Tax News
10/12/2011
Quick Summary of the American Jobs Act of 2011 »
Yesterday the Senate held a procedural vote on whether or not to allow the American Jobs Act of 2011 (S. 1660) to move forward. The vote, which needed 60 Senators, failed, leaving the Democrats searching for new ways to advance the President's ideas.
10/11/2011
CEOs Tempted to Sacrifice R&D Tax Credit for Lower Tax Rate »
It is not often that corporate executives lobby against a popular tax break, but that is in effect what is happening as they discuss the research and development tax credit in the context of tax reform.
10/07/2011
Reid to Open Jobs Bill to Amendments, Plans Votes by Wednesday »
Senate Majority Leader Harry Reid (D-Nev.) said Oct. 6 that he is pushing ahead with President Obama's American Jobs Act (S. 1660) by opening it up to amendments and making plans to vote on the bill as soon as Oct. 12.
10/06/2011
IRS Might Not Rule on Some Deals Involving Debt Repayments in Spinoffs »
The Internal Revenue Service may no longer provide rulings on certain transactions involving repayment of debt by distributing corporations in spinoff deals where there is an initial agreement to repay the debt, a senior Internal Revenue Service official said Oct. 5.
10/05/2011
Government to Clarify Acquisitions' Automatic Accounting Method Changes »
The government is likely to clarify in a followup to July guidance that corporations can make automatic changes to their methods of accounting when they acquire other companies, Treasury Associate Tax Legislative Counsel Brandon Carlton said Oct. 4.
10/04/2011
Tech Neutrality Could Streamline Energy Tax Policy, Spur Investment »
A more technology-neutral approach to energy tax policy could streamline a heap of complicated, targeted incentives in the code and attract enough private investment to phase out the subsidies in a predictable, timely way, according to sources working in the sector.
10/03/2011
Supreme Court Opens New Term With Three Tax Cases on Its Docket »
The U.S. Supreme Court opens its 2011-12 term with three tax cases on its docket, including a closely watched case that is expected to address the circuit split on the Internal Revenue Service's application of the extended assessment limitations period to tax shelters that operate by understating the basis in goods sold.
09/30/2011
Obama Deficit Plan Would Expand 28 Percent Deduction Cap »
Legislative text of President Obama's deficit-reduction plan and its accompanying American Jobs Act of 2011 show that the administration would like to not only cap the value of traditional itemized deductions, but also the deductibility of employer-provided health insurance and interest from tax-advantaged municipal bonds.
09/29/2011
Administration Seeks Supreme Court Review of Health Reform Law Ruling »
The Department of Justice Sept. 28 filed a petition in the U.S. Supreme Court requesting review of an appeals court decision invalidating a key provision of the federal health care reform law.
09/28/2011
Accountants Expect Major Changes for Real Estate in New Revenue Rules »
The real estate industry should expect major changes from new revenue recognition guidance being crafted by accounting standard-setters, because the guidance will replace rules specific to real estate, a member of the Financial Accounting Standards Board said Sept. 27.
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