Conrad Outlines Own Budget Proposal
Senate Budget Committee Chairman Kent Conrad, D-N.D., on July 11 sketched a broad outline of his 2012 budget blueprint that calls for tax increases and…
read moreTax Court Had Jurisdiction over Timely Petition to Review Denial of Informant’s Award (Kasper, TC)
The Tax Court had jurisdiction to review the IRS’s denial of an employee’s whistleblower award claim because the employee’s petition for review was timely filed.…
read morePartnership Adjustment Did Not Require Partner-Level Determination; Notice of Deficiency to Partner Not Required (Gosnell, DC Ariz.)
The IRS was not required to send a notice of deficiency to a general partner of a limited partnership because the deficiency was based on…
read moreClosing Agreement Precluded Corporation from Challenging Underlying Tax Liability (Tree-Tech, Inc., TCM)
A corporation could not contest its underlying tax liability because it had signed a valid closing agreement and was barred from Section 530 relief because…
read morePresident Presses Congressional Leaders for Major Deficit Deal
President Obama on July 11 said he will continue to push congressional leaders for the “largest possible deal” on reducing the federal deficit even though…
read morePresident Pushes for Payroll Tax Cut Extension; 9.2-Percent Jobless Rate “A Call to Action” for Deficit Talks, White House Says
President Obama urged Congress to take action now to extend the one-year payroll tax cut for workers through the end of 2012. “There are a…
read moreRecovery Periods for Depreciation of Cell Phone Equipment Determined (Broz, TC)
Recovery periods used by a telecommunications company for some of its equipment were redetermined by the Tax Court. The taxpayers operated a company that provided…
read moreGuidance Addresses Community Health Needs Assessment Requirements; Provisions Anticipated in Proposed Regulations (Notice 2011-52)
The IRS has issued guidance that addresses the community health needs assessment (CHNA) requirements and related excise tax and reporting obligations that apply to Code…
read moreJuly 8, 2011 Federal Headlines Treasury Security Rate Set for Computing Current Plan Liability for July 2011 (Notice 2011-59)
For pension plan years beginning in July 2011, the IRS has released the corporate bond weighted average interest rate, the permissible range of interest rates…
read moreDiscovery Request Improperly Denied; Bank Made Substantial Showing that Enforcement Would Infringe on Work-Product Privilege (Wells Fargo, DC Minn.)
A bank’s request to depose three government witnesses prior to the evidentiary hearing on its motion to quash an IRS summons seeking its tax accrual work papers was improperly denied. The bank made a substantialshowing that enforcement of the…
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