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Washington this Week

• House Committee Passes Small Business Tax Cut Bill

  March 17, 2010

  The House Ways and Means Committee has approved legislation to provide tax relief to small businesses and extend financing measures for creating jobs.

• House Passes Chile Earthquake Donations Bill

  March 10, 2010

  The House unanimously approved bipartisan legislation on Wednesday to allow individuals who make charitable contributions to victims of the earthquake in Chile (prior to April 15, 2010) to claim an itemized charitable deduction on their 2009 tax return instead of having to wait until next year to claim these deductions on their 2010 tax return.

• Amendment Would Expand Small Biz Tax Incentives

  March 3, 2010

  Sen. John Thune, R-S.D., has introduced an amendment to a tax extenders bill that would create and expand small business tax incentives.

• Senators Introduce Bipartisan Tax Simplification Bill

  February 24, 2010

  Sen. Ron Wyden, D-Ore., and Judd Gregg, R-N.H., have introduced legislation to eliminate many of the exemptions, deductions, credits and other tax breaks in the Tax Code.

• Treasury Hopes to Expand New Markets Tax Credit

  February 19, 2010

  The Treasury Department announced plans to extend and expand the New Markets Tax Credit with a proposal in the fiscal year 2011 budget to provide $5 billion in credits to speed recovery in hard-hit communities.

• Senate Passes Bill to Fix Small Biz Tax Penalties

  February 10, 2010

  The Senate has unanimously approved a bill that would prevent small businesses from incurring large tax penalties aimed at large corporations and wealthy individuals who invest in tax shelters.

• Senators Propose Tax on Wall Street Bonuses

  February 5, 2010

  Sen. Barbara Boxer, D-Calif., and Jim Webb, D-Va., have introduced legislation that would impose a tax on large bonuses paid by Wall Street banks and other firms that received more than $5 billion from the Troubled Asset Relief Program in 2009.

• SEC to Offer Guidance on Climate Change Disclosure

  January 28, 2010

  The Securities and Exchange Commission voted to issue interpretive guidance on how public companies should disclose any business and legal developments related to climate change.

• Obama Wants to Restrict Bank Size and Scope

  January 21, 2010

  President Barack Obama proposed new restrictions Thursday on the size and scope of financial institutions to limit their ability to engage in risky trading practices.

• Bankers Grilled over Role in Financial Crisis

  January 13, 2010

  The leaders of a group of Wall Street banks admitted to mistakes by the financial industry before a commission charged with uncovering the reasons behind the financial meltdown.

• Obama Awards $2.3B in Tax Credits to Spur Jobs

  January 8, 2010

  The Obama administration is handing out $2.3 billion in Recovery Act Advanced Energy Manufacturing Tax Credits for clean energy projects to provide jobs across the U.S. after announcing a disappointing employment report for December.

• FTC Looks to Improve Anti-Fraud Efforts

  December 29, 2009

  The Federal Trade Commission has issued a report that examines more effective ways to protect consumers from fraudulent financial schemes.

• Senate Plans Action on Tax Extenders

  December 23, 2009

  Leaders of the Senate Finance Committee said they intend to work on passing legislation to extend expiring tax breaks early next year.

• House Approves Jobs Bill

  December 18, 2009

  The House narrowly passed a jobs bill aimed at reducing unemployment, but the legislation’s prospects are uncertain in the Senate.

• Grassley Proposes Expanding Education Tax Relief

  December 8, 2009

  Senate Finance Committee ranking member Charles Grassley, R-Iowa, has introduced a bill that would make permanent a number of education-related tax relief measures dating back to 2001, when he was committee chairman, and increase others.

• Senate Bill Would Cement Small-Biz Expensing Limit

  December 3, 2009

  Leaders of the Senate Committee on Small Business and Entrepreneurship have introduced legislation that would make permanent the $250,000 Section 179 expensing limits for small businesses created under the Recovery Act.

• SEC Distributed over $2 Billion from Fair Fund in 2009

  November 25, 2009

  For the first time, the Securities and Exchange Commission has distributed more than $2 billion in a single calendar year to injured investors as a result of SEC enforcement actions and proceedings.

• Congress Introduces Bill to Curb Tax Shelter Penalties on Small Business

  November 16, 2009

  A bipartisan bill introduced in the Senate and House would reduce the penalties assessed by the IRS on tax shelter investments by small businesses to put them in proportion with the tax benefits received.

• Obama Proposes Jobs Summit

  November 13, 2009

  President Barack Obama said Thursday he plans to hold a forum in December at the White House on jobs and economic growth.

• House Panel Exempts Small Companies from SOX Audits

  November 4, 2009

  The House Financial Services Committee voted to exempt small and midsized public companies from Sarbanes-Oxley audit requirements.

• House Passes Small Business Financing Act

  October 30, 2009

  The House overwhelmingly approved legislation to reform small business lending and spur job creation.

• Obama Moves to Expand Small-Business Lending

  October 21, 2009

  President Barack Obama has announced a set of initiatives aimed at kick-starting the market for small-business loans.

• House Panel Approves Derivatives Regulation Bill

  October 16, 2009

  The House Financial Services Committee has approved legislation that would require regulation of the over-the-counter derivatives market.

• House Passes Bill to Help Military Buy Homes

  October 9, 2009

  The House has unanimously approved legislation to give the military and other overseas service members equal access to the first-time homebuyer tax credit.

• Tax Incentives Expiring for Small Businesses

  October 1, 2009

  The House Committee on Small Business held a hearing on how some expiring tax incentives, such as the research and development credit and clean energy incentives, would affect small businesses.

• AICPA Wants CPAs Exempted from Consumer Agency

  September 23, 2009

  The American Institute of CPAs testified before Congress in favor of exempting CPAs from oversight by the proposed Consumer Financial Protection Agency, arguing that CPAs are already highly regulated.

• House Passes Bill on TARP Spending and Small Business

  September 16, 2009

  The House has passed a bill to examine the impact of the bank bailout on lending to small businesses.

• SEC Hopes to Correct Madoff Goofs

  September 10, 2009

  SEC officials testifying at a Senate Banking Committee hearing pledged to do more to investigate Ponzi schemes.

• SEC Admits Missed Opportunities in Madoff Case

  September 2, 2009

  The Securities and Exchange Commission has released the executive summary of a report from its inspector general detailing the agency’s failures to stop Bernard Madoff from carrying out his Ponzi scheme.

• Regulators Mull Impact of Accounting Rules on Bank Capital Requirements

  August 27, 2009

  The major federal banking regulatory agencies are asking for comments on a proposed rule for banks’ minimal capital requirements, stemming from two accounting standards that would change how banks will account next year for many items they currently keep off their balance sheets.