Daily Tax Update - January 13, 2013: Congress Prepares Spending Package and Will Vote on Three-Day Continuing Resolution Extension

CONGRESS PREPARES SPENDING PACKAGE AND WILL VOTE ON THREE-DAY CONTINUING RESOLUTION EXTENSION:  Top House and Senate appropriators are working on a massive $1.012 trillion omnibus spending package to fund the federal government for the remainder of the fiscal year.  The package is expected to be released later today.  The House will vote later this week on a three-day extension of the continuing resolution to avoid another government shutdown, which expires January 15, and the House and Senate will vote on the omnibus appropriations package at a later date.

FINANCE COMMITTEE TO CONSIDER TAX COURT, TREASURY NOMINATIONS:  On January 15, the Senate Finance Committee will convene a hearing to consider several appointments.   L. Paige Marvel and Tamara W. Ashford have been nominated to be judges on the U.S. Tax Court.  The committee will also hold an open executive session during the hearing to vote on the nomination of Sarah Bloom Raskin to be deputy secretary of the Treasury Department.

MISCELLANEOUS GUIDANCE RELEASED:

Revenue Ruling 2014-04 provides information is to be used by insurance companies in computing their reserves.

Notice 2014-09 provides information regarding Recovery Zone Facility Bonds.

TAX BILL INTRODUCED JANUARY 10:

H.R.3843: To amend the Internal Revenue Code of 1986 to exclude from gross income discharges of Federal student loans as a result of veterans' service-connected total disability that is permanent in nature. 
Sponsor: Rep Grayson, Alan [FL-9] (introduced 1/10/2014)      Cosponsors (None)