Carried Interest Change Likely to Be Key Offset for Tax Extenders Measure, House Ways and Means Chair Says

House Ways and Means Committee Chairman Sander Levin (D-Mich.) said May 11 he expects a phased-in change to the tax treatment of carried interest to be a main offset for the tax extenders…

Congress Aware of Issues That Surround Statute of Limitations Provision, Aide Says

Members of Congress are aware of the issues surrounding a controversial provision on the statute of limitations in legislation to require broad new reporting by foreign banks, a lawyer on…

New Law Could Prevent Closing out Reserves for Some Tax Positions, Practitioners Fear

A new tax law seemingly intended to apply only to the statute of limitations for assessments on foreign information filed with the Internal Revenue Service could force financial statement preparers…

Carried Interest Tax Proposal Seen Having Scope, Impact Beyond Hedge Funds

A proposal to change the taxation of carried interest has made headlines because of its impact on hedge funds, but it also would have significant repercussions on the real estate industry…

House Passes Energy Retrofit Bill Using Rebates Instead of Tax Credits

Rebates made available to consumers for energy-efficient modifications to their homes would be exempt from income taxes under legislation the House passed May 6 by a vote of 246-161…

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…

Foreign Tax Credit Crackdown Seen as Possible Offset for Extenders Bill

House Ways and Means Committee member Chris Van Hollen (D-Md.) said May 5 lawmakers are looking at taxation of carried interest and a crackdown on misuse of the foreign tax credit as…

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…

Senate Financial Reform Bill’s Derivatives Language Seen Having Unintended Tax Consequences

The substitute amendment (S. Amdt. 3739) to the financial regulatory reform bill (S. 3217) under consideration in the Senate contains language related to derivatives contracts that could have unintended…

Guidance on Definitions, Scope, Carveouts Initial Focus under New Foreign Account Tax Compliance Act, IRS Official Says

Guidance on broad new requirements that foreign financial institutions report accounts with U.S.-owned assets to U.S. tax authorities is likely to focus first on carveouts and…

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