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Tax Watch

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May 2, 2012

Posted May 3, 2012

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Impact of Federal Tax Reform on State and Local Taxes
An overhaul of the federal tax code could include changes to the treatment of municipal bonds, according to Senate Finance Committee Chairman Max Baucus, D-Mont. He warned witnesses during an April 25 committee hearing that they would all need to work together to avoid future economic hardship.

Banks Must Report Interest Paid to Nonresident Aliens
In a controversial move, the IRS has finalized regulations that require U.S. banks and other financial institutions to report interest on deposits paid to a nonresident alien.

Simplification, Better Tools Would Improve Tax Filing
Return preparers and IRS officials told lawmakers at an April 26 Senate Finance Committee hearing that tax laws need simplification in order to improve compliance.