Daily Tax Update - May 1, 2014: House to Vote on Permanent R&D Tax Credit Bill Next Week

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS MAY 6TH

HOUSE TO VOTE ON PERMANENT R&D TAX CREDIT BILL NEXT WEEK:  The House will vote next week on the American Research and Competitiveness Act of 2014 (H.R. 4438), which would make permanent a simplified version of the research credit.  The bill was part of several tax extenders approved by the Ways and Means Committee earlier this week.

IRS UPDATES FREQUENTLY ASKED QUESTIONS FOR FINANCIAL INSTITUTIONS REGISTERING FOR FATCA:  The IRS updated guidance to its frequently asked questions (FAQ) for financial institutions trying to register to comply with the Foreign Account Tax Compliance Act.

Additional information can be accessed via: http://www.irs.gov/Businesses/Corporations/Frequently-Asked-Questions-FAQs-FATCA--Compliance-Legal.

TAX BILLS INTRODUCED APRIL 30TH:

1.[113rd] H.R.4531 : No Bonuses for Tax Delinquent IRS Employees Act of 2014 Sponsor: Rep Johnson, Sam [TX-3] (introduced 4/30/2014)      Cosponsors (14) Committees: House Ways and Means Latest Major Action: 4/30/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


2. [113rd] H.R.4537 : To amend the Internal Revenue Code of 1986 to exclude from gross income amounts received for personal injuries or sickness resulting from service as a qualified public safety employee. Sponsor: Rep Rangel, Charles B. [NY-13] (introduced 4/30/2014)      Cosponsors (None) Committees: House Ways and Means Latest Major Action: 4/30/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.