Category Archives: CCH Weekly Report from Washington
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. Continue reading
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. Continue reading
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). Continue reading
CCH Weekly Report from Washington, D.C.
A bill introduced in the Senate during the week of April 23 would make S corporations with three or fewer employees liable for payroll taxes, Congressional hearings were held on the treatment of state and local governments, improving return preparation and business tax incentives. Meanwhile, the IRS released a number of pieces of guidance, including proposed regulations on the disclosure of return information and local lodging expenses and final regulation on gain recognized on the receipt of a distribution of property from a foreign corporation. Continue reading
CCH Weekly Report from Washington, D.C.
Despite a veto threat from President Obama, the House on April 19 passed a measure that would provide a 20-percent tax cut to small businesses. A day earlier, lawmakers passed another extension of highway funding and fuel taxes. The Senate, meanwhile, rejected a bill that would have levied a minimum 30-percent tax rate on the adjusted gross incomes of households earning more than $1 million annually. The IRS issued proposed regulations that would provide additional examples of program-related investments (PRIs) that a tax-exempt private foundation may make. Continue reading