Ackman, Valeant pledge reforms after spiking drug prices

April 29, 2016 WASHINGTON/NEW YORK (Reuters) – Activist investor William Ackman promised U.S. lawmakers on Wednesday that he will urge the board of Valeant Pharmaceuticals to reduce the high prices of four life-saving drugs that are now at the heart of two congressional probes. Speaking before the Senate Special Committee on Aging, Ackman revealed that … Read More

No IRS abuse in rejecting offer-in-compromise where taxpayer had cash and receivables

  April 29, 2016 Strong, TC Memo 2016-70TC Memo 2016-70 The Tax Court has upheld IRS’s rejection of a taxpayer’s offer-in-compromise (OIC) that was based on doubt as to collectibility. The Court rejected the taxpayer’s argument that IRS abused its discretion by considering his business receivables as business assets for purposes of the OIC. Background. … Read More

Most Americans support usage fees to fix crumbling roads -survey

April 28, 2016 By Hilary Russ, Hilary Russ; New York, Daniel Bases and David Gregorio (Reuters) – Nearly two-thirds of Americans would support roadway user fees to help fix the country’s crumbling transportation infrastructure, according to a survey to be published on Thursday that was seen by Reuters. Options include paying for the number of … Read More

Educational institutions get penalty relief for PATH Act tuition reporting change

April 28, 2016 Ann. 2016-17, 2016-20 IRB IRS has announced that it will not impose penalties under Code Sec. 6721 or Code Sec. 6722 on eligible educational institutions required to file Forms 1098-T, Tuition Statement, for the 2016 calendar year, if the institution reports the aggregate amount billed for qualified tuition and related expenses on … Read More