IRS Hoping to Address Many Issues in First Guidance Under Foreign Account Tax Compliance Act

Internal Revenue Service Associate Chief Counsel Steven Musher June 3 said his agency is planning to include as many issues as it can in the first wave of guidance on legislation requiring broad…

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…

International Revenue Raisers in Tax Extenders Bill Seen Constraining Foreign Tax Credit, Drawing Fire

The international revenue raisers in legislation (H.R. 4213) to extend expiring tax provisions would constrain the ability of U.S. multinationals to utilize the foreign tax credit and are…

Major Concerns Expressed by NY State Bar Association over House-Passed Curb on Tax Treaty Abuse

The New York State Bar Association Tax Section May 22 said it had “substantial and serious reservations” about a provision in House-passed jobs legislation (H.R. 4849) intended to stop…

Business Groups Oppose Tax Extenders Bill, Put Pressure on Democrats on Eve of House Vote

Business organizations May 24 lashed out against congressional Democrats’ tax extenders and jobs bill (H.R. 4213) set for House floor consideration, saying that its permanent tax increases on…

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…

New Bill Would Pull Back U.S. Tax Benefits for Foreign Multinational Companies

House Ways and Means Committee member Lloyd Doggett (D-Texas) May 18 unveiled legislation (H.R. 5328) to sharply pull back…

Tax-Writing Committee Chairmen Confident Carried Interest Treatment Change Can Pass Both Houses

The chairmen of both of Congress’s tax-writing committees said May 19 that negotiations over the annual tax extenders package have progressed to a point where they see that a change in the tax treatment of…

Estate Tax Deal Crumbles as Democrats Balk at Tax Decreases for Wealthy Taxpayers

Senate negotiators said May 18 that a deal to cut estate taxes is on the verge of collapse after a majority of the Democratic caucus expressed concerns about voting for an expensive tax cut for wealthy families…

Senate Cap-and-Trade Proposal Includes Numerous Nuclear Tax Incentives

The latest iteration of legislation unveiled May 12 by Sens. John Kerry (D-Mass.) and Joseph Lieberman (I-Conn.) aimed at reducing U.S. greenhouse gas emissions through a cap-and-trade program includes a…

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