CCH TAX NEWS HEADLINES - OCTOBER 18, 2011

CCH TAX NEWS HEADLINES - OCTOBER 18, 2011 _IRS Commissioner Warns that Proposed IRS Budget Cuts ?Would Lead to Noticeable Degradation of Both Service and Enforcement?_

Posted on _10/18/2011_ by _CCH_ IRS Commissioner Douglas H. Shulman wrote in an October 17 letter to the congressional tax-writing and appropriations committees that proposed cuts in the IRS fiscal year (FY) 2012 budget of half a billion dollars or more ? would lead to noticeable ? _Continue reading ?_ Posted in _Federal Tax Headlines_ | Comments Off

_Draft Instructions Released for Reporting Foreign Financial Assets_

Posted on _10/18/2011_ by _CCH_ The IRS has released draft instructions to Form 8938, Statement of Specified Foreign Financial Assets, which describe who must report ownership of foreign assets above a certain threshold under the Foreign Account Tax Compliance Act (FATCA) (P.L. 111-147). A draft ? _Continue reading ?_ Posted in _Federal Tax Headlines_ | _Leave a comment_ STATE TAX HEADLINES _District of Columbia ~ Corporate, Personal Income Taxes: Bill Creates High-Income Tax Bracket and Rate, Amends Itemized Deductions, Bond Interest Income, and Other Provisions_ Posted on _10/18/2011_ by _CCH_ District of Columbia temporary legislation amends the Fiscal Year 2012 Budget Support Act of 2011, Act 19-98, effective September 14, 2011, making changes to corporate and personal income tax provisions. High-Income Tax Bracket and Rate The bill creates a ? _Continue reading ?_ Posted in _State Tax Headlines_ | Comments Off

_All States ~ Sales and Use Tax: U.S. House Bill Would Mandate Collection by Remote Sellers_

Posted on _10/18/2011_ by _CCH_ Sellers would be required to collect sales and use tax for states in which they lack a physical-presence nexus, under legislation introduced in the U.S. House of Representatives on October 13, 2011. The Marketplace Equity Act of 2011 (H.R. 3179) ? _Continue reading ?_ Posted in _State Tax Headlines_ | Comments Off