Tax Headlines

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Updated CCH Tax Briefing Focuses on “Repair” Regulations; New Effective Date

An updated CCH Tax Briefing offers a comprehensive review and analysis of the temporary “repair” regulations issued by the IRS in T.D. 9564 , I.R.B. 2012-14, 614, in December 2011 and the related automatic change of accounting method procedures provided in Rev. Proc. 2012-19 , I.R.B. 2012-14, 689, and Rev. Proc. 2012-20 , I.R.B. 2012-14, 700, in March 2012.

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GOP Offers Counter Proposal to Obama’s Fiscal Plan

In a letter sent to President Obama dated December 3, House Republican leaders made a $2.2-trillion deficit-reduction counteroffer to President Obama’s proposal to avert the fiscal cliff. According to the office of House Speaker John Boehner, R-Ohio, the plan includes spending cuts, entitlement reforms and $800 billion in new tax revenue centered on an approach first presented to Congress in 2011 by President Clinton’s former White House Chief of Staff, Erskine Bowles.

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