Legislative update: Tax writing committees schedule markups

Congressional tax committees schedule markups

The Senate Finance Committee has scheduled for tomorrow, September 16, a markup of a bill intended to address identity theft and tax refund fraud. Among the provisions in the bill is a measure that would expedite the due date for providing information returns (Forms W-2, W-3, and 1099-MISC) to the government. As proposed in the legislation, the new rule would require these information returns to be filed within 15 days of the date for providing the related employee and payee statements.

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A description of the bill subject to markup, as well as statutory language and a revenue estimate are available on the Finance Committee website.

Ways and Means markup

The House Ways and Means Committee on Thursday, September 17, will markup several bills to make permanent certain of the tax preference items, known as the “tax extenders.” Specifically, the Ways and Means will consider bills to make bonus depreciation, subpart F exemption for active financing, and the controlled foreign corporation (CFC) “look-through” rules permanent.

In addition, the Ways and Means Committee will consider bills addressing certain exemptions from the individual health coverage mandate and modifying flexible spending accounts and heath savings accounts (FSAs and HSAs). A list of the bills is available on the Ways and Means website.

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