House GOP Set to Release Payroll Tax Extension Without AMT, Extenders »
House Republican leaders are set to release their own version of legislation that would extend the existing payroll tax cuts for an additional year, as well as extend unemployment insurance benefits and prevent cuts to Medicare payments to physicians, lobbyists familiar with the legislation told BNA Dec. 5.
IRS Issues Final Regulations on New Markets Tax Credit Qualification »
The Internal Revenue Service Dec. 2 unveiled final regulations (T.D. 9560) detailing how entities can meet the qualification requirements to claim the New Markets Tax Credit under Section 45D(e)(2).
Lawmakers Expand Differences on Breadth of Payroll Tax Cuts, Offsets »
Extending payroll tax cuts will involve some additional negotiations over not only how to pay for them, but whether expanding them to provide extra stimulus to the economy is necessary, lawmakers said Dec. 1.
Witnesses Debate Bill to Let States Collect Sales Tax From Online Firms »
Congress does have the authority and should act to allow states to require out-of-state vendors to collect and remit state sales and use taxes, although a small business exception and other changes should be addressed in considering proposed legislation, witnesses told a House panel Nov. 30.
Limited Amendments, Filing Deadline Create Form 8939 Challenges »
Executors filing the Internal Revenue Service's Form 8939 to elect into the modified carryover basis regime for people who died in 2010 must file the form as completely as possible, keeping in mind that amendments are limited, a partner with Deloitte & Touche's national tax office, said Nov. 29 during a BNA webinar.
Democrats: Millionaire Offset Fate No Barrier to Payroll Tax Cut Extension »
Senate Democratic leaders said Nov. 28 they are committed to extending and expanding the payroll tax holiday that is set to expire at the end of the year, even if their efforts to pay for it with a new surtax on millionaires proves unsuccessful.
AICPA: IRS Should Have Ability to Offer Estates Administrative Relief »
Congress not only needs to permanently extend major estate and gift tax provisions, but it also needs to reach out and give the Internal Revenue Service additional authority to provide administrative relief in certain cases, the American Institute of Certified Public Accountants said in a letter to lawmakers.
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.
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.
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.
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