CCH Weekly Report from Washington, D.C.
Before adjourning for a two-week recess, the House and Senate passed, and the president signed, legislation that temporarily extends federal highway spending and fuel taxes. The House also approved the Concurrent Resolution on the Budget for Fiscal Year 2013, which is expected to die in the Senate. The Senate, meanwhile, defeated a bill that would have repealed billions of dollars in tax breaks for the five largest oil and gas producers. IRS Deputy Commissioner Steven Miller, Service and Enforcement, stated the Service will remain focused on the large corporate sector in the future, but will aim to expend less time and fewer resources on examining compliant taxpayers.read more