Carried Interest Tax Hike Passes House in Tax Extenders Bill; Senate Outlook Unclear

The House voted 215-204 May 28 to extend dozens of popular tax cuts through the end of 2010 and raise taxes on investment fund managers and businesses with foreign income…

Final Details Being Hashed out on Tax Extenders Bill, House Lawmakers Say

House Ways and Means Committee Chairman Sander Levin (D-Mich.) shortened the time frame for consideration of a final tax extenders measure (H.R. 4213), telling reporters May 6 that it will be on the floor within…

Bipartisan House Vote Sends Bill Changing Cell Phone Taxation to Senate

The House April 14 passed a taxpayer assistance bill (H.R. 4994), sending the Senate a measure that would remove cell phones from listed property under tax code Section 280F, thereby eliminating…

Senate to Bring $31 Billion Tax Extenders Measure to Floor During Week of March 1

Senate Democratic leaders announced Feb. 26 that they will bring a long-awaited bill featuring $31 billion in extensions of expired tax cuts to the Senate floor during the week of March 1.

Enactment of Administration’s International Tax Proposals Uncertain, KPMG Practitioners Say

Enactment of President Obama’s broad-ranging package of international tax proposals remains far from certain as Congress deals with a crowded agenda in an election year…

Obama International Tax Plan Marks Fundamental Change, Should be Scrutinized, PwC Practitioners Say

The package of international tax proposals unveiled by the Obama administration Feb. 1 represents fundamental changes to the tax law and should be carefully watched by corporate taxpayers…

ANALYSIS: Deducting ‘Going Private’ Expenses

In November of Year 1, the board of directors of “Company” (C) decided to “explore strategic alternatives,” including a sale of C.

An “exclusivity agreement” (with “Sponsors”) was…

House Members Raise Bipartisan Questions over Obama’s Call to End LIFO Accounting

House Ways and Means members crossed party lines in Feb. 3 budget hearings to criticize the Obama administration’s proposal to raise an additional $59 billion in tax revenues by eliminating firms’ ability to use the…

Oil, Coal Industries Gearing up to Fight Obama Plan to Eliminate Tax Preferences

Fossil fuel industries said they will work to defeat President Obama’s latest attempt to eliminate almost $40 billion in tax preferences as part…

International Provisions in FY 2011 Budget Would Limit Deferral, Stop Abusive Transfers of Intangibles

The fiscal year 2011 budget unveiled Feb. 1 by the Obama administration contained a broad-ranging package of international tax provisions that…