MLM Counties News. Notices. Need-to-know Information.

The crime of stealing tax refunds through identity theft is “no longer exploding,” U.S. Internal Revenue Service Commissioner John Koskinen said Tuesday.

Some U.S. lawmakers are exploring a post-election deal that would lock in permanent tax cuts for major corporations and low-income families.

Treasury Secretary Jacob J. Lew’s announcement of new rules to crackdown on inversions will get an immediate test as eight U.S. companies with pending deals decide whether to proceed – and other companies contemplating a foreign address now have to think twice.

Republicans and business allies such as House Ways and Means Chairman Dave Camp and the U.S. Chamber of Commerce say they know the way to stop companies from changing addresses to cut their tax bills: Reform the tax code.

The U.S. Treasury Department is examining unilateral actions to curb corporate inversions, reversing its position that only Congress has the authority to stop or slow the deals.

Senate Republicans halted a Democratic measure that would limit tax breaks for companies that outsource jobs and operations from the U.S.

Legislation to deter U.S. companies from moving their addresses overseas should avoid retroactive taxes, prevent a net tax increase and move toward a revamp of the tax code, Sen. Orrin Hatch of Utah said Tuesday.

The Internal Revenue Service is making it easier for some U.S. taxpayers to disclose offshore accounts.

Tagged with: Internal Revenue Service

Congressional Republicans are demanding answers from the U.S. Internal Revenue Service after the agency lost more than two years of e-mails requested by lawmakers.

Tagged with: Internal Revenue Service

Small businesses would be able to write off capital purchases more quickly under a $73.1 billion tax reduction passed Thursday by the U.S. House of Representatives.

A temporary tax holiday for U.S. companies to repatriate offshore profits would cost the government $95.8 billion in revenue over the next decade, according to the Joint Committee on Taxation, a nonpartisan scorekeeper for Congress.