New tax laws. New regulatory guidance from the Internal Revenue Service. Get the latest information on tax issues that may affect your company from our Tax Flashes and Tax Legislative Updates written by the tax professionals in our National Tax Office.
Want to receive Tax Flashes and Legislative Updates automatically?
President Obama introduced several new tax increases and incentives in a 2011 budget proposal that includes over a trillion dollars in tax changes. Most of the tax proposals are unchanged from those in last year’s budget proposal, but several important provisions were added that involve international taxes, worker classification, job creation and energy incentives.
Obama has proposed extending bonus depreciation, excluding capital gains on qualified small business stock and a creating a new jobs tax credit for small businesses. Meanwhile, the Senate passed a debt limit increase that includes statutory “pay-as-you-go” budget rules, but exempted a number of tax items that represent Democratic priorities.
The new requirements would apply to business taxpayers who have over $10 million in assets and are required to identify and quantify uncertain tax positions under ASC 740 “or other accounting standards relating to uncertain tax positions involving United States federal income tax.”
The Senate voted 60 to 39 on Dec. 24 to approve a sweeping health care reform package with billions in tax changes. The House and Senate can now begin the difficult negotiations to resolve the differences between their bills.
Senate Majority Leader Harry Reid, D-Nev., has made several tax changes in a newly unveiled Senate health care compromise that is expected to pass the Senate before Dec. 25. Republicans have vowed to delay the bill, but with 60 votes, Democrats should be able to complete action on the bill within a few days.
Several major tax bills are set for consideration as the congressional calendar winds down for 2009. Health care reform remains the top priority; however, several other tax items are also on the move, including estate tax reform, extensions of popular tax provisions (e.g., the research credit), job creation legislation and a package of technical corrections.
The Senate has voted 60-39 to begin consideration of its own version of health care reform, the Patient Protection and Affordable Care Act (H.R. 3950). Our charts compare the healthcare-related tax provisions and revenue titles of the House and Senate bills.
The IRS has issued Rev. Proc 2009-52, setting out instructions for electing an extended (three-, four- or five-year) net operating loss (NOL) carryback period for any one year that begins or ends in 2008 or 2009.
The House voted 220 to 215 on Nov. 7 to pass a sweeping healthcare reform bill (H.R. 3296) with over $500 billion in tax changes. America’s Affordable Health Choices Act combines earlier versions of healthcare legislation passed by various House committees.
The president has signed into law tax provisions to extend and enhance the homebuyer credit and allow businesses to carry back their losses farther for refunds against past taxes. The two tax provisions would cost approximately $21 billion and would be offset largely through an increase in certain failure-to-file penalties and a delay in the implication of worldwide interest allocation rules.
House Democratic leaders have unveiled a new healthcare reform bill (H.R. 3200) in anticipation of a floor vote the first week of November. America’s Affordable Health Choices Act combines earlier versions of healthcare legislation passed by various House committees and makes several changes to attract Democratic votes for passage.
The low rate of inflation over the last year has led to very few IRS adjustments for 2010, meaning many taxpayers will not enjoy a larger standard deduction, gift tax exclusion or personal exemption than they did in 2009.
The Senate Finance Committee voted 14 to 9 on Oct. 13 to approve a sweeping healthcare reform bill. The legislation attracted the vote of all the Democrats on the committee, but only one Republican.
The Senate Finance Committee has completed work on its healthcare reform bill and is scheduled to vote on the measure on Tuesday, Oct. 8. The Congressional Budget Office gave it a favorable cost estimate, but minor changes could be made before the vote. Our charts compare the healthcare-related tax provisions and the revenue titles of the bills from the Finance Committee, HELP Committee and House Democrats.
The IRS has extended the deadline on its foreign reporting disclosure initiative from Sept. 23 until Oct. 15. The program was originally announced on March 26, 2009, and was originally scheduled to last only six months beginning on March 23.
House and Senate Democrats each now have sweeping healthcare reform bills moving through the legislative process. The three major bills in play are Senate HELP committee bill, Senate Finance Committee bill and House compromise bill.
The IRS has published Rev. Proc. 2009-39, which modifies and clarifies both Rev. Proc. 97-27 (relating to non-automatic accounting method change requests) and Rev. Proc. 2008-52 (relating to automatic accounting method change requests).
The Court of Federal Claims has held in Thompson v. United States (No. 06-211 T) that a taxpayer’s interests in a LLC should not be presumed to be that of a “limited partner” and, thus, subject to more restrictive passive loss rules.
This website supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the subject of this document we encourage you to contact us or an independent tax advisor to discuss the potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this document may be considered to contain written tax advice, any written advice contained in, forwarded with, or attached to this document is not intended by Grant Thornton to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.
The budget includes over a trillion dollars in tax changes and several important provisions involving international taxes, worker classification, job creation and energy incentives.
The new requirements would apply to business taxpayers with over $10 million in assets who are required to identify and quantify uncertain tax positions under ASC 740.
