CCH Weekly Report from Washington, D.C.
During the week of March 12, the Senate passed a $109-billion transportation funding measure. The legislation contains a number of tax-related provisions. In remarks to the Economic Club of New York, Treasury Secretary Geithner pointed out the need for tax reform. The IRS, in the meantime, released several pieces of guidance, including an Audit Techniques Guide that addresses Interest Charge Domestic International Sales Corporations, an LB&I directive indicating it will cease audits of repair versus capitalization issues for tax years beginning before January 1, 2012, and certain return preparer test results.read more