Tax News & Views - July 10, 2009Vol. 10, No. 33 |
Publish date:
Author
Tax Policy Group, Deloitte Tax LLP
- Health care legislation hits financing snags in House, Senate – Despite ongoing negotiations, health care reform legislation made little progress in the House and the Senate due to continuing disagreements over revenue-raising options.
- IRS provides guidance on electing to accelerate credits in lieu of bonus depreciation – The IRS issued guidance with respect to section 168(k)(4), which, as recently amended, allows corporations to elect not to claim the 50 percent bonus depreciation deduction provided by section 168(k)(1) for certain property placed in service generally before January 1, 2010, and instead to obtain a refund for a portion of their carryforward research and alternative minimum tax credits.
- IRS temporarily suspends collection of some reportable transaction disclosure penalties – IRS Commissioner Doug Shulman announced that, with respect to section 6707A penalties assessed for failure to disclose reportable transactions, the IRS “will not undertake any collection enforcement action through September 30, 2009, on cases where the annual tax benefit from the transaction is less than $100,000 for individuals or $200,000 for other taxpayers per year.”
- Treasury provides update on efforts to close ‘tax gap’ – The Treasury Department issued an updated report on its progress in reducing the $345 billion annual tax gap, which represents the difference between the amount of taxes owed to the government and the amount actually paid on a timely basis.
See attached file for details.
Visit the Tax News & Views archive for editions from the past six months.
Tax News & Views - July 10, 2009
(68.66 KB)
