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Senate Majority Leader Reid takes the first step in bringing a two-year, $109 billion reauthorization of federal surface transportation programs to the chamber floor. Reid offers a procedural motion of cloture on the Moving Ahead for Progress in the 21st Century (MAP-21) Act (S. 1813), which will require clearing a 60-vote threshold before lawmakers can proceed to consideration of the underlying bill. A Democratic leadership aide says the current plan is to have the bill on the Senate floor for the remainder of the work period and to have a final vote before lawmakers leave for the Presidents' Day recess. The aide says Reid plans to first bring up the Environment and Public Works Committee-cleared MAP-21 as the primary vehicle for debate. After that, the related titles produced by other committees will be offered as amendments to the EPW bill. More » … The Senate Finance Committee approves a surface transportation financing proposal but lawmakers are headed back to the drawing board likely to replace a provision that would make changes to the payment of taxes on inherited individual retirement plans. Committee Chairman Baucus says lawmakers squeezed as much revenue as possible from the Highway Trust Fund and then turned to funding related to transportation but that is deposited into the general fund, such as the gas guzzler tax and proceeds from tariffs on foreign vehicles. More »
David Kautter, managing director of the Kogod Tax Center at American University's Kogod School of Business, writes that, regardless of size, businesses appear to share common priorities for reforming the tax code in ways that will spur growth. Sharing results of a December survey jointly sponsored by the tax center and Bloomberg BNA, Kautter says it revealed some notable differences between advisers to small businesses and those advising mid- and large-size businesses but “underscored many areas of common ground.” All the advisers surveyed rated seven of 15 tax reform proposals as virtually identical in importance, including extension of 100 percent expensing for equipment, lowering of income tax rates for corporate and flowthrough income, and reduction of employer payroll taxes. More »
Researchers from the George Washington University School of Public Health and Health Services discuss the upcoming review of the health reform law's “minimum essential coverage requirement” by the U.S. Supreme Court and what the court's decision could mean for implementation of the law. More »
Qualified issuers of nonprofit health insurance must tell the government that their earnings do not go to private individuals or shareholders—and that they are not trying to influence the legislative process or taking part in political campaigns—in order to qualify for exempt status under tax code Section 501(c)(29), IRS says. IRS sets out the procedures for these issuers to apply for tax-exempt status under the Patient Protection and Affordable Care Act. More »
The House is expected to take up tomorrow congressional “insider trading” legislation that could greatly expand the scope of the federal lobbying disclosure law, yet would fail to close gaps in that law's coverage of current lobbying activity. Surprisingly, according to legal experts, one result if the House passes a Senate-approved version of the law—known as the STOCK Act—would be a tougher disclosure standard for a new category of activity known as “political intelligence” than the disclosure standard now in place for ordinary lobbying. More »
House and Senate Democrats reject a proposal by House Republicans that would fund nearly half the cost of a payroll tax cut bill that includes an increase in Medicare reimbursement for physicians, as both sides warn time is running out to get legislation through Congress by the end of the month. Unless Congress acts, physicians' Medicare reimbursement will be reduced 27 percent March 1. More » … House and Senate negotiators also hit a familiar standoff over imposing a millionaires' surtax. More »
The House is set to consider today a revised version of a spending rescission bill, legislation that has drawn an uncommon mix of lawmakers in support and opposition. The White House has voiced its support for the bill, H.R. 3521, which is sponsored by House Budget Chairman Ryan and was written by Ryan and Budget ranking member Rep. Hollen. However, House Democratic Whip Hoyer, widely seen as a fiscal moderate in the Democratic caucus, voices his opposition to the bill. More »
The House Energy and Commerce Committee approves a bill that would shift permitting authority of the Keystone oil sands pipeline from the Obama administration to the Federal Energy Regulatory Commission and would require FERC to approve it. Committee Republicans say the bill (H.R. 3548), which passed the panel on a mostly party-line vote of 33-20, is necessary because of President Obama's decision in January to deny a permit for the pipeline. More »
A Treasury Department unit that battles financial crime finalizes Bank Secrecy Act regulations that put nonbank residential mortgage lenders and brokers under much of the same anti-money laundering mandate that already applies to banks and other financial institutions. The 50-page final rule issued by the Financial Crimes Enforcement Network requires nonbank firms that make or originate home loans to establish anti-money laundering programs and to flag questionable transactions by filing Suspicious Activity Reports. More »
U.S.-based financial services groups are moving forward with applications for the .bank top-level domain, incorporating standards that they say will make websites within the new, banks-only domain less susceptible than generic domains to phishing and other types of fraud. In interviews with Bloomberg BNA, the groups say that the security specifications in their proposed domains would each go significantly beyond security requirements for existing top-level domains as well as those required to clear the evaluation process in applying to operate a new generic top-level domain name. More »
EPA sends a proposed rule on revisions to its greenhouse gas permitting program to the White House for review. More »
A final rule governing requirements states must meet to operate insurance exchanges in 2014 under the health reform law is received by OMB for review. More »
Senate Homeland Security Chairman Lieberman says he and other key senators could finalize a cybersecurity bill within days. More »
EPA would be required to further study the effects of higher ethanol blends in gasoline on vehicles and the environment under a bill passed by the House Science Committee. More »
Georgia is hoping to begin negotiations with the United States on a possible free trade agreement “as soon as possible,” a senior Georgian official tells Bloomberg BNA. More »
The Rio+20 sustainable development conference should result in clear decisions on renewable energy and on the pricing of goods and services so they truly reflect the pollution they cause, the European Union's top climate official says. More »
CAMPAIGN FINANCE
Obama changes policy, allows officials to appear at PAC events A-15
CLIMATE CHANGE
New Mexico environmental board repeals cap-and-trade program A-30
Rio+20 should yield energy, environmental pricing decisions, EU climate official says A-20
COMMUNICATIONS
FCC official notes critical need for “incentive auction” legislation A-16
CONSUMER PROTECTION
NCO Financial reaches agreement in debt collection case with 19 states A-9
COPYRIGHTS
Gingrich campaign sued for infringement over use of song “Eye of the Tiger” A-6
CYBERSECURITY
Lieberman: Cybersecurity bill could be final within days, on fast track to floor vote A-16
ENERGY
House panel approves Keystone pipeline bill shifting federal permitting authority to FERC A-5
ENVIRONMENT
Companies wanting to sell green products must understand rules A-31
Dover Chemical to pay $1.4 million penalty to settle charges of unauthorized production A-26
EPA establishes tolerance exemption for insecticidal protein in cotton A-27
EPA inspector general tells agency it needs better records on coal mining permit work A-34
EPA official says market factors causing power plants to transition to natural gas A-18
EPA seeking models from municipalities on integrated water plans, official says A-33
EPA sends third step of greenhouse gas tailoring rule to White House for review A-11
EPA to designate counties in Chicago area as not meeting 2008 ozone air standard A-3
EU law requiring airlines to trade emissions could be changed if ICAO acts, officials say A-21
GAO finds agencies unable to assess diesel emissions reduction programs A-18
House Republicans get low marks in conservation group's 2011 rating A-31
House science panel OKs bill to require more study on higher ethanol blends in gas A-1
Improvements needed on five-year reviews, EPA's inspector general says in report A-19
International Trade Commission to initiate broad assessment of e-waste exports A-28
Members of Congress examine problems of regulations amid growing water needs A-23
Power industry worries about “train wreck” of converging air pollution regulations A-16
ETHICS
House Ethics Committee delays ruling whether Buchanan broke disclosure rules A-2
GOVERNMENT OPERATIONS
“Shift money downward” to boost government while cutting costs A-9
HAZARDOUS SUBSTANCES
EPA amends new use rule for resin to add workplace protection requirements A-17
HAZARDOUS WASTE
Court says EPA referral of private complaint to county authorities not CERCLA action A-10
HEALTH CARE
BNA INSIGHTS: Basis of Congress's power to address individual insurance B-1
GAO: Data mining, other preventive controls can help cut improper health care payments A-12
OMB reviewing final exchange rule on state, insurer, employer requirements A-3
HEALTH CARE FRAUD
Louisiana reaches $25 million settlement with companies in Medicaid case A-22
INFRASTRUCTURE
Appeals court says judge can jail bridge officials but must set release path A-2
INTERNATIONAL TRADE
Canada curbs imports of U.S. logs, lumber due to long-horned beetles A-12
GAO recommends Ex-Im review mandate for 85 percent domestic content policy A-32
Georgian officials hope for quick launch of free trade agreement talks with U.S. A-4
Insurance lobby groups to cooperate to gain benefit from TPP participation A-7
N.Y. Fed economist examines decline in U.S. share of merchandise exports A-30
Nadler criticizes DHS's inability to meet 100 percent sea cargo scanning mandate A-26
Presidents of Brazil, Mexico agree to review trade accord; Brazil seeks changes in autos A-12
LOBBYING
House set to take up “insider trading” bill which could expand scope of lobbying law A-13
MEDICARE
Democrats reject House funding proposals for physician pay fix A-24
Private incentive programs can be adapted to Medicare doc pay system, hearing told A-20
NUCLEAR WASTE
Energy Department can take steps to manage spent fuel, consultant says A-25
PATENTS
Legislation would cut design patent term on auto parts from 14 years to 30 months A-7
PIPELINE SAFETY
California commission under scrutiny in wake of deadly explosions A-7
TRANSPORTATION
LEADING THE NEWS: Reid initiates floor action for Senate's two-year surface reauthorization bill AA-1
U.S. BUDGET
Democratic leaders downplay importance of passing congressional budget resolution A-11
Fast-track rescission authority headed to House floor amid uncertain prospects A-28
ANTITRUST
EU holds Dow Chemical jointly liable for fixing prices by its joint venture EE-6
EU targets leading electricity spot trade exchanges for possible collusion EE-1
European General Court holds DuPont liable for cartel involving joint venture EE-8
Obama intends to nominate Baer as chief of DOJ's antitrust division EE-1
BANKRUPTCY
Student loan debt could be next “bomb” EE-10
CONSUMER CREDIT
December consumer credit posts another big gain, rising $19.3 billion EE-1
CYBERSECURITY
SPECIAL REPORT: Financial services groups moving forward with secure, sector-only .bank proposals C-1
ECONOMIC OUTLOOK
Long-term approach to budget reform necessary for economy, Bernanke says EE-4
EMPLOYEE BENEFITS
District court rules for Lincoln National in lawsuit targeting checkbook practice EE-5
FINANCIAL INSTITUTIONS
Missouri attorney general unveils indictment in robo-signing case EE-12
Nonbank mortgage lenders, brokers face new anti-money laundering rules EE-3
INTERNATIONAL ECONOMICS
Europe's leaders need close, binding cooperation for successful EMU EE-2
INTERNATIONAL TRADE
EU clears Advent, individuals to acquire joint control of MaxamCorp EE-2
RETAIL SALES
Chain store sales improve in latest week, up 1.8 percent EE-1
SECURITIES
10th Circuit affirms dismissal of charges firm misrepresented integration status EE-3
SEC wins $328M judgment in decade-old case against Credit Bancorp entities EE-12
ACCOUNTING
IFAC panel: Accounting must integrate environmental, social factors into reports G-5
IRS unveils 2011 Schedule UTP, instructions, including new example on intent to litigate G-7
JCT previews tax, accounting issues before
hearing G-10
EXEMPT ORGANIZATIONS
Health groups criticize IRS procedures used in revising Form 990 Schedule H G-3
No lobbying, private benefit allowed by nonprofit health insurers, IRS says G-2
FOIA
Treasury releases two letters under FOIA G-2
HEALTH CARE
Obama administration requests more time for oral argument in health reform case K-1
RETIREMENT PLANS
Hacienda amendment deadline cited among issues for Puerto Rico plans G-6
TAX CREDITS
Sampling method to determine qualified research expense for tax credit denied K-2
TAX DEDUCTIONS
Practitioners: Notice clarified many, not all, questions about benefit restrictions G-1
Tax Court: Rationale for office fish tank, tale of imprisoned accountant not credible K-3
TAX LEGISLATION
Payroll tax cut conferees hit familiar standoff over imposing millionaire's surtax G-4
Senate Democrats seek to close tax loopholes to offset U.S. priorities G-6
TAX REFORM
BNA INSIGHTS: Survey reveals common tax reform goals for businesses of all sizes: Uniformity of views could buttress legislative prospects J-1
Small employers often take aggressive steps to avoid annual plan audits, attorneys say G-7
TIGTA says IRS can help close tax gap with retirement income reporting efforts G-4
TRANSPORTATION
Finance approves transportation funding; major changes expected in coming days G-8
CONNECTICUT
Hospital-run hotel owes state occupancy tax H-3
NORTH CAROLINA
DOR explains new credit for taxpayers with children requiring special education H-1
OHIO
Tax agency releases no-interest payment plan rule for consumer use tax amnesty H-2
PENNSYLVANIA
Gov. Corbett seeks to reduce spending in FY 2012-13 without raising taxes H-2
UTAH
Ruling explains tax liability for scaffolding firm's delivery, other charges H-1
FINLAND
OECD says Finland should drop tax favoritism for closely held companies I-1
FRANCE
France says nine nations call for advancing EU project for financial transactions tax I-2
TAX TREATIES
Liechtenstein, U.K. conclude tax deal extending disclosure facility I-1
Legislative Calendar N-3
President's Calendar N-8
CONGRESS
Bonamici sworn in to fill Oregon First District seat N-2
North Carolina's Rep. Myrick announces retirement at end of 112th Congress N-2
Senate Democrats to use remaining days to debate highway, payroll tax legislation N-1
Barton v. Meddock (E.D. Cal.) A-10
Bayer Corp. v. United States (W.D. Pa.) K-2
Coalition for Responsible Regulation v. EPA (D.C. Cir.) A-11
Dow Chemical Co. v. European Commission (EU Gen. Ct) EE-6
E.I. du Pont de Nemours and Co. v. European Commission (EU Gen. Ct.) EE-8
Edmonson v. Lincoln National Life Insurance Co. (E.D. Pa.) EE-5
Esrig v. Commissioner (T.C.) K-3
FEC v. Kazran (M.D. Fla.) A-2
HHS v. Florida (U.S.) K-1
Level 3 Communications Inc. Securities Litigation, In re (10th Cir.) EE-3
Missouri v. Brown (Mo. Cir.Ct.) EE-12
Missouri v. DOCX (Mo. Cir.Ct.) EE-12
Rude Music Inc. v. Newt 2012 (N.D. Ill.) A-6
SEC v. Credit Bancorp Ltd. (S.D.N.Y.) EE-12
United States v. Dover Chemical Corp. (N.D. Ohio) A-26
ACCOUNTING
JCT report (JCX-13-12), ‘Present Law and Background Relating to the Interaction of Federal Income Tax Rules and Financial Accounting Rules' TaxCore
EXEMPT ORGANIZATIONS
American Hospital Association, Healthcare Financial Management Association, VHA Inc. letter to OMB's Jeffrey Zients on revised Schedule H of Form 990 TaxCore
Rev. Proc. 2012-11 on procedures for issuing determination letters, rulings on qualified nonprofit health insurance issuer exempt status under Section 501(c)(29) TaxCore
FOIA LETTERS
Josten, Bruce - Letter 2 TaxCore
Robertson, Peter - Letter 1 TaxCore
TAX CREDITS
Bayer Corp. v. United States TaxCore
TAX DEDUCTIONS
Esrig v. Commissioner TaxCore
TAX LEGISLATION
Cut Unjustified Tax Loopholes Act (S. 2075), by Sens. Levin, Conrad TaxCore
Summary of Cut Unjustified Tax Loopholes Act (S. 2075) TaxCore
TRANSPORTATION
JCT report (JCX-11-12), ‘Description of the Chairman's Modification to the Proposals of the “Highway Investment, Job Creation And Economic Growth Act of 2012,” ‘ Estimated Revenue Effects (JCX-12-12) TaxCore
JCT report (JCX-14-12), “Estimated General Fund and Trust Fund Effects of the Revenue Provisions Contained in the Chairman's Modification to S.__, the ‘Highway Investment, Job Creation and Economic Growth Act of 2012' ” TaxCore
SECTION 41
Bayer Corp. v. United States K-2, TaxCore
SECTION 172
Esrig v. Commissioner K-3, TaxCore
SECTION 179
Esrig v. Commissioner K-3, TaxCore
SECTION 401
Notice 2011-96 G-1
SECTION 411
Notice 2011-96 G-1
SECTION 436
Notice 2011-96 G-1
SECTION 501
Rev. Proc. 2012-11 G-2, TaxCore
SECTION 892
FOIA Letter No. 1 G-2, TaxCore
SECTION 1001
Esrig v. Commissioner K-3, TaxCore
SECTION 1011
Esrig v. Commissioner K-3, TaxCore
SECTION 6001
Esrig v. Commissioner K-3, TaxCore
SECTION 6020
Esrig v. Commissioner K-3, TaxCore
SECTION 6651
Esrig v. Commissioner K-3, TaxCore
SECTION 6654
Esrig v. Commissioner K-3, TaxCore
SECTION 6662
Esrig v. Commissioner K-3, TaxCore
SECTION 7421
Pub. L. No. 111-148 K-1
From the Editors
- The Week Ahead in Congress
- OUTLOOK
2012
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