Legislative

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13 Dec 2010 | Legislative | National Publication | News story
Senate Majority Leader Harry Reid [D-NV] and Senate Minority Leader Mitch McConnell [R-KY] last Friday introduced the "Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010."
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Shortly following yesterday's successful House vote on a package that would extend the Bush era tax cuts for middle-class taxpayers, Senate Finance Committee Chair Max Baucus, D-MT, introduced the Middle Class Tax Cut Act of 2010.

The Senate bill adds to...

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30 Sep 2010 | Legislative | National Publication | News story
Senate Finance Committee Chair Max Baucus, D-MT. has requested the IRS investigate the political activities of section 501(c)(4), 501(c)(5), and 501(c)(6) organizations to ensure special interests aren't using tax-exempt groups to influence communities and spend secret...
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30 Sep 2010 | Legislative | National Publication | News story
A coalition of eighteen national organizations led by AICPA and representing consumer, taxpayer, charitable, financial planning, and tax advisor groups have sent a letter urging lawmakers to enact legislation to ban tax strategy patents during the current Congress.
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22 Sep 2010 | Legislative | National Publication | News story
The Senate Finance Committee has summarized the provisions of the Job Creation and Tax Cut Act of 2010, introduced by Finance Chair Max Baucus, [D-MT]. Extension of several popular charitable provisions are included.
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The Joint Committee on Taxation on August 16th released its description of President Obama's fiscal year 2011 budget proposals. The proposals include making permanent and modifying certain tax cuts from 2001 and 2003; temporary recovery measures; tax cuts for...
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Senate Majority Leader Harry Reid (D-NV) has forwarded to Treasury for review correspondence sent to him by a constituent. The constituent, who is a Certified Personal Property Appraiser, recommends that appraisers and appraisals of personal property for federal estate...
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20 Jul 2010 | Legislative | National Publication | News story

H.R. 5699, the Gulf Oil Spill Recovery Act of 2010, introduced by Rep. Jeff Miller, R-Fla., would provide tax benefits for certain areas affected by the discharge of oil by reason of the explosion on, and sinking of, the mobile offshore drilling unit Deepwater...

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The Congressional Research Service has released a report analyzing tax issues regarding to the BP Deepwater Horizon Gulf of Mexico oil spill and tax relief options; including claims payments, casualty losses, net operating loss carrybacks, employment incentives, IRA...
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Sen. Chuck Grassley, ranking member of the Finance Committee, is asking for data to gauge how a proposed change to private foundation excise taxes would affect foundation pay-out rates. Grassley said Congress should have such information at hand before voting on the...
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7 Jun 2010 | Legislative | National Publication | News story
In a May 20 letter to acting House Ways and Means Committee Chair Sander M. Levin, D-Mich., Independent Sector president Donna Aviv has endorsed several provisions in H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010, that would encourage individual...
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1 Jun 2010 | Legislative | National Publication | News story
The Joint Committee on Taxation has released a technical explanation of the revenue provisions contained in the American Jobs and Closing Tax Loopholes Act of 2010. The bill was passed last week in the House of Representatives and will be taken up by the Senate the...
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24 May 2010 | Legislative | National Publication | News story | 1 comments
Following weeks of negotiations, Ways and Means Committee Chairman Sander Levin (D-MI) and Senate Finance Committee Chairman Max Baucus (D-MT) have released a summary of the American Jobs and Closing Tax Loopholes Act. The legislation provides critical tax cuts and...
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As mandated by the Pension Protection Act of 2006, the Department of the Treasury has conducted a study on charity-owned life insurance for the purpose of sharing the benefits of the organization's insurable interest in individuals insured under such contracts with...
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23 Mar 2010 | Congressional Research Service | National Publication | News story | 2 comments
On March 10, 2010, the Senate passed H.R. 4213, the Tax Extenders Act of 2009 that would extend tax-free distributions from Individual Retirement Accounts (IRAs) for charitable purposes first enacted by the Pension Protection Act of 2006. The Congressional Research...
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2 Feb 2010 | Legislative | National Publication | News story | 4 comments
According to a February 1 article in The Chronicle on Philanthropy, Suzanne Perry reports that President Obama's budget proposals for fiscal 2011 "would limit to 28 percent the tax break couples earning $250,000 (or individuals earning $200,000) could get for...
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The House of Representatives on January 20th unanimously passed H.R. 4462, legislation that would allow individuals who make charitable contributions to victims of the earthquake in Haiti to claim an itemized charitable deduction on their 2009 tax return instead of...
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18 Jan 2010 | Legislative | National Publication | News story
Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Chuck Grassley (R-Iowa), along with House Ways and Means Committee Chairman Charles Rangel (D-NY) and Ranking Member Dave Camp (R-MI), announced today their intent to introduce legislation that...
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18 Jan 2010 | Legislative | National Publication | News story | 3 comments
House Ways and Means Committee Chair Charles B. Rangel, D-N.Y. has introduced legislation to accelerate the income tax benefits for cash charitable contributions made after January 11, 2010, and before March 1, 2010 for the relief of victims of the earthquake in Haiti.
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On January 15, 2010, House leaders Rangel, Camp, Clyburn and Cantor introduced a bill that would allow taxpayers to claim a charitable deduction for the 2009 tax year for charitable contributions made for Haiti relief.
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