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

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Normal trade with India ''tied'' to level-playing field
Business Recorder (blog)March 1, 2012

The Commerce Ministry has been allowed in principle to make appropriate changes in the defence trade laws in consultation with the stakeholders to allay apprehensions of the industrial sector for using these laws more effectively against any unfair ...more »

New evidence suggests Stone Age hunters from Europe discovered America
The IndependentMarch 1, 2012

What can a little-known health project in rural Ethiopia tell us about discrimination in an all-twee... New archaeological evidence suggests that America was first discovered by Stone Age people from Europe – 10000 years before the Siberian-originating ...more »

Tax Law News and Stories

Audit Defence
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Audit Notes: Charles Murray's Lunch, Morgenson on Fairfax, Knight-Ridder's iPad
Columbia Journalism Review (blog)March 13, 2012

Gretchen Morgenson has a very interesting column on taxes at Fairfax Financial, which is embroiled in bitter litigation with hedge funds, one of whom complained about the company to the IRS. Fairfax got $400 million in tax breaks from 2003 to 2006 for ...more »

Irs Filing & Compliance
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Tips on Independent Contractor Tax Compliance
JD Supra (press release)March 2, 2012

The IRS pilot program that allows for the truncation of taxpayer identification numbers (TINs) on 1099 forms has been extended to include 1099s through the 2012 calendar year (filed in 2013). This means that the first five digits of the TIN can be ...more »

Business Audit Defence
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Audit: La. tax breaks cut liabilities by $4.8B
Daily CometMarch 6, 2012

"The credits may still be meeting their intended purposes," the audit says. The report didn't name the businesses because of restrictions on the auditor's office providing information about tax records it reviews. The audit notes that state law doesn't ...more »

Personal Irs Disputes
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IRS battling conservatives over tax-exempt status
San Jose Mercury NewsMarch 1, 2012

"These tea party groups, a lot of their material makes them look and sound like a political party," said Marcus S. Owens, a lawyer who advises tax-exempt organizations and who spent a decade heading the IRS division that oversees such groups.more »

Property Taxes
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New Year + New Tax Reforms = New Investors to the Monaco Property Market
DigitalJournal.com (press release)March 1, 2012

"It is also possible to own a property in Monaco through offshore companies and trusts without being penalised and providing a secure and discrete investment, which is good for clients wishing to protect their assets. Holding a Monegasque property ...more »

Corporate Income Taxes
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SC House GOP to propose tax reform package
CBS NewsMarch 5, 2012

The GOP caucus is touting the half-dozen or so measures as wholesale tax reform — an idea advocated for years without serious movement. But legislators may feel compelled to act by what the chairman of the caucus' 18-member tax study committee called ...more »

Sales Tax & Use Tax
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Don't bury small business in an Internet sales tax blizzard
Minneapolis Star TribuneMarch 3, 2012

The state tries to help with an online Sales Tax Rate Calculator, but it comes with a stern warning: "YOU MUST use the 9-digit zip code." Sales taxes don't break nicely along five-digit zip code boundaries, so the only way to know the tax rate is to ...more »

Estate Taxes & Gift Taxes
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SC House GOP to propose tax reform package
Sumter ItemMarch 4, 2012

The GOP caucus is touting the half-dozen or so measures as wholesale tax reform _ an idea advocated for years without serious movement. But legislators may feel compelled to act by what the chairman of the caucus' 18-member tax study committee called a ...more »

Tax Evasion Defence
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Ex-Mo. plant manager convicted of tax evasion
Boston.comMarch 1, 2012

February 29, 2012|AP A former manager at a now-closed Ford Motor Co. plant in eastern Missouri has been convicted of evading taxes on more than $2 million in kickbacks. The US Attorney's office says 55-year-old John Perry, formerly of Lake St. Louis ...more »

International Taxation
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Free tax preparation assistance offered by State Law Library
The Herald-MailMarch 2, 2012

The Berkeley County Law Library, in cooperation with the Central West Virginia Volunteer Income Tax Assistance (VITA) program, is offering free income tax preparation assistance for low- to middle- income taxpayers earning under $49000.more »

Tax Planning
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Tax Planning Opportunities in 2012
JD Supra (press release)March 1, 2012

The federal law provides for a $5.12 million gift tax exemption through year-end which creates significant gifting opportunities. On January 1, 2013, the exemption is scheduled to be reduced to $1 million. Powerful concepts available under current law...more »

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