Budget Amendment
The Senate on July 22 rejected by a 51-46 vote a balanced budget amendment (HR 2560) that would place a cap on future spending in…
read moreBoehner Calls Off Deficit Negotiations; Obama Summons Congressional Leaders to White House for Weekend Debt Ceiling Talks
Deficit-reduction negotiations broke down abruptly on July 22 after House Speaker John Boehner, R-Ohio., informed President Obama he was pulling out of talks. A visibly…
read moreTemporary and Proposed Regulations Address Gain or Loss on Assignment of Derivative Contracts (T.D. 9538; NPRM REG-109006-11)
The IRS has issued temporary and final regulations, and has proposed new regulations, addressing the tax consequences of the assignment of derivative contracts. Under Code…
read moreDemocrats Fear Debt Deal with No Revenue Increases
Senate Democrats are fuming over concerns that the White House will agree to a debt deal without any offsetting revenue increases as negotiations are increasingly…
read moreChecks Received from a Family Member Were Bona Fide Loans and Not Compensation for Services (Kaider, TCM)
A nephew who performed computer services for his uncle was not liable for an income tax deficiency as a result of his receiving four personal…
read moreFederal Headlines FinCEN Revises Bank Secrecy Act Regulations on Money Services Businesses (RIN 1506-AA97)
The Financial Crimes Enforcement Network (FinCEN) has revised regulations implementing the Bank Secrecy Act (BSA) regarding money services businesses (MSBs) to clarify which entities are…
read moreIRS Will Discontinue High-Low Substantiation Method for Travel Expenses (Ann. 2011-42)
The IRS intends to discontinue authorizing the high-low substantiation method for travel expenses under Code Sec. 274(d). Having received no comments on the issue, the…
read moreGuidance Updated Regarding Ex Parte Communications Between Appeals and Other IRS Functions (IR-2011-78; Notice 2011-62)
The IRS has issued a proposed revenue procedure that would update Rev. Proc. 2000-43, 2000-2 CB 404, which provides guidance regarding ex parte communications between…
read moreApplicable Federal Rates for August 2011 Released (Rev. Rul. 2011-16)
Various prescribed rates for federal income tax purposes for August 2011 have been provided by the IRS. The annual short-term, mid-term, and long-term applicable federal…
read moreFinCEN Offers Electronic Filing for FBARs
Filers of Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (known as the “FBAR”) now have the option to file the FBAR…
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