House Votes 277-148 to Send Tax Cut Extension Bill to Obama »
The House voted 277-148 late Dec. 16 on a $859 billion bill to extend the 2001 and 2003 tax cuts for two years and set the estate tax at 35 percent through 2012.
Senate Passes Tax Rates Extension as Estate Tax Fight Looms in House »
The Senate voted 81-19 Dec. 15 to extend all existing individual income tax and capital gains and dividends tax rates for two years and set the estate tax rate at 35 percent with a $5 million per person exemption level.
IRS Unveils Rules Reasserting That Basis Overstatements Are Omissions »
The Internal Revenue Service Dec. 14 said it would continue its controversial stance that an overstatement of basis in a sold asset constitutes an omission from gross income for purposes of both the six-year minimum period for assessments of tax attributable to partnership items and the six-year period for assessing tax.
Final Rules Give IRS Authority to Require UTP Disclosure; Date Changed »
The Internal Revenue Service Dec. 13 unveiled final guidance (T.D. 9510) giving the agency authority to require disclosure of uncertain tax positions, with an effective date change that one practitioner said pushes back the date taxpayers will have to file the first round of forms.
White House Mulls Tax Reform as Part of Long ‘Conversation’ »
President Obama has long considered reforming the U.S. tax code, but the White House is not yet preparing a proposal for the second half of the president's term, White House spokesman Robert Gibbs said Dec. 10.
Senate Unveils Tax Bill as House Balks at Obama Deal »
Senate Finance Chairman Max Baucus's (D-Mont.) bill to extend all of the existing tax rates from the 2001 and 2003 tax cuts would retain all of the major provisions of President Obama's agreement with Republicans, including the controversial 35 percent estate tax rate, according to the bill unveiled late Dec. 9.
House Democrats Suggest Counteroffer to Obama Amid Estate Tax Anger »
House Democratic leaders are considering making a counteroffer to the White House and congressional Republicans that would extend the estate tax at a less generous rate, Rep. Chris Van Hollen (D-Md.) said Dec. 8.
Hoyer, Pelosi Noncommittal on Support for Tentative Tax Cut Deal »
House Democratic leaders were publicly noncommittal Dec. 7 on the proposed “framework” for a deal on extending the upper-income portions of the 2001 and 2003 tax cuts.
Obama Reveals Tax Deal ‘Framework' With GOP »
President Obama announced Dec. 6 that he has agreed to the “framework” of a deal to extend the 2001 and 2003 tax rates for two years, temporarily cut the estate tax rate to 35 percent, and trim two percentage points off of the Social Security payroll tax.
2011 Mileage Rates Set for Business, Moving, Medical Purposes, Charities »
The 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile starting Jan. 1 are 51 cents per mile for business miles driven, 19 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations, the Internal Revenue Service said Dec. 3 in Notice 2010-88.
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