Finance

Not everyone is a fan of Congress’ plan to have the Internal Revenue Service use outside agencies to collect unpaid taxes. (See “Highway Bill Would Revive Private Collection of Tax Debts.”)

A permanent exclusion for qualified SMB stock means big change

The House Ways and Means Committee has passed three bills related to the Internal Revenue Service in the areas of taxpayer identity theft, recovery of missing children, and donor information for tax-exempt organizations.

As a general rule, the cost of commercial real estate improvements is recovered over a painfully long period of 39 years via straight line depreciation only.

Sen. Ron Wyden, D-Ore., has proposed to simplify the complicated capital depreciation rules for businesses.

A pair of Senate Democrats, Chuck Schumer, D-N.Y., and Maria Cantwell, D-Wash., are urging their colleagues to increase the Low-Income Housing Tax Credit by 50 percent.

As a general rule, the cost of commercial real estate improvements is recovered over a painfully long period of 39 years via straight-line depreciation only.

The House passed a bill Thursday prohibiting bonuses for IRS employees until the Treasury develops a better customer service strategy, the last of six bills passed this week affecting IRS bonuses, hiring practices and policies.

The Senate Finance Committee passed legislation Wednesday to protect taxpayers from identity theft and tax fraud, but without a provision for regulating tax preparers.

Rep. Sander Levin, D-Mich., the ranking member of the tax-writing House Ways and Means Committee, and other House Democrats introduced legislation Wednesday to restore the estate tax and gift tax rate and exemption level to the same amounts as in 2009.