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

• Payroll tax negotiations stick to consensus issues; no progress on offsets – House and Senate negotiators working to extend the 2 percent payroll tax holiday, emergency federal unemployment insurance benefits, and provisions to prevent a cut in payments to doctors who serve Medicare beneficiaries generally focused on areas of agreement; and when division did emerge – most notably on the issue of revenue offsets – conference committee Chairman Dave Camp, R-Mich., was quick to redirect the discussion to consensus topics.
• Finance Committee considers role of extenders in the tax code – Witnesses at a Senate Finance Committee hearing on issues related to the multitude of temporary provisions in the tax code generally agreed that the credits and incentives that expired at the end of 2011 should be extended for the short term, but that long-term decisions over which provisions to make permanent and which provisions to eliminate should be made only in the context of fundamental tax reform.
• CBO report: Major tax, spending challenges ahead – The latest annual Budget and Economic Outlook released by the Congressional Budget Office outlines projected federal budget deficits, debt levels, and U.S. economic conditions for fiscal years 2012-2022 under two separate scenarios that starkly display the difficult fiscal policy choices facing lawmakers in the coming years.
• House approves long-term FAA funding, changes to section 249 definition of ‘control’ – The House of Representatives passed a conference agreement for legislation that would extend current-law excise taxes and establish a new surtax on fractional fuel to finance Federal Aviation Administration programs for the next four years and modify the definition of “control” for purposes of section 249.
• Ways & Means subcommittees examine Harbor Maintenance Tax, deferral rules for foreign shipping income – At a joint hearing, Democrats and Republicans on two House Ways and Means subcommittees agreed on the inadequacy of spending out of the Harbor Maintenance Trust Fund and on the need to repeal certain tax rules that witnesses argued inhibit the repatriation of foreign shipping income earned between 1975 and 1987.

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