Tax News & Views Archive

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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February 10, 2012
Little progress in payroll tax negotiations

• Little progress in payroll tax negotiations – In their only formal public meeting of the week, House and Senate conference committee negotiators made little progress in their efforts to reach a compromise on legislation to extend through the end of this year the 2 percent payroll tax holiday, emergency unemployment insurance benefits, and provisions to prevent a cut in payments to doctors who serve Medicare beneficiaries.
• Proposed regulations address medical device excise tax – The Treasury Department issued proposed regulations that provide guidance on the medical device excise tax enacted as part of the Health Care and Education Reconciliation Act of 2010, in conjunction with the Patient Protection and Affordable Care Act.
• Long-term FAA funding agreement clears Senate, heads to White House – The Senate approved and sent to President Obama a House-passed conference agreement for legislation that would extend excise taxes at their current levels and establish a 14.1 cents-per-gallon surtax on fractional fuel to finance Federal Aviation Administration (FAA) programs for the next four years, as well as modify the definition of “control” for purposes of section 249.
• Finance Committee approves highway excise tax extension, tax offset package – The Senate Finance Committee approved legislation that would authorize a long-term extension of the current-law excise taxes that fund the Highway Trust Fund and make certain other tax changes to finance a broader two-year, $109 billion surface transportation reauthorization bill.
• House taxwriters examine financial accounting issues in tax reform – Witnesses at a House Ways and Means Committee hearing on tax reform discussed issues related to how public companies evaluate tax policy options in light of generally accepted accounting principles.

February 3, 2012
Payroll tax negotiations stick to consensus issues; no progress on offsets

January 27, 2012
Few tax policy surprises in State of the Union address

January 20, 2012
Tax talk turns to extenders, carried interests as new congressional session begins

January 17, 2012 - Special Edition
After a contentious 2011, lawmakers face decisions on extenders, Bush tax cuts in 2012

mber 23, 2011
Congress approves – and president signs – two-month payroll tax holiday extension

December 16, 2011
Still no deal on extending payroll tax holiday; action to continue next week

December 9, 2011
Tax divide continues as ‘supercommittee’ Democrats, Republicans outline new deficit reduction plans

December 2, 2011
Senate defeats competing payroll tax relief proposals

November 21, 2011 - Special Edition
‘Supercommittee’ folds without a deficit reduction agreement

November 18, 2011
‘Supercommittee’ races toward deadline with no deal at hand

November 16, 2011 - Special Edition
Congress sends repeal of 3 percent contractor withholding requirement to President Obama

November 11, 2011
Tax divide continues as ‘supercommittee’ Democrats, Republicans outline new deficit reduction plans

November 4, 2011
Struggle for common ground on taxes continues after ‘supercommittee’ hears from prominent fiscal reform advocates

October 28, 2011
Tax impasse persists as ‘supercommittee’ Democrats, Republicans outline competing deficit reduction plans

October 26, 2011 - Special Edition
Camp’s draft tax reform proposal calls for 25 percent corporate rate, territorial system for taxing foreign-source income

October 21, 2011
Senate rejects scaled-back jobs bill, repeal of mandatory withholding on payments to government contractors

October 14, 2011
Senate blocks president’s jobs bill; further action on comprehensive measure uncertain

October 7, 2011
Reid replaces White House jobs bill offsets with high-income surtax; Senate vote expected ‘soon’

September 30, 2011
New Supreme Court term: ‘Basis overstatement’ on the docket; review of health care ‘individual mandate’ sought by feds, states

September 23, 2011
‘Supercommittee’ members agree on the need for tax reform, but little else

September 19, 2011 - Special Edition
President’s deficit reduction plan proposes significant tax hikes for high-income individuals, businesses

September 16, 2011
Congress approves short-term FAA and surface transportation funding

September 13, 2011 - Special Edition
White House releases details of Jobs Act

September 9, 2011
White House jobs package includes payroll tax relief, additional expensing; revenue offsets to come

September 2, 2011
Economic agenda looms large as Congress returns from recess

August 19, 2011
IRS finalizes regs on deducting start-up and organizational costs

August 12, 2011
Congressional leaders announce picks for deficit reduction panel

August 5, 2011
Outlook: No revenue provisions in debt limit deal, but tax risks remain

August 2, 2011 - Special Edition
Debt limit deal becomes law

August 1, 2011 - Special Edition
House approves debt limit deal; Senate vote expected Tuesday

July 29, 2011
Boehner debt limit plan clears House, fails in Senate

July 22, 2011
Debt limit solution still in flux as Boehner abandons renewed deficit talks with White House

July 15, 2011
‘Plan B’ gains steam as prospects for ‘grand bargain’ on deficit reduction fade

July 8, 2011
Tax in play as negotiators seek ‘grand bargain’ on deficit reduction

July 1, 2011
Positions harden on tax increases after president reiterates call for ‘balanced’ deficit plan

June 24, 2011
Republicans exit Biden group over tax impasse; deficit talks shift to Obama, congressional leaders

June 17, 2011
Biden group ramps up deficit reduction talks; seeks deal by July 4 recess

June 10, 2011
Biden group, Senate negotiators continue deficit talks as rank-and-file postures on debt limit

June 3, 2011
As debt ceiling test-vote fails, GOP, Democrats dig into entrenched positions

May 27, 2011
House GOP, Senate Dems draw lines in the sand on tax, budget, deficit issues

May 20, 2011
‘Gang’ member drops out of deficit-reduction talks; Conrad defers Senate budget blueprint

May 13, 2011
Conrad’s draft fiscal 2012 budget blueprint evolves

May 6, 2011
Conrad hints FY2012 budget resolution nearing completion

April 29, 2011
Debt & budget issues loom as Congress returns to Capitol Hill

April 22, 2011
Obama backs broader wage base for Social Security tax

April 15, 2011
House approves Ryan’s fiscal 2012 budget blueprint

April 13, 2011 - Special Edition
President’s outline for deficit reduction includes individual tax reform, expiration of upper-income Bush tax cuts

April 8, 2011
House panel approves Ryan’s FY 2012 budget; floor vote expected next week

April 5, 2011 - Special Edition
House Budget Chairman calls for tax, entitlement reform in fiscal 2012 budget resolution

April 1, 2011
IRS provides guidance on bonus depreciation provisions

March 25, 2011
Cantor backs – and administration bashes – repatriation holiday outside of tax reform

March 18, 2011
Camp calls for 25 percent top rate for corporations, individuals

March 11, 2011
Finance Committee looks at tax expenditures, entity choice, consumption taxes at tax reform hearing

March 4, 2011
Tax reform hearings look at tax expenditures, passthrough issues