Tax News
12/08/2010
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.
12/07/2010
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.
12/06/2010
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.
12/03/2010
House Passes Middle-Class Tax Cuts, But Efforts Continue on Senate Bill »
The House voted 234-188 to pass legislation (H.R. 4853) that would make permanent the reduced tax rates enacted in 2001 and 2003 on the first $200,000 in income for individuals or $250,000 for couples, though the legislation is seen as doomed to fail in the Senate.
12/02/2010
Fiscal Commission Seeks Major Overhaul of Tax Code »
By 2012, Congress should lower tax rates, simplify the Internal Revenue Code, and reduce deficits, with the associated costs paid for in part by eliminating all income tax expenditures, the president's bipartisan deficit commission said in a plan released Dec. 1.
12/01/2010
Obama, Hill Leaders Disagree in First Post-Election Bipartisan Meeting »
President Obama Nov. 30 met with the party leaders of the House and Senate to begin forming a legislative agenda for the lame-duck session, but meeting participants agreed only to form a working group to come up with a compromise on extending tax cuts.
11/30/2010
Senate Rejects Amendments to Repeal Health Bill's Form 1099 Rules »
The Senate voted late Nov. 29 to reject two amendments that would have fully repealed tougher Form 1099 information reporting requirements put in place by the Patient Protection and Affordable Care Act (Pub. L. No. 111-148).
11/29/2010
IRS Issues Guidance on Rollovers Into In-Plan Designated Roth Accounts »
The Internal Revenue Service Nov. 26 issued Notice 2010-84, providing guidance under tax code Section 402A(c)(4) relating to rollovers from tax code Section 401(k) to designated Roth accounts in the same plan.
11/24/2010
House GOP Expected to Continue Bringing Tax Bills Under Closed Rules »
House Republicans are pushing for a more transparent Congress beginning in January but lawmakers and staff say that push is not expected to include changing the way tax bills are considered on the floor.
11/23/2010
Expiration of Bush-Era Tax Cuts Could Hurt States' Budgets »
The Tax Foundation said in a Nov. 22 report that state-level “piggy back” provisions tying state tax revenues to federal taxes can produce unpredictable revenue flows for states if Congress fails to extend existing tax law.
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