Archives For United States Department of the Treasury

Yesterday, President Obama did an interview with comedian Zach Galifianakis, on his show “Between Two Ferns,” where he tried to rally some much-needed support for Healthcare.gov. Surprisingly, the awkward interview video has become the number one site driving traffic to Healthcare.gov.

President Obama seems to be doing whatever he can these days to help muster support for his party ahead of the midterm elections. Unfortunately, Republican David Jolly won a closely watched U.S. House special election in Florida last night. Though Jolly was short on money, groups pooled money into one of the most expensive House races ever to hammer the ineffectiveness of the Affordable Care Act (ObamaCare) into voters’ minds for the win. Continue Reading…

“There are going to be a lot of state tax attorneys working overtime next week,” said Verenda Smith, deputy director at the Federation of Tax Administrators. “This is what everyone has been waiting for. Now states can release their own guidance.”

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As discussed in our last Joy of Tax Law article, Apple has sheltered $44 billion in offshore tax havens. Like Apple, many other U.S.-based multinational companies are able to protect many of their billion dollar profits abroad through a U.S. Treasury tax loophole called the “check the box” rule.

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The Treasury and IRS released long-awaited final regulations late on January 17 under the Foreign Account and Tax Compliance Act (FATCA), enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act of 2010 (P.L. 111-147). FATCA targets noncompliance by U.S. taxpayers using foreign accounts, the Treasury said in a news release. The issuance of the final regulations marks a key step in establishing a common intergovernmental approach to combating tax evasion, the Treasury said.

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