Late last week, the Senate failed to advance a package of tax law changes and unemployment benefits that included extensions of tax breaks and the closing of foreign tax credit loopholes. The $118 billion package had been modified to reduce its impact on the federal deficit due to Senate members’ concerns. The bill may be set aside while the Democratic leaders determine next steps to move it forward.
The Senate did approve an agreement that would allow a six-month extension of the provision to prevent Medicare payments to doctors from being cut. This provision was unanimously approved on June 18.
The House passed the tax extenders bill, “The American Jobs and Closing Tax Loopholes Bill of 2010” (H.R. 4213), on May 28.
Schneider Downs provides accounting, tax, wealth management and business advisory services through innovative thought leaders who deliver the expertise to meet the individual needs of each client. Our offices are located in Pittsburgh, PA and Columbus, OH.
This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax-related matter.