This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below.
Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers.
Lowtax Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail.
Tax News: Global
tax news, continuously updated through the day.
Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor.
Law & Tax
News: Daily news and background data on tax and legal developments
for international business.
Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources.
US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers.
IRS Agrees To Suspend Collection Of Incentive Stock Option AMT Liabilities,
by Mike Godfrey, Tax-News.com, Washington
Tuesday, September 02, 2008
A bipartisan group of lawmakers in the US Congress has secured a commitment
from the Internal Revenue Service (IRS) to suspend the collection of Alternative
Minimum Tax (AMT) liabilities, including interest and penalties, that arose
from employees’ exercising of incentive stock options.
Sen. Chuck Grassley (R - Iowa), one of the leading exponents of the campaign,
stated on Friday that the suspension gives Congress time to enact legislation
that would ease these burdens on affected taxpayers.
“Taxpayers in this situation faced a lot of income tax on very little
income,” Grassley said. “There’s bipartisan consensus to fix
the problem. By holding off on collections, the IRS is giving Congress time
to act without making things worse for the affected families.”
Grassley is ranking member and former chairman of the Committee on Finance,
with exclusive Senate jurisdiction over tax policy.
On July 3, Grassley and Senate and House colleagues wrote to IRS Commissioner
Doug Shulman, asking for a suspension of liability and penalty collections in
incentive stock option AMT cases, and last week, IRS commissioner Doug Shulman
notified Grassley and his Congressional colleagues that the agency is offering
the suspension.
Under current law ISO AMT families are entitled to use refundable credits into
the future to compensate for what they owe now. However, they are being pressed
to pay their current liabilities immediately, without regard for the refundable
credits.
"These families are facing the garnishments of wages, foreclosures of
homes, seizures of retirement accounts, and all the other tools available to
the IRS to settle uncollected tax debts," the lawmakers pointed out in
their letter to Shulman.
"There is now a very broad bipartisan consensus to abate all interest
and penalties attributable to ISO AMT liabilities and permit taxpayers to apply
the full amount of their future refundable credits towards the entirety of their
current ISO AMT liabilities," the letter added.
Congress is currently working to help these taxpayers through the enactment
of the AMT Credit Fairness and Relief Act of 2007 (H.R. 3861), and its companion
bill in the Senate (S. 2389).
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here for a brief introduction
to RSS and instructions on how to get the Tax-News feed.
IMPORTANT NOTICE: THE LOWTAX NETWORK has
taken reasonable care in sourcing and presenting the information contained on
this site, but accepts no responsibility for any financial or other loss or damage
that may result from its use. In particular, users of the site are advised to
take appropriate professional advice before committing themselves to involvement
in offshore jurisdictions, offshore trusts or offshore investments. All materials
on this site copyright THE LOWTAX NETWORK 1999 to 2010. Contact
us for further information.
TAX-NEWS.COM
Free Tax-News Feed