Tax Law News. Crime Stories, Law on News and Legal Publications in February, 2012

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Arkansas town strikes deal with IRS to repay $36000 in back payroll taxes
The RepublicFebruary 1, 2012

AP BAUXITE, Ark. — A central Arkansas town has reached an agreement with the Internal Revenue Service to repay payroll taxes it owes. The Arkansas Democrat-Gazette (http://bit.ly/wo4HKV) reported for Tuesday's editions that Bauxite owes more than ...more »

Arbitration at Arm's Length: Are US Firms Missing an Opportunity in Asia?
The American LawyerFebruary 1, 2012

Four years ago, Paul Mitchard QC's firm, Skadden, Arps, Slate, Meagher & Flom, put him in charge of building an international dispute resolution practice in Asia. After trying -- and failing -- to find a suitable lawyer to head up an ...more »

Tax Law News and Stories

Audit Defence
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When taxes attack: Can your business handle tax prep, or is it time to outsource?
VEGAS INCFebruary 6, 2012

Potential problems are lurking at every turn, ranging from an IRS or state tax audit caused by errors on the filer's part to the discovery that a longtime employee has gotten away with stealing money from the company because of a lack of adequate ...more »

Irs Filing & Compliance
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FATCA:ingredients for compliance
RFPConnect.comFebruary 9, 2012

The Foreign Account Tax Compliance Act, or as it's more commonly known, FATCA, requires foreign financial institutions (FFIs) to gather sensitive data, including balances, receipts and withdrawals, on US account holdersand identify accounts for the ...more »

Business Audit Defence
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Tax Trivia Giveaway #3: High Income Taxpayers
ForbesFebruary 1, 2012

While at law school, I interned at the estates attorney division of the IRS. At IRS, I participated in the review and audit of federal estate tax returns. I even took the lead on a successful audit. At audit, opposing counsel read my report, ...more »

Personal Irs Disputes
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Witness says IRS didn't oppose Stanford loans
Houston ChronicleFebruary 22, 2012

By Terri Langford The Internal Revenue Service knew R. Allen Stanford was taking loans from his Antigua bank and found nothing wrong with the arrangement, the Texas tycoon's tax lawyer testified at Stanford's fraud trial Tuesday.more »

Property Taxes
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Editorial: State mandate not necessary
Topeka Capital JournalFebruary 1, 2012

A Topeka legislator, however, thinks the state should take a hand in local property tax matters. A House bill co-sponsored by Rep. Joe Patton, R-Topeka, would require cities and counties to conduct elections on property tax increases attributable ...more »

Corporate Income Taxes
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Tax season brings new federal rules
Iowa City Press CitizenFebruary 6, 2012

Federal rules new to this year's tax season will seek to close the tax gap, the unreported income that often comes from selling items on eBay or informal transactions such as mowing neighbors' lawns. “There is, in general, a lot of misunderstanding ...more »

Sales Tax & Use Tax
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DOR Extends Deadline for Online Retailers To Start Collecting Pennsylvania ...
Bloomberg BNAFebruary 3, 2012

The department issued a tax bulletin in December 2011 aimed at clarifying Pennsylvania's sales tax nexus law for remote sellers and the revenue department's authority to enforce it . Sales and Use Tax Bulletin 2011-01 explains that Pennsylvania relies ...more »

Estate Taxes & Gift Taxes
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Why Your 2012 Tax Bill May Jump By $8000
DailyFinanceFebruary 3, 2012

In this election year, though, getting any tax law through the House and Senate will be tough. And If lawmakers don't act, the Congressional Budget Office says that the average tax increase will be $3900, with some paying more than $8000 extra.more »

Tax Evasion Defence
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HMRC closes in on offshore tax evasion
BrooksonFebruary 9, 2012

Offshore tax evasion could soon be a thing of the past following the signing of a new deal by HMRC. Contractors working as sole traders in various industries have been further put off the concept of offshore tax evasion. HM Revenue & Customs (HMRC) ...more »

International Taxation
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States to get socked with Medicaid tax under health care law
Salt Lake TribuneFebruary 2, 2012

The law calls for a new tax on health insurers' premium revenue — intended to help pay for expansion of coverage to 32 million uninsured Americans. But the tax will be paid by all insurers, including those that contract with states to provide coverage ...more »

Tax Planning
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Bill advances to close Amazon sales tax loophole
Richmond Times DispatchFebruary 7, 2012

Credit: AP Amazon announced in December it plans to build the distribution centers in Chesterfield and Dinwiddie counties. Legislation requiring Amazon.com Inc. to collect and remit sales taxes in Virginia easily passed a Senate committee this morning ...more »

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