Tax News & Views - January 18, 2013
Vol. 14, No. 3
Tax Policy Group, Deloitte Tax LLP
- Treasury Department and IRS release final regs on Foreign Account Tax Compliance Act – The Treasury Department and IRS released much anticipated final FATCA regulations that include include many changes and modifications designed to alleviate the burden imposed by FATCA and establish a “risk-based and targeted approach” designed to help focus the regulations on the institutions, obligations, and accounts that present the risk FATCA is designed to address.
- Deficit reduction requires additional tax revenue, Obama says – In the final news conference of his first term, President Obama reiterated his view that further deficit reduction will require new tax revenues as well as spending cuts.
- President’s FY14 budget package delayed – Office of Management and Budget Deputy Director Jeffrey Zients announced that the Obama administration would not meet its statutory deadline for submitting its tax and spending plan for fiscal year 2014 to Congress.
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