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Author
Tax Policy Services Group, Deloitte Tax LLP
· Section 199 Guidance: Something Old, Something New – The Internal Revenue Service released much-anticipated final regulations on the new section 199 domestic manufacturing deduction, temporary and proposed regulations on the treatment of online computer software for purposes of the deduction, and rules for calculating the deduction’s W-2 wage limitation.
· IRS Disconnects Long-Distance Telephone Excise Tax; $13 Billion in Refunds Expected – The Treasury Department and Internal Revenue Service announced that the IRS will stop collecting tax on long-distance telephone services in light of the government’s many losses in court on this issue.
· Pension Reform, Extenders on Hold Until After Memorial Day Recess – Congressional negotiators were unable to reach an agreement on pension reform legislation (H.R. 2830), ending hopes that a bill could be brought to the House and Senate for a vote before the start of the Memorial Day recess.
· IRS Guidance Addresses Transfers of U.S. Real Property Interests – The IRS released interim guidance on the transfer of U.S real property interests in light of recent regulatory changes allowing nonrecognition treatment for mergers and consolidations effected pursuant to the laws of a foreign jurisdiction or U.S. possession.
See attached file for details.
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