CCH Weekly Report from Washington

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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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CCH Weekly Report from Washington, D.C.

The House passed legislation that provides a substitute to the automatic cuts set for January 2 that are mandated by the Budget Control Act of 2011 (P.L. 112-25) and includes a provision that raises revenue through tighter controls on refundable child tax credits. The Senate rejected a student loan bill that would have held certain S corporations liable for payroll taxes. Meanwhile, the IRS issued final, temporary and proposed regulations relating to the treatment of up-front payments made under certain notional principal contracts (NPCs) for U.S. federal income tax purposes.

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CCH Weekly Report from Washington, D.C.

While Congress was on a week-long recess, the IRS released guidance during the week of April 30 addressing prepaid mortgage insurance premiums, low-income housing purchase price and basis procedures and the delayed effective date of proposed debt instrument regulations. The IRS is also accepting applications for matching grants for low-income taxpayer clinics and 2013 Community Volunteer Income Tax Assistance (VITA).

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