CCH Weekly Report from Washington, D.C.
House Minority Leader Nancy Pelosi, D-Calif., sent a letter to House Speaker John Boehner, R-Ohio, contending that extending middle-class tax cuts will inject demand into markets and strengthen small businesses. Pelosi called on lawmakers to permanently extend middle-income tax cuts. Meanwhile, a Treasury official noted that the department is making progress on final regulations relating to information reporting and withholding on certain payments to foreign financial institutions (FFIs) under the Foreign Account Tax Compliance Act (FATCA). The IRS has expanded its “Fresh Start” initiative by offering more flexible terms in its Offer-in-Compromise (OIC) program.read more