Tax News & Views - June 19, 2009Vol. 10, No. 31 |
Publish date:
Author
Tax Policy Group, Deloitte Tax LLP
- Finance Committee delays health care markup as House committees release draft proposal – Senate Finance Committee Chairman Max Baucus, D-Mont., delayed a planned June 23 markup of health care legislation after the Congressional Budget Office revealed that the committee’s draft bill would be more expensive than anticipated; meanwhile, leaders of House committees with jurisdiction over health care issues released a discussion draft of a reform bill that includes some tax provisions but generally does not identify revenue raisers.
- Congress moving slowly on climate change legislation – Climate change legislation has been moving slowly on Capitol Hill as lawmakers contend with health care reform, and tax has only recently become part of the debate.
- IRS asks Congress to make employer-provided cell phones excludable from income – IRS Commissioner Douglas Shulman called on Congress to change the law regarding employer-provided cell phones “to make clear that there will be no tax consequences to employers or employees for personal use of work-related devices such as cell phones provided by employers.”
- Overstated basis is not omission from gross income for purposes of extended statute of limitations, Ninth Circuit holds – The Ninth Circuit held that a taxpayer’s overstatement of basis is not an omission from gross income for purposes of extending the statute of limitations on assessment under section 6501(e)(1)(A).
- Appeals court is first to uphold regulation excluding medical residents from FICA exception – The Eighth Circuit ruled that payments made to medical residents did not qualify for the student exception to FICA taxes, deferring to Treasury reg. section 31.3121(b)(10)-2, which the court concluded is a permissible interpretation of the statute.
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Tax News & Views - June 19, 2009
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