Tax News & Views - May 11, 2012Vol. 13, No. 17 |
Author
Tax Policy Group, Deloitte Tax LLP
- S Corp offset for student loan interest-rate relief blocked in Senate – The Senate failed to approve a motion to proceed to legislation that would pay for an extension of the current-law reduced interest rate on federal direct student loans by subjecting certain S corporation income to employment taxation; the president laid out a legislative “to-do” list for Congress that includes action on certain business tax proposals in his FY 2013 budget; and a Treasury official told Senate taxwriters that the administration has not made significant progress on developing a detailed tax reform plan.
- IRS delays effective dates for cost basis reporting for options, debt instruments – The IRS released guidance that delays the proposed effective date for cost basis reporting for options and debt instruments by one year – from January 1, 2013, to January 1, 2014.
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Tax News & Views - May 11, 2012
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