Estate Taxes & Gift Taxes. Legal news and articles for February 23 - 24, 2012

Payroll Tax Cut Extended Through 2012, IRS Revises Form 941To close tax loopholes, new ones would openWonkbook: Tax spending vs. government spendingSpain king's son-in-law questioned over corruptionCentury-old tax law comes under reviewCTIA Statement on the Middle Class Tax Relief and Job Creation ActMortgage relief faces a nightmareTo close tax loopholes, Obama would open new onesIndia mulls law to fight EU carbon taxMortgage relief faces a nightmare if tax benefit not renewedCTIA Statement on the Middle Class Tax Relief and Job Creation ActIndia mulls law to bar Indian airlines from paying EU taxObama signs payroll tax cut extension into lawStudy: Gingrich, Santorum tax and budget plans would cause sharp hike in ...Homeowners Who Negotiate Debt Relief Could Soon Face Massive Tax Bill

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International holding structure and the income tax law: Ramifications of ...
Business Recorder (blog)February 1, 2012

It is a capital gain within the jurisdiction where the property is located, that is India, and hence the transaction is liable to be taxed in India. M/s Vodafone pleaded that being foreign entity having no presence in India, not even a branch office, ...more »

Even unused tax breaks tough for legislators to plug
The Seattle TimesFebruary 5, 2012

The Legislature has enacted 640 tax exemptions over the years. Many of them are protected under state law, such as limits on the growth of property taxes, or are required by the state constitution. However, a state Department of Revenue analysis found ...more »

Estate Taxes & Gift Taxes. News and Stories

Payroll Tax Cut Extended Through 2012, IRS Revises Form 941
HR.BLR.comFebruary 24, 2012

On Wednesday, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012, which extends the 2 percent payroll tax cut through 2012. In response, the IRS has released a revised Form 941. For a Limited Time receive a FREE HR Report ...more »

To close tax loopholes, new ones would open
San Mateo Daily JournalFebruary 24, 2012

That puts the US companies that actually pay the official corporate tax rate at a disadvantage against their foreign competitors. (Many US companies effectively pay lower rates because of tax breaks.) The loophole-riddled US tax code now benefits ...more »

Wonkbook: Tax spending vs. government spending
Washington Post (blog)February 24, 2012

Gregory Mankiw, who led President George W. Bush's Council of Economic Advisers, calls expenditures “stealth spending implemented through the tax code.” David Brooks picks this argument up in his column today. "You might say that a tax break isn't the ...more »

Spain king's son-in-law questioned over corruption
Atlanta Journal ConstitutionFebruary 24, 2012

By MANU MIELNIEZUK AP PALMA DE MALLORCA, Spain — As public relations nightmares go, it can't get much uglier: The Spanish king's son-in-law will be questioned over alleged corruption while everyday people brave austerity measures, tax hikes, ...more »

Century-old tax law comes under review
Herald SunFebruary 24, 2012

THE State Government is reviewing a clause in the Land Tax Act that puts renters at risk of being slugged for landlords' debts. The pledge from Treasurer Kim Wells comes after the Herald Sun yesterday revealed State Revenue Office collectors had chased ...more »

CTIA Statement on the Middle Class Tax Relief and Job Creation Act
Bradenton HeraldFebruary 24, 2012

23, 2012 /PRNewswire-USNewswire/ -- After President Obama signed the Middle Class Tax Relief and Job Creation Act into law last night, CTIA-The Wireless Association® President and CEO Steve Largent released the following statement: "The Middle Class ...more »

Mortgage relief faces a nightmare
Worcester TelegramFebruary 24, 2012

The law, first enacted in 2007, allows homeowners who have received principal reductions on their mortgages as the result of loan modifications, short sales or foreclosures to avoid income taxation on the amounts forgiven. Loss of that tax help would ...more »

To close tax loopholes, Obama would open new ones
The Associated PressFebruary 24, 2012

Tax analysts suspect that some companies would work the political system to make sure they're eligible for any new tax breaks. Every lawyer, every accountant, every doctor is going to claim to be a manufacturer," says Ken Bezozo, managing partner in ...more »

India mulls law to fight EU carbon tax
Times of IndiaFebruary 23, 2012

NEW DELHI: The government is mulling a law to ban Indian airlines from participating in the European Union's stringent carbon tax scheme. India is considering its first retaliatory steps in the wake of 26 key nations' decision - including Russia and ...more »

Mortgage relief faces a nightmare if tax benefit not renewed
Hartford CourantFebruary 23, 2012

Given the huge public and private resources now being devoted to helping financially distressed homeowners — including the recently announced $25 billion national mortgage settlement with five major banks — you might assume that a key federal tax law...more »

CTIA Statement on the Middle Class Tax Relief and Job Creation Act
Sacramento BeeFebruary 23, 2012

23, 2012 /PRNewswire-USNewswire/ -- After President Obama signed the Middle Class Tax Relief and Job Creation Act into law last night, CTIA-The Wireless Association® President and CEO Steve Largent released the following statement: "The Middle Class ...more »

India mulls law to bar Indian airlines from paying EU tax
Economic TimesFebruary 23, 2012

NEW DELHI: The government is mulling a law to ban Indian airlines from participating in the European Union's stringent carbon tax scheme. India is considering its first retaliatory steps in the wake of 26 key nations' decision - including Russia and ...more »

Obama signs payroll tax cut extension into law
Sacramento BeeFebruary 23, 2012

The $143 billion measure that Congress passed overwhelmingly on Friday continues the 2 percentage-point reduction in the tax that funds Social Security, a cut begun last year to aid the nation's struggling economic recovery.more »

Study: Gingrich, Santorum tax and budget plans would cause sharp hike in ...
Washington PostFebruary 23, 2012

Like Obama, the GOP candidates have the luxury of suspending political reality and assuming lawmakers would quickly enact their ideas into law. That translates into a tax code in which taxes on investments and capital gains are sharply reduced or ...more »

Homeowners Who Negotiate Debt Relief Could Soon Face Massive Tax Bill
Gant DailyFebruary 23, 2012

In order to avoid foreclosure, you negotiated a short sale for half of what you paid, ruining your credit rating for years and draining your bank account. But there is a tiny silver lining: Thanks to a 2007 law, you don't have to pay taxes on the ...more »

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