House to Consider Infrastructure Tax Bill
Ways and Means Committee Chairman Sander M. Levin, D-Mich., has introduced the Investing in American Jobs and Closing Tax Loopholes Bill of 2010 (HR 5893),…
read moreSeven-Year Applicable Recovery Period for Street Light Assets (PPL Corp., TC; Entergy Corp., TCM)
A depreciation deduction for street light assets without a class life was properly claimed based on a seven-year useful life by a global energy company…
read moreJobs Bill Falters in Senate over Amendment Flap
Prospects for Senate passage of a small business jobs incentives package (HR 5297) dimmed on July 28 as leadership on both sides of the aisle…
read moreSenate Democrats Unveil Scaled-Down Energy Bill
Senate Majority Leader Harry Reid, D-Nev., on July 27 unveiled a scaled-down energy bill that calls for an increase in the amount that oil companies…
read moreInvestment Program Lacked Economic Substance; Refund Claim Properly Denied (Sala, CA-10)
The IRS properly denied an individual’s refund claim because the investment program that generated the tax loss supporting his refund claim lacked economic substance. The…
read moreSenate Returns to Small Business Jobs Bill
The Senate on July 27 resumed consideration of the Small Business Jobs Bill of 2010 (HR 5297), which is expected to include revisions providing nearly…
read moreTax Court Had Jurisdiction Over Individual In Bankruptcy (Klein, TC)
The Tax Court had jurisdiction to consider an individual’s deficiency case even though the individual had a Chapter 13 bankruptcy case pending at the time…
read moreSmall Business Lending Fund Clears Senate Procedural Test; CCH Tax Briefing Available
An amendment to the Small Business Jobs Bill of 2010 (HR 5297) reinstating a $30-billion lending pool for small businesses cleared a major procedural hurdle…
read moreSpecifications Released for Filing 2010 Information Returns Electronically (Rev. Proc. 2010-26)
The IRS has released the specifications for filing the following 2010 tax forms electronically through the IRS FIRE System: –Form 1097; –Form 1098; –Form 1099;…
read moreTemporary and Proposed Regulations Govern Claims, Appeals, Review and Notice Requirements for Health Insurance Plans and Issuers; Comments Requested (T.D. 9494; NPRM REG-125592-10; TDNR TG-783)
The IRS has released temporary and proposed regulations implementing requirements regarding internal claims and appeals and external review processes for group health plans and health…
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