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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November 21, 2008
Finance Committee Leaders Offer Business Stimulus, Pension Proposals; Further Action Delayed
Finance Committee Leaders Offer Business Stimulus, Pension Proposals; Further Action Delayed – Congress wrapped up an abbreviated post-election session without taking action on legislation introduced by Senate Finance Committee Chairman Max Baucus, D-Mont., and ranking Republican Charles Grassley of Iowa that would extend certain temporary business tax incentives and ease pension rules for businesses and senior citizens during the current economic downturn.
Baucus Links Health Care Reform to Stimulus; Eyes Changes to Tax Exclusion for Employer-Provided Health Benefits – Senate Finance Committee Chairman Max Baucus, D-Mont., said at a recent committee hearing that economic recovery and health care reform should go hand in hand come January and that he may seek to limit the tax exclusion for employer-provided health benefits as part of the reform effort.
JCT Releases Annual Tax Expenditure Report – The Joint Committee on Taxation staff has released its annual report outlining federal tax expenditures.
November 7, 2008
Proposed Regs Address COD Income in Debt-For-Equity Exchanges
Proposed Regs Address COD Income in Debt-For-Equity Exchanges – The IRS issued proposed regulations on determining the discharge of indebtedness income of a partnership that transfers a partnership interest to a creditor to satisfy a debt (a debt-for-equity exchange).
IRS Seeks Comments on USRPI Definition for Certain Infrastructure Transactions – Treasury and the IRS issued an advanced notice of proposed rulemaking under section 897 announcing their view that certain rights granted by a governmental unit to operate and collect tolls for the use of certain infrastructure assets (for example, toll roads and bridges) may properly be characterized as a U.S. real property interest within the meaning of section 897(c).
Charitable Remainder Trust Transaction Must Be Disclosed to IRS – The IRS announced that transactions involving a sale or other disposition of all interests in a charitable remainder trust (CRT) resulting in a noncharitable beneficiary receiving the value of that beneficiary’s trust interest while claiming to recognize little or no taxable gain are transactions of interest for purposes of the reportable transaction disclosure and list maintenance requirements under sections 6011, 6111, and 6112.
Election Day Brings Shake-Ups to Ways & Means, Finance Committees – Along with a new Democratic president and a strengthened Democratic majority in the House and Senate, the November 4 elections brought about the prospect of some significant changes on the two taxwriting committees when the 111th Congress convenes next January.
October 31, 2008
Infrastructure Spending, Not Taxes, Dominates Discussion at Ways & Means Stimulus Hearing
October 17, 2008
McCain, Obama Outline Temporary Tax Relief Proposals to Address Economic Downturn
October 10, 2008
Questions Surround Application of New Limits on Deferred Compensation
October 3, 2008
House OKs Partially Offset Tax Relief Package Yoked to Financial Markets Assistance Bill; Next Stop – White House
October 1, 2008 - Special Edition
Senate Approves Energy, Extenders, AMT Relief Packaged with Economic Stabilization Bill
September 26, 2008
House OKs Energy Incentives and Extenders Bill; Still at Odds with Senate, White House
September 24, 2008 - Special Edition
House Clears Unpaid-For AMT Patch, Disaster Relief
September 23, 2008 - Special Edition
Senate Passes Energy, Extenders, AMT Patch; House Action Expected Next
September 19, 2008
Lawmakers Address Energy, Extenders, AMT Patch as Target Adjournment Date Looms
September 18, 2008 - Special Edition
IRS Extends Filing, Payment Relief to Ike Victims until January 5
September 15, 2008 - Special Edition
IRS Extends Filing Deadlines for Hurricane Ike Targets
September 12, 2008
Baucus, Grassley Unveil New Energy Tax Plan, Recycle Old Offsets
September 5, 2008
Viewpoint: Significant Corporate Revenue Raisers Unlikely This Year as Lawmakers Eye Election Season
August 29, 2008
IRS Issues Revenue Procedure for Automatic Accounting Method Changes
August 15, 2008
Foreign-Controlled Domestic Corps. Report Lower Tax Liability than U.S-Controlled Counterparts, GAO (General Accounting Office) Study Finds
August 8, 2008
Revenue Ruling Precludes Transfers of Retirement Plans Outside of Business Acquisition Context; Treasury Develops Framework for Legislative Change
August 1, 2008
President Bush Signs Housing Stimulus Legislation into Law
July 26, 2008 - Special Edition
Comprehensive Housing Stimulus Bill Clears Senate; President’s Signature Expected Soon
July 25, 2008
Baucus Introduces Revised Extenders and AMT Package
July 23, 2008 - Special Edition
House Passes Housing Relief Bill; Adds Two-Year Delay in Worldwide Interest Allocation Election
July 18, 2008
New Foreign Tax Credit Regs Address Structured Passive Investment Arrangements
July 11, 2008
IRS Ruling Describes Treatment of Fund of Hedge Funds Expenses
July 7, 2008 - Special Edition
Housing Stimulus, Extenders Top Post-Recess Congressional Agenda; Prospects for Fast Action Uncertain
June 27, 2008
Senate Housing Stimulus Bill Stalls Due to Energy Spat; Post-Recess Action Expected
June 25, 2008 - Special Edition
House Approves Carried Interest Tax Hike to Pay for AMT Patch; White House Threatens Veto
June 20, 2008
Senate Mulls Revamped Housing Stimulus Tax Package: Extended NOL (Net Operating Loss) Carryback Out, Revenue Offsets In
June 18, 2008 - Special Edition
House Taxwriters OK Fully Offset AMT Patch; Prospects Dim in Senate
June 17, 2008 - Special Edition
Tougher Expat Tax Rules Enacted to Pay for Military Tax Relief
June 13, 2008
Senate Extenders, Energy Bills Stall as Democrats and GOP Draw Lines in the Sand Over Offsets
June 6, 2008
Baucus: Senate Extenders Bill to Bypass Finance Committee; Floor Consideration Likely Next Week
May 30, 2008
Congress Preps for Busy Post-Recess Schedule Prior to Even Busier Campaign Season
May 23, 2008
Senate Approves Tighter Expatriation Tax Rules in Military Tax Relief Bill; Next Stop, White House
