Daily Tax Update - December 4, 2014: House Passes Tax Extenders

House Passes Tax Extenders:  The House passed H.R. 5771, which extends certain expired tax provisions for 2014.  The bill is expected to pass the Senate.

UK Proposes Diverted Profits Tax:  In a speech to the UK Parliament, the British Chancellor of the Exchequer, George Osborne, announced a 25% tax on multinational corporations that generate profits from economic activity in the UK and then artificially shift those profits out of the country.

Miscellaneous Guidance Released: 
Revenue Ruling 2014-29 provides the interest rates for the quarter that begins January 1, 2015.  The rates remain unchanged from last quarter.