Magazine article The CPA Journal

Tax & Accounting Update

Magazine article The CPA Journal

Tax & Accounting Update

Article excerpt

Tax & Accounting Update is provided by Thamson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most pressing issues coming down the regulatory and administrative pipeline. Visit https ://tax.thom sonreuters. com/checkpointnews/ for further information and daily updates.

Tax News

Congress passes bill that would increase penalty for failure to file tax returns On February 24, President Obama signed into law the Trade Facilitation and Trade Enforcement Act of 2015. In addition to m aking perm anent the Internet T ax Freedom Act's ban on taxing Internet access, the act contains a number of tax provisions, including stiffer penalties for a failure to file returns. Under current law, unless due to reasonable cause and not willful neglect, the minimum penalty for failure to file certain types of tax returns (including income, estate, and gift tax returns) within 60 days of the due date (including extensions) is equal to the lesser of $135 (for 2015 and 2016) or the full amount of tax required to be shown on the return. The new law will raise the minimum penalty to $205 or the full amount of tax required to be shown on the return, effective for returns required to be filed after 2015.

SEC News

Senators back strong payment disclosure rule for oil, gas, and mining companies. Fifteen current and former U.S. Senators have asked the SEC to write a strong Dodd-Frank Act rule requiring oil, gas, and mining companies to disclose payments made to U.S. and foreign governments as part of their business. The legislators say the rule will provide transparency on the companies' operations in high-risk countries and will be especially important when commodity prices are volatile. "In combination with the transparency rules in other markets, a strong final rule will enhance the stability of oil, gas and mining investment environments, support stable economic growth around the world, and support and protect U.S. investors," said the letter, which was signed by Democratic Senators Ben Cardin of Diary land, Patrick Leahy of Vermont, Richard Durbin of Illinois, Elizabeth Warren and Edward Markey of Diassachusetts, Tammy Baldwin of Wisconsin, Christopher Coons of Delaware, Jeanne Shaheen of New Hampshire, Sheldon Whitehouse of Rhode Island, Robert Dienendez of New Jersey, Jeffrey Merkley of Oregon, and Senate Banking Committee ranking member Sherrod Brown of Ohio. …

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