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

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Will shortcomings undermine the new Competition Act?
International Law OfficeMarch 1, 2012

On February 6 2012 the government submitted a draft of the new Competition Act to Parliament. The reform of the country's key competition legislation attracted a level of public participation rarely seen in Portugal's recent legal history.more »

Best of IMCA Brings Leading Conference Content to a Local Level
PR Web (press release)March 1, 2012

... Inc. Investment Management Consultants Association Inc. does not discriminate in educational opportunities or practices on the basis of race, color, religion, gender, national origin, age, disability, or any other characteristic protected by law.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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Recent Developments Highlight Growth Of IRS Whistleblower Program
Mondaq News Alerts (registration)March 5, 2012

Several recent developments have underlined the growing importance of the IRS's tax whistleblower program about which businesses and their tax departments should be aware. The IRS Whistleblower Office investigates submissions by individuals who alert ...more »

Business Audit Defence
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NJ Audit Finds State Health Plan Cheaper for Towns
Insurance JournalMarch 1, 2012

All four of the audited government entities also failed in some way to comply with state contracting law when procuring health insurance services, the audit found. For example, Haddon Township failed to seek quotes from competing vendors when awarding ...more »

Personal Irs Disputes
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Tea Party Groups Question IRS Requests For Information
CBS LocalMarch 1, 2012

They've received IRS letters similar to one from a Waco group, which demands reams of inside information in order to qualify for 501(c)(4) status. As a lawyer, he sees some questions as standard boilerplate language; others, he says, are intrusive.more »

Property Taxes
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Tax increase anticipated in Village of Canisteo
Hornell Evening TribuneMarch 6, 2012

Though the specific increase is unclear, trustee and budget officer Tim Harkenrider told the board Monday the village could raise taxes approximately 3 percent and remain below the state's property tax cap. Both Harkenrider and Mayor Bill Tucker said ...more »

Corporate Income Taxes
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Parl panel for hiking income tax exemption limit to Rs 3 lakh
Zee NewsMarch 2, 2012

New Delhi: In order to provide the much needed relief to people, a Parliamentary panel scrutinising the Direct Taxes Code (DTC) Bill has suggested raising the income tax exemption limit to Rs 3 lakh and also hiking deduction on savings to Rs 2.5 lakh.more »

Sales Tax & Use Tax
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Sales tax plan reflects priorities
Springfield News-LeaderMarch 4, 2012

People looking for proof government can make wise use of tax dollars need look no further than Greene County. “Exhibit A” is the April 3 proposal on a sales tax to support public safety. But to fully appreciate why, you need to look back to last year ...more »

Estate Taxes & Gift Taxes
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Task Force May Tackle Streamlined Internet Sales Tax
Twin Falls Times-NewsMarch 3, 2012

Idaho lawmakers plan a proposal that would allow the state to uniformly collect sales tax on Idahoans' online purchases. What's the problem? Idaho law already requires residents to pay the state's 6 percent sales tax on purchases made online or from ...more »

Tax Evasion Defence
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Jurors ask about Jimmy Dimora's tax returns, definition of ``other income ...
Plain DealerMarch 8, 2012

The four tax-evasion counts accuse Dimora of failing to claim about $166000 of illegal income from bribes and kickbacks over the four years. The jury asked US District Judge Sara Lioi for the definition of "other income" listed on Dimora's IRS 1040 ...more »

International Taxation
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Missouri House endorses tax amnesty period
CBS NewsMarch 1, 2012

Delinquent taxpayers would need to agree to comply with state tax laws for the next eight years. All the penalties and interest would be due immediately if a delinquent taxpayer violates state tax law within the eight-year period.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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