Tax News & Views, published by the Deloitte Tax LLP Tax Policy Services group in Washington, D.C., provides a compact, reader-friendly perspective on the latest corporate tax developments coming out of Congress, the Internal Revenue Service (IRS), the Department of the Treasury, and the federal courts.
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June 26, 2009
Senate taxwriters moving forward on health care, Baucus says
Senate taxwriters moving forward on health care, Baucus says – With concerns over cost apparently resolved, Senate Finance Committee Chairman Max Baucus, D-Mont., indicated that the committee was nearing an agreement on a $1 trillion health care reform package.
IRS clarifies deadline for foreign bank account reporting – The IRS posted a revised version of frequently asked questions on its Web site concerning voluntary disclosure of Foreign Bank Account Reports (FBAR).
House set to vote on cap-and-trade program – The House of Representatives was set to vote June 26 on a climate change bill (H.R. 2998) aimed at significantly reducing greenhouse gas emissions between 2012 and 2050 through an economy-wide cap-and-trade program.
House Education and Labor Committee approves benefit plan funding relief, stronger 401(k) fee disclosure – The House Education and Labor Committee approved legislation that would provide temporary funding relief to struggling defined benefit plans and strengthen disclosure of fees associated with 401(k) retirement savings accounts.
June 19, 2009
Finance Committee delays health care mark-up as House committees release draft proposal
Finance Committee delays health care markup as House committees release draft proposal – Senate Finance Committee Chairman Max Baucus, D-Mont., delayed a planned June 23 mark-up of health care legislation after the Congressional Budget Office revealed that the committee’s draft bill would be more expensive than anticipated; meanwhile, leaders of House committees with jurisdiction over health care issues released a discussion draft of a reform bill that includes some tax provisions, but generally does not identify revenue raisers.
Congress moving slowly on climate change legislation – Climate change legislation has been moving slowly on Capitol Hill as lawmakers contend with health care reform, and tax has only recently become part of the debate.
IRS asks Congress to make employer-provided cell phones excludable from income – IRS Commissioner Douglas Shulman called on Congress to change the law regarding employer-provided cell phones “to make clear that there will be no tax consequences to employers or employees for personal use of work-related devices such as cell phones provided by employers.”
Overstated basis is not omission from gross income for purposes of extended statute of limitations, Ninth Circuit holds – The Ninth Circuit held that a taxpayer’s overstatement of basis is not an omission from gross income for purposes of extending the statute of limitations on assessment under section 6501(e)(1)(A).
Appeals court is first to uphold regulation excluding medical residents from FICA exception – The Eighth Circuit ruled that payments made to medical residents did not qualify for the student exception to FICA taxes, deferring to Treasury reg. section 31.3121(b)(10)-2, which the court concluded is a permissible interpretation of the statute.
June 12, 2009
Baucus eyes June 23 health care mark-up
June 5, 2009
Health care legislation on track for Finance Committee mark-up
May 29, 2009
Ninth Circuit reverses Tax Court in Xilinx
May 22, 2009
Fifth Circuit: Transaction requires economic substance and non-tax business motive to be valid for tax purposes
May 18, 2009 - Special Edition
Baucus, Grassley release report on health care revenue raisers
May 15, 2009
Baucus rules out repeal of exclusion for employer-provided health insurance
May 12, 2009 - Special Edition
White House delivers details – and surprises – in expanded FY 2010 budget package
May 8, 2009
White House to release detailed FY 2010 tax proposals by May 11
May 4, 2009 - Special Edition
Obama flushes out FY 2010 budget with sweeping international tax reform proposals
May 1, 2009
Lawmakers approve $3.5 trillion FY 2010 budget with health care reconciliation instructions
April 30, 2009 - Special Edition
Tax in health care reform debate
April 24, 2009
Lawmakers gear up for post-recess action on energy, health care, budget
April 17, 2009
Outlook: As budget debate resumes, prospects for passing international tax increases in 2009, remains unclear
April 3, 2009
Levin reintroduces carried interest legislation
March 27, 2009
Congressional committees pass budget resolutions that mirror, but scale back, Obama’s tax priorities
March 20, 2009
Congress clamping down on bonuses paid by TARP participants
March 13, 2009
Tough sledding on Capitol Hill for Obama budget plan, Conrad predicts
March 6, 2009
Tax writers pan proposed limitations on itemized deductions
February 26, 2009
Obama would bankroll middle-class tax relief with significant increases on business, high-income individuals
February 20, 2009
Stimulus legislation becomes law; budget, housing next on agenda
February 14, 2009 - Special Edition
Approved stimulus bill weights business incentives toward small taxpayers
February 13, 2009
House approves stimulus conference agreement; five-year NOL carryback provision gutted
February 10, 2009 - Special Edition
Senate approves compromise stimulus bill
February 7, 2009 - Special Edition
Senate leaders, centrists, agree on $18 billion cut to tax stimulus package; floor vote set for February 10
February 6, 2009
Senate stimulus debate continues; final vote possible before weekend
January 28, 2009 - Special Edition
House clears comprehensive economic stimulus legislation with $303 billion tax package
January 23, 2009
Baucus releases details on $275 billion stimulus tax proposal; plans January 27 markup
January 22, 2009 - Special Edition
Ways & Means approves $303 billion stimulus tax package
January 16, 2009
Rangel Tax Stimulus Outline Includes NOL (net operating loss) Carryback, Bonus Depreciation, Significant Energy Package
January 9, 2009
Lawmakers, Obama, Talk Stimulus, but Offer Few Details
