Tax News & Views - June 12, 2009Vol. 10, No. 30 |
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Author
Tax Policy Group, Deloitte Tax LLP
- Baucus eyes June 23 health care markup – Senate Finance Committee Chairman Max Baucus, D-Mont., indicated that he would release a large portion of the health care bill his committee has been drafting the week of June 15 and hold a markup on June 23.
- Treasury announces temporary filing relief for FBAR forms due June 30, 2009 – The Treasury Department issued additional guidance regarding the new instructions for filing Form TD F 90.22-1, Report of Foreign Bank and Financial Accounts (commonly referred to as the “FBAR form”) with the Treasury Department by June 30, 2009.
- Treasury announces intent to limit internal restructuring exception under inversion regs – Withdrawing and replacing 2006 temporary regulations, Treasury and the IRS issued temporary and final regulations (T.D. 9453) on determining whether a foreign corporation is treated as a surrogate foreign corporation under section 7874(a)(2)(B).
- Final regs address application of foreign tax credit limitations to dividends from noncontrolled corporations – The IRS released final regulations regarding the application of separate foreign tax credit limitations to dividends received from noncontrolled section 902 corporations (10/50 corporations).
- Revenue proposals in White House budget come up short under JCT estimates – A Joint Committee on Taxation report suggests that a number of the tax provisions in President Obama’s FY 2010 budget proposal may not raise as much revenue as the administration had expected.
- Treasury issues rules on TARP compensation standards – The Treasury Department released additional rules concerning executive compensation and corporate governance generally applicable to all participants in programs under the Troubled Assets Relief Program.
- White House proposes stronger oversight and accountability of executive compensation – The Obama administration unveiled proposals that would provide greater accountability for corporate executive compensation practices and protection of shareholders in public companies, but stop short of placing caps on executive compensation.
- Baucus-Grassley proposal would make ‘black liquor’ ineligible for alternative fuels credit – Senate Finance Committee Chairman Max Baucus, D-Mont., and ranking Republican Charles Grassley of Iowa unveiled a draft proposal that would make so-called “black liquor” ineligible for the section 6426(e) alternative fuel mixture excise tax credit.
- Obama proposes codification of pay-as-you-go rules – President Obama unveiled a proposal for a statutory pay-as-you-go provision that would codify existing constraints on congressional spending into law.
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Tax News & Views - June 12, 2009
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