JURIST - Paper Chase: ABA urges IRS Oversight Board to simiplify tax code

In Monday's tax law news, Richard A. Shaw, chair of the American Bar Association Tax Section, urged the IRS to promote simplification of the tax code in testimony today before the IRS Oversight Board. He said that code simplification would increase taxpayer compliance and overall public confidence in the federal tax system. The ABA has more.... Capital News Service reports today that only 8 out of 70 corporations offered amnesty by the Maryland State Comptroller agreed to pay back taxes as of the comptroller's Dec. 31st deadline. The Maryland parent corporations allegedly set up Delaware subsidiaries that bought patents, copyrights and trademarks from the parent companies. The subsidiaries subsequently leased back the intellectual property rights to the parent resulting in lower Maryland income tax and taking advantage of Delaware's failure to tax intellectual property rights. Maryland's comptroller intends to take court action against the other 62 corporations. Delaware's Daily Times has more here.... The Orlando Sentinel reports that Florida's unemployment tax will automatically increase $133 million in April, tripling the amount businesses pay currently. Florida state law triggers the increase when the unemployment fund reaches a certain level to prevent it from dyring up. Read more here.