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Andrew Presti

Preparing for the possible return of pre-EGTRRA individual tax rates

In less than six months, unless Congress acts, the individual marginal income tax rate reductions under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) will expire. While the timetable for addressing the EGTRRA tax cuts is not certain, the approaching sunset of the individual rate reductions, the possibility for their extension, and […]

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Andrew Presti

Treasury: 5.6M hires qualify for new tax break

WASHINGTON – Businesses have hired 5.6 million workers under a new program that provides tax breaks for hiring unemployed workers, the Treasury Department said Monday. The report, however, does not estimate how many of those jobs would have been added without the tax break. President Barack Obama signed a law in March that exempts businesses […]

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Andrew Presti

Dividends Rise, Tax Hikes May Follow

Starbucks, GE, and others are boosting dividends, but it’s up to Congress to decide how much dividend income shareholders will keep. U.S. shareholders are seeing companies boost dividends again, after two years of sharp declines in payouts. However, at the same time, taxes on their dividends could be heading higher, taking a bite out of […]

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Andrew Presti

The Foreign Account Tax Compliance Act

A key component of the federal government’s push for heightened tax compliance among U.S. taxpayers with foreign accounts and assets is the Foreign Account Tax Compliance Act (FATCA). In an interview in February this year with the JofA, IRS Commissioner Doug Shulman called the then-pending legislation “the next big thing” in international tax compliance and […]

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Andrew Presti

TIGTA Finds IRS Doesn’t Always Protect Taxpayers, Follow Rules When Filing Liens

A report issued by the Treasury Inspector General for Tax Administration (TIGTA) says the IRS does not always follow legal requirements when issuing liens and lien notices. The report also concludes that, as a result, action is needed to protect taxpayer rights during the lien process. A federal tax lien arises when the IRS attaches […]

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