Tax News & Views - September 11, 2009Vol. 10, No. 44 |
Publish date:
Author
Tax Policy Group, Deloitte Tax LLP
- Baucus moving forward with Finance Committee health care markup – with or without GOP support – Just one day after releasing a draft health care reform proposal for review by his bipartisan “Gang of Six” negotiating team, Senate Finance Committee Chairman Max Baucus, D-Mont., told reporters that he would unveil legislative text the week of September 14 and hold a committee markup the week of September 21.
- IRS releases flurry of employee benefits guidance – The IRS released three revenue rulings and four notices on employee benefits issues including automatic enrollment to section 401(k) plans and SIMPLE IRAs, paid time-off contributions, automatic contribution increases under automatic contribution arrangements, and eligible rollover distributions.
- Appeals court defines application of section 1031(f)(4) to related-party exchanges – The Ninth Circuit affirmed a Tax Court decision holding that a corporation was not entitled to defer, under section 1031, gains realized on planned four-party exchanges of real properties through an intermediary, because the transactions violated section 1031(f)(4).
- Service corrects automatic method change procedures for taxpayers under JCT review – The IRS issued guidance that corrects the procedures described in Rev. Proc. 2009-39 for taxpayers that want to obtain automatic or advance consent to change their method of accounting under Rev. Proc. 2008-52 or Rev. Proc. 97-27 while they have a claim for a refund or credit under review by the Joint Committee on Taxation.
- JCT describes tax proposals in White House budget package – The Joint Committee on Taxation staff released its descriptions of the business and individual tax provisions that were included in the fiscal 2010 budget package that President Obama sent to Congress in May.
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Tax News & Views - September 11, 2009
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