Carried Interest Tax Increase, S Corporation Curbs Softened in New Tax Extenders Proposal by Senate Finance Panel Chair Baucus

Senate Finance Committee Chairman Max Baucus (D-Mont.) June 16 introduced a new substitute amendment (S. Amdt. 4369) to the tax extenders bill (H.R. 4213) that would…

Senate Majority Leader Reid Seeks to Limit Debate, Pass Tax Extenders Legislation by Week’s End

Senate Majority Leader Harry Reid (D-Nev.) filed a motion June 14 to invoke cloture on the tax extenders bill (H.R. 4213) in an effort to complete the…

Senate Finance Committee Amends House-Brokered Tax Extenders Bill to Soften Carried Interest Tax Increase

The Senate began debate on an updated version of a tax extenders bill (H.R. 4213) June 8 that would scale back the tax increase on investment managers’ carried interest…

Permanent Establishment Can Be Created Through Agency Relationship, IRS Official Says

The activities of companies that send agents into other countries to do business can create a permanent establishment for tax purposes even if the presence of agents does not…

Tax Extenders Bill Seen Raising $11 Billion from Rules on Self-Employment Taxes

Congress’s proposed changes to the treatment of self-employment taxes on professional service providers are expected to raise $11.2 billion in new revenues for the federal government to help pay for…

Obama Administration Seeking Increase in Excise Taxes That Fund Oil Spill Trust

The Obama administration unveiled plans May 12 to increase the excise tax that…

Bipartisan Concerns Raised on Impact of Proposed Bank Tax on Small Business Lending

Senate Finance Committee members on both sides of the aisle expressed concerns May 4 that the Obama administration’s proposal to impose a $90 billion tax on large banks would…

California Governor Signs Gasoline Tax Swap Bills After Democrats Send Tax Credit Bills

Gov. Arnold Schwarzenegger (R) dropped a veto threat March 22 and signed two bills swapping the current sales tax on gasoline for an indexed excise tax to close part of the budget deficit…

Higher Medicare Taxes, Tougher Indexing for ‘Cadillac’ Tax Proposed in Health Care Reform Reconciliation Bill

House Democratic leaders unveiled health care legislation March 18 that includes a higher tax on high-income households than President Obama proposed and a less generous inflation index for…

U.S.-U.K. Treaty Does Not Exempt U.K. Foundation from U.S.-Source Dividends Tax

The Internal Revenue Service Office of Chief Counsel, in a chief counsel advice memorandum released March 12, said the U.S.-U.K. income tax treaty does not exempt a U.K.-based private foundation from…

Next Page »