Monthly Archives: December 2010

2010 Tax Relief Act introduced in Senate; key vote expected today. Late on December 9, Senate Majority Leader Harry Reid (D-NV) introduced the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act). Included … Continue reading →

Tax Relief Act of 2010 Extends Bush-Era Tax Cuts and Carries a Host of Other Tax Breaks. Late on December 9, Senate Majority Leader Harry Reid (D-NV) introduced H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act … Continue reading →

“Senate first” strategy for “bipartisan” agreement on extending Bush-era tax cuts. On December 8, Senate Majority Leader Harry Reid D-NV) said that the Senate may take up the “bipartisan” agreement to extend the Bush-era income tax cuts for all taxpayers … Continue reading →

IRS issues guidance on rule preventing splitting of foreign tax credits from income (Notice 2010-92, 2010-52 IRB). In a Notice, IRS has provided guidance on the application of Code Sec. 909 , which was added by the Education Jobs and … Continue reading →

Senate fails to pass “middle class relief;” stage set for a compromise, possibly this week. During a rare Saturday session on Dec. 4, the Senate failed to pass two Democratic initiatives to make permanent—for the middle-class only— the Bush-era tax … Continue reading →

Senate to consider various middle-class tax relief proposals. On Dec. 2, Senate Finance Committee Chair Max Baucus (D-MT) introduced legislation (Amdt. 4727) that would permanently cut middle-class tax rates to 10%, 15%, 25%, 28% and 33% for individuals making up … Continue reading →

Presidential Fiscal Commission fails to get votes needed to send its recommendations to Congress. On Dec. 3, the National Commission on Fiscal Responsibility and Reform failed to get the necessary 14 votes from its 18 members to send its final … Continue reading →