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 27, 2008
Senate Housing Stimulus Bill Stalls Due to Energy Spat; Post-Recess Action Expected

• Senate Housing Stimulus Bill Stalls Due to Energy Spat; Post-Recess Action Expected – Plans to get a housing tax stimulus bill through the Senate before the Independence Day recess fell apart due to disagreements over a proposed energy tax extenders amendment.
• IRS Permits Rolling-Average Inventory Valuation – Departing from its long-held position, the IRS announced in Rev. Proc. 2008-43 that it generally will view a rolling-average method that is used to value inventories for financial accounting purposes as clearly reflecting income for federal income tax purposes.
• IRS Regs Target Nonrecognition Transactions Involving CFCs – The IRS issued temporary and proposed regulations aimed at shutting down certain nonrecognition transactions in which a controlled foreign corporation (CFC) acquires U.S. property without resulting in an income inclusion to the CFC's U.S. shareholders.
• Proposed Regs Address Application of Accrual Rules to DB Plans Using ‘Greater Of’ Formulas – Making good on a pledge from earlier this year, the IRS released proposed regulations on applying the accrual requirements under section 411(b) (the "anti-backloading rules") to defined benefit plans that pay benefits based on the "greater of" two or more separate benefit formulas.
• IRS Issues Proposed Regulations on Tax Return Preparer Penalty – The IRS took the first step in its overhaul of the tax return preparer penalty regime by issuing proposed regulations under sections 6694 and 6695, and related provisions.

June 25, 2008 - Special Edition
House Approves Carried Interest Tax Hike to Pay for AMT Patch; White House Threatens Veto

• House Approves Carried Interest Tax Hike to Pay for AMT Patch; White House Threatens Veto – In a move that sets the stage for battles with Senate Republicans and the Bush administration, the House of Representatives on June 25 approved a one-year patch for the alternative minimum tax (AMT) that would be fully paid for by, among other things, taxing income from carried interests as ordinary income, curbing the section 199 deduction for oil and gas companies, and requiring information reporting for credit card reimbursements.

June 20, 2008
Senate Mulls Revamped Housing Stimulus Tax Package: Extended NOL 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

May 21, 2008 - Special Edition
House OKs Energy & Extenders Bill; Revenue Offsets Prompt White House Veto Threat 

May 20, 2008 - Special Edition
House Approves Tougher Expat Tax Rules to Bankroll Military Tax Relief Legislation 

May 15, 2008
Offshore Deferred Comp Restrictions, Delay in Worldwide Interest Allocation Resurrected to Pay for Ways & Means Extenders Bill

May 8, 2008
House Approves Housing Assistance Package Paid for by Basis Reporting, Delay in Worldwide Interest Allocation Election

May 2, 2008
Senate Aviation Bill Hits Turbulence as Republicans Criticize Revenue Raisers

April 25, 2008
Déjà Vu All Over Again as Lawmakers Extend Farm Bill

April 18, 2008
Baucus, Grassley Introduce Tax Extenders Package

April 10, 2008 - Special Edition
Senate Passes Housing Stimulus Proposal; Includes Four-Year NOL [Net Operating Loss] Carryback and Renewable Energy Tax Package 

April 9, 2008 - Special Edition
Ways & Means OKs Basis Reporting, Delay in Worldwide Interest Allocation Election to Pay for Housing Assistance Bill 

April 4, 2008
Senate Reaches Compromise on Housing Stimulus Proposal; Includes Four-Year NOL Carryback

March 28, 2008
Budget Reconciliation, Energy and Housing Stimulus Legislation on Tap as Congress Returns from Recess

March 14, 2008
House and Senate Clear Budget Blueprints

March 7, 2008
Congressional Committees Approve FY 2009 Budget Resolutions

February 29, 2008
Post-Recess Tax Agenda Moving in Fits and Starts

February 22, 2008
High Court Rules Employees Can Sue for Employer Misconduct Resulting in Individual 401(k) Losses

February 15, 2008
Stimulus Legislation Becomes Law; Senate Plans Second Bill

February 7, 2008 - Special Edition
House, Senate OK Compromise Stimulus Deal; Next Stop – White House 

February 4, 2008 - Special Edition
President's Proposed Budget Expands Tax Gap Proposals; Renews Call for Permanent Tax Cuts, Savings and Health Care Incentives 

February 1, 2008
Senate to Act on $158 Billion Stimulus Package as GOP Expresses Misgivings

January 30, 2008 - Special Edition
Senate Taxwriters Approve $158 Billion Stimulus Package 

January 25, 2008
Bush, House Leaders Agree on Stimulus Tax Relief for Businesses, Individuals; Senate Taxwriters Plan Separate Bill

January 18, 2008
Bush Calls for Broad-Based, Temporary Stimulus Now, Permanent Tax Cuts Later

January 11, 2008
Bush, House Democrats, Mull Economic Stimulus Packages