The US Internal Revenue Service has announced it will suspend imposing
penalties on SMEs who invested in tax shelter transactions.
The move is designed to allow Congress time to work on legislation which
would help businesses who face penalties out of proportion to any tax benefit
received from tax shelters, according to
A lobby group wrote to the IRS Commissioner Doug Shulman requesting
assistance while Congress moves to legislate on the matter.
“I’m pleased the IRS complied with our request so that Congress can do its
part to ensure the tax code treats small businesses fairly,” said Max Baucus,
chairman of the senate finance committee.
In response to the letter, Shulman said: ‘I am concerned that because the
current statute applies uniformly without exceptions and without regard to the
amount of tax in question, some taxpayers are caught in a penalty regime that
the legislation did not intend.’
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure
The Apple Tax situation; Accountants replaced by robots; and The Accountancy Age Top 50+50; all discussed by head of editorial Kevin Reed