The Second Circuit Court of Appeals held on Wednesday that the terms “refund” and “overpayment” in an offer-in-compromise (OIC) agreement are specialized tax terms that take their meaning from the Internal Revenue Code and are not given their
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Author Archives: News Finder
HP Report: More Attacks, Despite Fewer New Vulnerabilities Overall
For years, security vendors have been in an arms race with hackers. As the rate of discovery of new vulnerabilities continued to grow, attackers have enjoyed an ever-expanding menu of security flaws to exploit. But last year, something happened: The nu…
IRS proposes expanding tax return information it will disclose to HHS under health care acts
On Friday, the IRS issued proposed regulations relating to how it will release certain tax return information to the Department of Health and Human Services (HHS), as required by 2010’s health care legislation (REG-119632-11). The proposed regulations describe certain items the IRS will disclose in addition to those required by Sec. 6103(l)(21). The Patient Protection…
Fewer Americans form households after recession, hampering economic recovery
It had been a long road, but when Sabrina Torres received her master’s degree in 2010, she was sure it would eventually pay off in a good job that would allow her to afford an apartment. She is still waiting. The American University graduate’s financial struggles have prevented her from living on her own, making…
Coal’s Future Is Rocky at Best
Utilities that switch to natural gas are already passing savings on to customers. In 2013 residential U.S. utility bills should fall 1 percent.
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$5,120,000 lifetime gift tax exemption expiring soon
We (Lexology) recently circulated this article as a Special Client Alert. The resetting of the lifetime gift-tax exemption back to $1 million from $5,120,000 scheduled to take place on Jan. 1, 2013, is so important, however, that we are republishing our article to ensure that as many of our readers as possible have the opportunity…
Taxpayers can deduct certain local lodging expenses under proposed rules
The IRS issued proposed regulations on Tuesday that permit employees to treat certain expenses paid or incurred for local lodging as deductible business expenses (REG-137589-07).
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US legislative cybersecurity update
Monday, April 23, will begin Cyber Week, during which up to six different bills that focus on various aspects of cybersecurity may be considered on the House floor. The Rules Committee has not yet determined how the bills will be handled, but it is likely that the less controversial bills from the Committee on Science, Space…
Tax court distinguishes employees from independent contractors
In a recent memorandum decision, the U.S. Tax Court (Court) offered additional guidance to taxpayers tasked with making the often fact-intensive decision as to the proper classification of a worker as an employee or an independent contractor. Although the Court’s decision relied almost exclusively on past precedent, the discussion provides additional color to the employee/independent…
Rep. Cantor’s small-business tax cut bill passes House in 235-173 vote
The House approved legislation backed by Majority Leader Eric Cantor (R-Va.) on Thursday that would cut taxes on small business by 20 percent. In a largely party-line vote, Republicans turned aside Democratic objections that the tax cut is a handout to the wealthiest, and that its $46 billion price tag is not offset with spending…
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