Daily Tax Update - March 19, 2014: Senators Levin and McCain Urge Justice to Seek Extradition for Those Charges with Enabling Offshore Tax Evasion

SENATORS LEVIN AND MCCAIN URGE JUSTICE TO SEEK EXTRADITION FOR THOSE CHARGED WITH ENABLING OFFSHORE TAX EVASION:  In a letter to the Justice Department, the Chairman and ranking member of the Senate Permanent Subcommittee on Investigations urged the Department of Justice to seek extradition of Swiss residents whom the DOJ has charged with tax evasion.

Sen. Carl Levin (D-MI) and Sen. John McCain (R-AZ) wrote Deputy Attorney General James Cole in response to his testimony in February before the subcommittee in a hearing on Swiss bank assistance of tax evasion in the United States. Their letter said, “The extradition treaty between the United States and Switzerland. . . does not bar the extradition of Swiss nationals who assisted U.S. nationals in the commission of criminal tax evasion, and it is time to test the Swiss government’s professed willingness to cooperate with international tax enforcement efforts.”

FINANCE COMMITTEE EXPECTED TO VOTE ON EXTENDERS WEEK OF MARCH 31:  According to an aide to the Senate Finance Committee, the Committee is expected to hold a vote on the expiring tax provisions (tax extenders)  the week of March 31.

Revenue Ruling 2014-12 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of sections 42, 382, 412, 1288, 1274, 7520, 7872, and various other sections of the Internal Revenue Code.