Tax News
11/23/2011
Showdown on Automatic Defense Cuts Looms After Deficit Panel Collapse »
A struggle over the imposition of automatic spending cuts in the area of defense may be shaping up in the wake of the collapse of the deficit panel Nov. 22, as both congressional Republicans and the White House laid down markers on the issue.
11/22/2011
Deficit Panel Throws in Towel on Reduction Talks, Calls for Congress to Build on Its Work »
The co-chairs of the Joint Select Committee on Deficit Reduction said late Nov. 21 the panel could not reach an agreement on slashing $1.2 trillion from the deficit over the next decade, effectively bringing to an end a rocky months-long process that some observers say was the best chance to deal with the nation's debt ahead of 2013.
11/21/2011
Super Committee Members Remain Hopeful, But Say Deal Needed By End of Nov. 21 »
Leaders of the Joint Select Committee on Deficit Reduction said Nov. 20 that they continue to hold out hope for a last-minute deal to avoid $1.2 trillion in spending sequesters, but acknowledged that an agreement needs to be in hand by the end of Nov. 21.
11/18/2011
IRS Reproposes Rules on Alternate Valuation for Estates »
The Internal Revenue Service Nov. 17 withdrew and reproposed rules that would allow estates to use a beneficial six-month alternate valuation date more broadly.
11/17/2011
House Sends Contractor Withholding Repeal, Veterans Credit Bill to Obama »
The House passed legislation Nov. 16 repealing a provision that would require governments to withhold 3 percent of some payments to contractors, sending the measure to the president for his signature.
11/16/2011
IRS Announces Early Buyout Offers to More Than Five Thousand Employees »
Budget uncertainties have forced the Internal Revenue Service to announce Nov. 15 that it will be offering early retirement and buyouts to some 5,400 back-office and support function employees, with plans to accept up to 1,600 of the offers.
11/15/2011
Justices Grant Review of Key Case Testing Constitutionality of Health Law »
The U.S. Supreme Court Nov. 14 granted review of a decision from the U.S. Court of Appeals for the Eleventh Circuit that struck down a key provision of the federal health reform law relating to whether the individual mandate is a constitutionally-permitted tax.
11/14/2011
White House to Push Payroll Tax Before Congress Leaves for Holidays »
The White House will increase the pressure on Congress to pass an extension of unemployment insurance benefits and payroll tax cuts before lawmakers recess for the holidays, senior administration officials told reporters Nov. 10.
11/11/2011
Companies Urge Extension of Expiring Tax Provisions »
A package of dozens of expiring tax provisions needs to be extended before the end of the year to ward off market instability and economic uncertainty, a group of more than 1,500 companies said in a November 9 letter to lawmakers.
11/10/2011
Final Estate Tax Portability Rules Due by Year's End, Officials Say »
Estate tax officials at the Treasury Department said Nov. 9 that they want to finalize proposed rules on portability by the end of the year, as they continue to field questions on what will constitute a timely filed Form 706.
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