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Washington this Week

• 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.

• More Stimulus Contracts to Go to Small Businesses

  August 19, 2009

  The Small Business Administration and the Commerce Department plan to offer more federal contracts to small businesses, but a small business advocacy group is skeptical.

• Treasury to Award Tax Credits for Clean Energy

  August 13, 2009

  The Treasury and Energy Departments plan to give $2.3 billion in tax credits from the Recovery Act to manufacturers of clean energy equipment.

• House Gauges Small Businesses’ Access to Capital

  August 7, 2009

  The House Small Business Committee heard testimony from small business owners about their ability to obtain SBA-backed financing.

• Velázquez Asks for Small Business Changes in Health Bill

  July 28, 2009

  House Committee on Small Business chairwoman Nydia Velázquez, D-N.Y., has written to the chairmen of two other House committees asking for changes in health care reform legislation to reduce the burden on small businesses.

• IRS Publishes Final e-Postcard Regulations

  July 23, 2009

  The IRS and the Treasury Department have issued final regulations clarifying how and when certain small tax-exempt organizations must file an annual electronic notice.

• Senate Reauthorizes Small Business Tech Financing

  July 15, 2009

  The Senate has voted unanimously to reauthorize the Small Business Innovation Research and Small Business Technology Transfer programs for eight more years and make several changes in the programs that provide monetary awards to small businesses.

• IRS Suspends Some Small Biz Tax Shelter Penalties

  July 7, 2009

  Under pressure from Congress, the Internal Revenue Service has agreed to temporarily suspend until Sept. 30 its efforts to collect penalties for some listed tax shelter transactions.

• Grassley Introduces Small Business Tax Relief Act

  July 2, 2009

  Sen. Charles Grassley, R-Iowa, has introduced a bill to lower the tax burden on small businesses.

• Law Proposed to Ease Home Office Tax Deduction

  June 25, 2009

  Proposed legislation would make it easier for small businesses to qualify for the home office tax deduction.

• Senate Considers Cap-and-Trade Taxes

  June 18, 2009

  The Senate Finance Committee held hearings to learn more about the tax implications of climate change legislation, including whether companies should be taxed for carbon emission allowances.

• House Looks to Give Small Businesses More Access to Capital

  June 11, 2009

  The House Small Business Committee held hearings on expanding access to capital to small businesses suffering from the credit crisis.

• House Committee Blasts IRS over Busy Signals

  June 4, 2009

  House Ways and Means Oversight Subcommittee Chairman John Lewis (D-Ga.), criticized the IRS’s handling of taxpayer phone calls at a hearing that reviewed IRS operations and budget proposals, with IRS Commissioner Douglas Shulman in attendance.

• IRS Provides Guidance on Tax Credits for New Hires

  May 28, 2009

  The IRS offered guidance to businesses that plan to claim a newly expanded work opportunity tax credit for eligible unemployed veterans and unskilled younger workers.

• IRS Audits Target Wealthier People and Companies

  May 20, 2009

  The Internal Revenue Service has increased its audit rates of the wealthiest individuals and corporations, according to testimony by IRS Commissioner Douglas Shulman.

• Senate Mulls Health Insurance Taxes

  May 13, 2009

  The Senate Finance Committee held hearings to determine how to pay for health insurance reform, including through new taxes and tax credits.

• Banks Survive Financial Stress Tests

  May 7, 2009

  U.S. banks need about $74.6 billion in extra capital after undergoing a series of financial stress tests by the Federal Reserve.

• Proposed Law Would Reduce Tax Shelter Penalties

  April 29, 2009

  Rep. Joe Donnelly, D-Ind., has introduced a bill to lessen the heavy penalties imposed by the Internal Revenue Service on taxpayers who use so-called “listed” tax shelter transactions.