CCH Weekly Report from Washington

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CCH Weekly Report from Washington, D.C.

After a failed attempt to advance the Moving Ahead for Progress in the 21st Century (MAP-21) Bill (Sen 1813), the Senate began considering amendments to the highway reauthorization bill on March 8 and will continue on March 13. The House Ways and Means Committee held a hearing on tax reform for closely held business, while a Senate Finance Committee hearing examined the impact of tax incentives on capital investments and manufacturing. The IRS released guidance on tax penalty relief, the portfolio interest exception and accounting methods during the week of March 5.

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District of Columbia ~ Corporate Income Tax: Combined Reporting Transitional Year Guidance Provided

The District of Columbia’s Office of Tax and Revenue has issued a notice on the requirements for closing out a separate entity account that will now be filing a combined report, due dates for filing the combined report for Form D-20 (Corporation Franchise Tax Return) and D-30 (Unincorporated Business Franchise Tax Return) filers, posting of estimated tax payments that were made on a separate entity basis to the designated agent’s account, the requirements for filing an extension of time to file a return, and the status of combined reporting schedules and proposed regulations.

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CCH Weekly Report from Washington, D.C.

The Treasury Inspector General for Tax Administration (TIGTA) issued the following reports finding that:

The Business Master File Case Creation Nonfiler Identification Process (BMF CCNIP) for targeting business nonfilers has increased the number of returns secured, but possibly only as a result of an increase in the total closed inventory (TAXDAY, 2012/03/02, T.1). TIGTA made four recommendations for the Enterprise Collection Strategy, Small Business/ Self-Employed Division (ECS), including that ECS determine the causes of increases or decreases in closure types and make selection code adjustments.

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CCH Weekly Report from Washington, D.C.

With Congress on its Presidents’ Day recess, the Obama administration unveiled a proposed Framework for Business Tax Reform and an energy-efficiency incentive for commercial buildings during the week of February 20. Treasury Secretary Timothy F. Geithner noted that “there’s a chance to move” on key elements of corporate tax reform combined with long-term deficit reduction in 2012. The IRS released revised Form 941, Employer’s Quarterly Federal Tax Return, which enables employers to properly report the newly extended payroll tax cut.

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CCH Weekly Report from Washington, D.C.

Before leaving for a week-long Presidents’ Day recess, the House and Senate passed legislation to extend a payroll tax cut, unemployment benefits and Medicare payments to physicians through the end of 2012. Also during the week of February 13, the president signed the Federal Aviation Administration (FAA) Modernization and Reform Act of 2012 (P.L. 112-95) and sent his fiscal year 2013 budget plan to Congress. The IRS, meanwhile, issued guidance allowing certain estates of married individuals who died during the first six months of 2011 to have an extension of time to make the portability election.

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CCH Weekly Report from Washington, D.C.

The conference report on the Federal Aviation Administration (FAA) Modernization and Reform Act of 2012 (HR 658) was approved by both chambers of Congress during the week of February 6. The Senate then turned its attention to a highway infrastructure bill. The IRS issued guidance addressing a variety of topics, including the due dates for employers claiming one of the expanded Work Opportunity Tax Credits for hiring unemployed military veterans, the summary of benefits and coverage (SBC) and the uniform glossary for group health plans and health insurance coverage in the group and individual markets under the Patient Protection and Affordable Care Act (PPACA) (P.L. 111-148) and foreign tax credits.

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