CCH Weekly Report from Washington

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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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