Daily Tax Update - July 17, 2013: IRS Cancels July 22 Furlough Day

IRS Cancels July 22 Furlough Day:  IRS Principal Deputy Commissioner Daniel Werfel announced that the IRS has cancelled July 22 as a furlough day because of cost cutting measures within the agency.  Werfel said, “The IRS will be open for taxpayers that day as scheduled, and all employees will be paid for that day.  This step follows a lot of hard work across the Service to cut costs.  I realize that this announcement comes on very short notice.  Therefore, unscheduled leave will be permitted that day, and I am emphasizing to all managers that if their employees want to take leave on July 22, they should be allowed to do so.”

The IRS may still furlough employees and be closed to the public on August 30.

Tax Bills Introduced July 16:
1. [113rd] S.1298 : A bill to amend the Internal Revenue Code of 1986 to adjust the limits on expensing of certain depreciable business assets.
Sponsor: Sen Begich, Mark [AK] (introduced 7/16/2013)      Cosponsors (None) 
Committees: Senate Finance 
Latest Major Action: 7/16/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.


2. [113rd] S.1302 : A bill to amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to provide for cooperative and small employer charity pension plans.
Sponsor: Sen Harkin, Tom [IA] (introduced 7/16/2013)      Cosponsors (4) 
Committees: Senate Health, Education, Labor, and Pensions 
Latest Major Action: 7/16/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.