Internal Revenue Service News

California Workers’ Comp Medical Mileage Rate Will Decline for 2017

The Internal Revenue Service has announced that the standard mileage rate for business miles will decline 0.5 cents per mile to 53.5 cents per mile as of Jan. 1, 2017. The California Workers’ Compensation Institute said this means the mileage …

Hedge Funds Targeted in Senator Wyden’s Reinsurance Tax Bill

The owners of hedge fund-backed reinsurers, including one tied to John Paulson, could have to pay more taxes or shift their focus under a bill introduced by Senator Ron Wyden to counter what he called abuses by offshore companies. “For …

Oklahoma AG Challenges Federal Health Care IRS Claims

The nation’s health care law does not authorize the Internal Revenue Service to adopt a rule that the federal government claims is needed to implement the statute, Oklahoma Attorney General Scott Pruitt argued. Pruitt made the arguments as part of …

IRS Says It Has No Role in Enforcing Health Insurance Mandate

The Internal Revenue Service on Tuesday assured congressional lawmakers that agents would play no role in enforcing the controversial requirement that Americans buy insurance under President Barack Obama’s healthcare overhaul. “IRS revenue agents will not be involved. There will not …

IRS Gives Employers Break on Misclassified Employees

The Internal Revenue Service is offering a break to employers who come clean about wrongly classifying workers as independent contractors to avoid paying federal payroll taxes, the agency announced this week. What happens when workers are considered independent contractors? Employers …

AIG Appoints Former IRS Attorney as Deputy Tax Director

American International Group Inc. (AIG) has hired Clarissa Potter, former deputy chief counsel at U.S. Internal Revenue Service and former law professor, as deputy tax director. In this role, Potter will be responsible for AIG’s global tax planning, including continued …