Technology and Health & Life Sciences
Permanent Tax Extender Bills to Lower Federal Revenues
Earlier this week, The Committee on Ways and Means approved six bills that are expected to lower federal revenues by $310 billion over the next ten years. Referred to as ‘tax extenders’, the bills permanently extend several expired business tax provisions and specifically address the following: Research and experimentation tax credit (H.R. 4438); ‘Look-through’ treatment for controlled foreign corporations (H.R. 4464); Subpart F exceptions for active financing income (H.R. 4429); Increased Section 179 ‘small business’ expensing limits (H.R. 4457); A reduced recognition period for S corporation built-in gains (H.R. 4453); and Basis adjustments to stock of S corporations that provide. Read More.
AICPA-Supported Act Passes the House
With support from the American Institute of CPAs (“AICPA”), the U.S. House of Representatives unanimously passed the Digital Accountability and Transparency Act (“DATA Act”) on Monday. With its passing, the DATA Act creates the groundwork to publish federal spending information and places into law key elements of President Barack Obama’s Open Data Policy. The DATA Act also makes technology like Extensible Business Reporting Language and XBRL more available for financial reporting. “This is a good-government bill that will provide taxpayers and policy makers alike with more transparent access to information about how federal agencies spend taxpayer dollars. We are especially. Read More.