Tax Break

The coming week’s tax and accounting calendar

February 3, 2012

Some events in the week ahead:

Monday, February 6

Comment letters due on the Financial Accounting Standards Board’s proposed accounting standards updating the cumulative translation adjustment following the sale of a nonprofit or foreign business.

Tuesday, Feburary 7

The U.S. Congress Joint Economic Committee (JEC) will hold a hearing on extending the two-percentage-point payroll tax cut and continuing emergency federal unemployment insurance benefits through the end of 2012, including examining the economic impact of extending these policies versus allowing them to lapse.

Witnesses:

  • Dr. Mark M. Zandi, Chief Economist, Moody’s Analytics
  • Mr. James Sherk, Senior Policy Analyst, The Heritage Foundation
  • Ms. Judith M. Conti, Federal Advocacy Coordinator, National Employment Law Project

Wednesday, February 8

  • House Ways and Means Committee Chair Dave Camp, R-Mich., will hold a hearing on the interaction between accounting rules and tax policy and how public companies evaluate tax policy options in light of financial accounting considerations. Also whether tax legislation works as intended when Congress fails to account for the effects of financial accounting on corporate behavior. Written comments can be submitted here.
  • The D.C. Bar Taxation Section State and Local Taxes Committee will sponsor a luncheon program on topics including mandatory unitary combined reporting, market-based sourcing and sales tax base expansion.

Thursday, February 9

The Governmental Accounting Standards Board to hold its regular teleconference.

Taxpayer Advocacy Panel

The TAP, a body established by the U. S. Department of the Treasury, to help taxpayers improve IRS customer service and responsiveness to taxpayer needs, will be sponsoring several open teleconferences this week.

On Tuesday, Feburary 7 committees assessing the toll-free program and return processing delays will hold meetings. On Wednesday, February 8 the committee on tax forms and publications will host a call.

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