The bottom line is that, in general, it is the donor who pays gift tax under US law

We are considering giving €50,000 to our son in the US to help buy a house. Will he be taxed on that and could you advise on the best way to transfer (...)

Yahoo had sought a private letter ruling from the IRS to confirm if the transaction – potentially worth about $23 billion – would result in a tax obligation. Photograph:  Ethan Miller/Getty Images

Yahoo shares rose as much as 6 per cent yesterday after the company said it would proceed with the spin-off of its stake in Chinese e-commerce company(...)

Charles Allen, chief executive officer of BitcoinShop, an online marketplace, said he would like to see the IRS reconsider its decision as virtual currencies develop.

The US government will treat Bitcoin as property for tax purposes, applying rules it uses to govern stocks and barter transactions, the Interna(...)

Protesters during a Tea Party rally in front of the IRS building in Denver on Tuesday. Photograph: Dana Romanoff/The New York Times

They are getting the band back together. In the well-burnished legend of its founding, the Tea Party movement sprang to life at grassroot(...)

President Obama announcing that acting IRS commissioner Steven Miller had resigned in the wake of a growing scandal involving the agency. Photograph: Kevin Lamarque/Reuters

Thwarted on Capitol Hill, stymied in the Middle East and now beset by scandal, President Barack Obama has reached a point just six months after(...)