Daily Tax Update - December 17, 2014: Senate Passes Tax Extenders Bill

Senate Passes Tax Extenders Bill:  Last night, the Senate passed H.R. 5771, which would retroactively extend through the end of 2014 expired tax incentives for individuals, businesses, and tax-exempt entities.  The House passed the bill in early December, and President Obama is expected to sign it.

EU Commission Extends Inquiry on Tax Rulings Practice:  The European Commission announced it is expanding the inquiry on tax ruling practice under EU rules.  The Commission will ask states to provide information about their tax ruling practice, to confirm whether they provide rulings, and to request a list of all companies that received a tax ruling from 2010 to 2013. 

Government Accountability Office Report on Exempt Organizations:  The GAO released a report finding that the IRS does not have the resources to effectively oversee charitable organizations.  The GAO recommends that the IRS develop compliance goals and additional performance measures, and clearly communicate with state charity regulators regarding how they can use IRS information related to examinations of organizations.  Additionally, the GAO recommends that Congress expand the mandate for organizations to electronically file their Form 990s.