Hatch Exit Triggers Race for Senate Finance Gavel

Sen. Orrin Hatch’s (R-UT) retirement frees up a coveted post as chairman of the Senate Finance Committee, which has jurisdiction over issues impacting the tax-exempt community. Hatch, who earlier this week announced his decision to step down at the end of 2018, has just helped to enact the first major overhaul of the tax code… Read more »

Extenders Likely On Hold Until November

Senate Majority Leader Harry Reid (D-NV) indicated this week that the expired extenders will likely be delayed until November. When asked a press conference if extenders will be delayed until election, Reid said “I guess the answer is ‘yes.’” Extenders are currently stalled in the Senate due to a fight over an amendment on potential… Read more »

Senator Baucus Calls for 1099 Repeal

Sen. Max Baucus, D-MT, speaks during a news conference to discuss how to improve The Patient Protection and Affordable Care Act, signed into law yesterday by U.S. President Barack Obama, on Capitol Hill in Washington on March 24, 2010.  UPI/Roger L. Wollenberg Photo via Newscom

Senator Max Baucus (D-MT), chair of the Senate Finance Committee, pledged on Friday to introduce legislation that would repeal the expanded 1099 reporting requirement contained in the health care bill, according to the National Journal. The Patient Protection and Affordable Care Act (PPACA) contained a provision (passed by the Senate Finance Committee) that would expand… Read more »

Schumer Adds Charity Provisions to Extenders Bill

Senator Charles Schumer (D-NY) intends to add another provision to the tax extenders legislation that could further impact charities. The American Jobs, Closing Tax Loopholes, and Preventing Outsourcing Act of 2010 (H.R.4213) already includes an extension of the IRA Charitable Rollover provision until December 31, 2010.  The provision allows individuals over 70 to contribute up… Read more »