CCH Weekly Report from Washington

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CCH Weekly Report from Washington, D.C.

During a speech at the National Press Club, Sen. Charles E. Schumer, D-N.Y., said that lowering the top individual tax rates would be a serious mistake and counterproductive to solving the nation’s economic woes. He added that federal policymakers eyeing an overhaul of the U.S. tax code in the coming months should abandon such thinking and focus on reducing the deficit. The IRS, meanwhile, has posted answers to frequently asked questions about same-sex couples, registered domestic partners, and same-sex spouses in community property states. The Service has also implemented two separate clarifying changes to its temporary procedures for issuing individual taxpayer identification numbers (ITINs).

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CCH Weekly Report from Washington, D.C.

President Obama and former Gov. Mitt Romney debated federal tax policy on October 3, with Romney saying he supports deficit-neutral tax cuts that create jobs and boost the economy while the president said that he would cut taxes for manufacturers to 25 percent, paid for by closing various tax loopholes.

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CCH Weekly Report from Washington, D.C.

The Senate on September 19 failed to advance the veterans’ jobs bill that called for establishing a federal jobs corps to employ 20,000 veterans to work in conservation efforts and as first responders while the House passed a measure to allow taxpayers to reduce the federal budget deficit by donating money through addition of a check-box on their federal income tax forms. The House also passed legislation that would prohibit the discharged student loan debt of deceased veterans from being included in gross income.

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CCH Weekly Report from Washington, D.C.

The Senate was poised to vote on a bill that which would establish a federal job corps to employ 20,000 veterans to work in conservation efforts and as first responders, but Senate Majority Leader Harry Reid, D-Nev., postponed a vote on a motion to proceed until September 19 due to disagreements on procedural issues. IRS Deputy Commissioner for Services and Enforcement Steven T. Miller told House lawmakers that the Service will be ready in 2014 to implement the advance premium tax credits and health care exchanges required by the Patient Protection and Affordable Care Act (PPACA) (P.L. 111-148 ).

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CCH Weekly Report from Washington, D.C.

With Congress set to return to the Capitol the week of September 10, House Minority Leader Nancy Pelosi said on September 6 that lawmakers would solve the fiscal crisis facing the nation during the lame-duck session of Congress, rather than waiting until 2013. During the week of September 3, the IRS issued guidance on accounting methods, the Patient Protection and Affordable Care Act (P.L. 111-148 ), reimbursement arrangements and more. The Service also announced disaster relief for taxpayers in Louisiana and Mississippi recovering from Hurricane Isaac.

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CCH Weekly Report from Washington, D.C.

The president signed a measure on August 10 that shifts the timing of corporation estimated tax payments in 2017 for corporations with $1 billion or more in assets. Meanwhile, during the week of August 13, the IRS issued the September applicable federal rates (AFRs), as well as guidance on the 25-year average segment rates that are applied to adjust the otherwise applicable 24-month average segment rates that are used to compute the funding target and other items under Code Sec. 430 and section 303 of the Employment Retirement Income Security Act of 1974 (ERISA).

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CCH Weekly Report from Washington, D.C.

With lawmakers on their August recess, the Congressional Budget Office (CBO) issued a report indicating that the federal budget deficit for the first 10 months of fiscal year (FY) 2012 will be lower than the corresponding period in 2011, largely due to higher tax revenue from corporations and individuals. In addition, Senate Finance Committee ranking member Orrin G. Hatch, R-Utah, asked the IRS to keep politics out of any decision to issue rules on the tax treatment of nonprofits. Meanwhile, a Treasury Inspector General for Tax Administration (TIGTA) report said that IRS supervisors urged employees to ignore potential fraud in a program that reviews and verifies applications for Individual Taxpayer Identification Numbers (ITINs).

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