Daily Tax Update - December 15, 2014: Senate Passes Spending Bill

Senate Passes Spending Bill:  Over the weekend, the Senate passed the omnibus spending bill that funds federal agencies, including the IRS, through the end of the fiscal year.  The bill reduces the budget for the IRS by approximately $350 million to $10.9 billion. President Obama has said he will sign the bill.

IRS Releases International Training Documents:  Today, the IRS posted on its website 46 presentations used as job aids and training materials for IRS staff on international tax issues.  The “Practice Units” provide explanations and examples for a wide range of international tax concepts such as Subpart F income, transfer pricing issues, outbound transfers of property, and tax residency status.  The IRS expects to update Practice Units periodically.  

Miscellaneous News:
According to the Senate Democrats’ website, the Senate plans to consider tax extenders on Wednesday or Thursday of this week.