CCH Weekly Report from Washington

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CCH Weekly Report from Washington, D.C.

During the week of July 16, the House Ways and Means Committee held a hearing on tax reform and the Senate took up but failed to pass a bill that would have ended tax breaks for companies that send jobs overseas. The IRS issued a number of pieces of guidance, including the August AFRs and guidance on EITC due diligence, tribal development bonds and outbound asset reorganizations.

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CCH Weekly Report from Washington, D.C.

President Obama reiterated his call for a one-year extension of the Bush-era tax cuts for those earning under $250,000 per year, as Republicans continue to insist on a one-year extension for all taxpayers, including the wealthy. The Senate failed to advance a $28.5-billion small business tax break measure that would provide a one-year extension of 100-percent bonus depreciation and a tax credit for new hires. The IRS, meanwhile, confirmed its plans to develop a public database of registered tax return preparers.

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CCH Weekly Report from Washington, D.C.

With Congress on recess, the president signed into law legislation that reauthorizes the fuel and ticket excise taxes that support the Highway Trust Fund through the end of fiscal year 2014 and extends for one year, until July 1, 2013, the current interest rate of 3.4 percent on all new, subsidized Federal Direct Stafford Loans for undergraduate students.

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CCH Weekly Report from Washington, D.C.

Legislation to extend federal fuel excise taxes, make pension program changes and raise cigarette taxes passed Congress on June 29 as part of a two-year reauthorization of federal highway programs. Congress approved the conference report to the Surface Transportation Extension Act of 2012 (HR 4348 ) and President Obama is expected to sign the measure, which was completed following weeks of negotiations between House and Senate lawmakers from both political parties (TAXDAY, 2012/07/02, C.1 ).

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CCH Weekly Report from Washington, D.C.

During the week of June 18, Senate Finance Committee Chairman Max Baucus indicated that he is willing to consider a temporary extension of the Bush-era tax cuts. He also called for tax reform to increase access to education and to simplify claims for related tax credits. House Democrats introduced a bill that would extend 100-percent bonus depreciation.

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CCH Weekly Report from Washington, D.C.

Senate Finance Committee Chairman Max Baucus, D-Mont., generally outlined his goals for tax reform during the week of June 11 as the Senate Appropriations Committee approved the fiscal year (FY) 2013 Financial Services and General Government Appropriations Bill, which includes a $702-million increase for the IRS.

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CCH Weekly Report from Washington, D.C.

During the week of May 14, President Obama urged passage of legislation that would jump-start small business investment, while Ways and Means Committee Chairman Dave Camp discussed the agenda for the committee for the rest of 2012 and two senators introduced a bill that would crack down on anyone who renounces their United States citizenship in order to avoid paying taxes. The IRS released final regulations on the Health Insurance Premium Tax Credit and the June AFRs.

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