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Tax News & Views - May 17, 2013

Vol. 14, No. 22


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Tax News & ViewsAuthor
Tax Policy Group, Deloitte Tax LLP

  • Practitioners weigh in on tax treatment of passthroughs at Ways & Means subcommittee hearing – Tax practitioners and House taxwriters considered whether to revise or replace the current rules for taxing passthrough entities during a Ways and Means Select Revenue Measures Subcommittee hearing to examine a tax reform discussion draft released earlier this year by Ways and Means Committee Chairman Dave Camp, R-Mich.
  • Finance Committee releases tax reform options paper on economic development incentives – The Senate Finance Committee released its sixth in a series of tax reform options papers – this one focusing on economic and community development incentives.
  • Daniel Werfel appointed as acting IRS commissioner – President Obama named Daniel Werfel to replace Steven Miller as acting commissioner of the Internal Revenue Service in the wake of Miller’s resignation amid questions about the IRS’s practices in vetting certain political organizations that applied for tax-exempt status in 2011 and 2012.
  • CBO lowers deficit projection for FY 2013 – The Congressional Budget Office projected that the federal budget deficit for fiscal 2013 will fall to $642 billion or 4 percent of gross domestic product.

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