 Author
Tax Policy Group, Deloitte Tax LLP
Senate Reaches Compromise on Housing Stimulus Proposal; Includes Four-Year NOL Carryback – After trying and failing to move a housing stimulus package in February, Senate Democrats and Republicans came together this week to produce a tentative $14.8 billion bipartisan compromise bill (H.R. 3221) that includes an extended net operating loss carryback provision for the business community and tax incentives and spending measures to aid struggling homeowners and prop up the housing market. Senate Taxwriters Float Draft Proposal to Require Information Reporting for Electronic Payment Reimbursements – The Senate Finance Committee released a bipartisan discussion draft of a broad legislative proposal that would require banks and other institutions that reimburse a merchant for electronic payment transactions to make an annual information report to the IRS stating the aggregate amount paid to that merchant in a calendar year. Finance Committee Members Introduce Energy Tax Extenders Legislation – Senate Finance Committee members Maria Cantwell, D-Wash., and John Ensign, R-Nev., introduced legislation – without revenue offsets – that would extend a number of expired or expiring tax incentives to promote clean energy production and improve energy efficiency. During a Declining Market, Wash Sale Rules May Catch Some Executives Off Guard – In the current economic downturn, executives are more frequently selling company stock at a loss, but some may be unaware that a grant of restricted stock or options within the period beginning 30 days before the sale and ending 30 days after the sale may trigger the wash sale rule and prevent them from taking an immediate deduction on the loss.
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