This Week in Congress – November 29, 2010
This should be a very busy and interesting week (couple of weeks) in Congress as both sides meet with President Obama tomorrow to hash through concerns including trying to resolve how both parties want to handle the George W. Bush expiring tax cuts of 2001 and 2003....
R&D Tax Credit – Extender Bill Update
The R&D credit expired as of 12/31/2009 and has yet to be extended by Congress although it has received attention as of late, including discussions by the President calling for a permanent R&D credit.
New 90/10 Test for Prior Period Compensation
The IRS has issued a new Tier I Industry Director Directive on Domestic Production Deduction (DPD) #3 Field Directive Relating to Compensation and the Section 199 Deduction.
New Research Credit Case: Trinity Industries
The latest in a series of recent research credit cases, the Northern District of Texas issued an opinion on relating to the research credit for developing certain types of ships by Trinity Marine Group.
New IRS Rules on Disclosure of Uncertain Tax Positions
IRS Commissioner Douglas Shulman announced that for certain corporations and other business taxpayers the IRS will start requiring that taxpayers disclose their uncertain tax positions.
New Research Credit Case: TG Missouri Decision Production Molds Qualified as Supplies
The U.S. Tax Court issued a decision November 12, 2009 that found TG Missouri (“TG”), an automotive parts manufacturer, properly included in research expenses, supply expenses related to production molds produced by a third party, in possession of TG, but sold to customers.
New Research Credit Case: Union Carbine Decision
The U.S. Tax Court issued a memorandum decision March 10 that found two of the five Union Carbide projects for which the company sought additional research credits under Section 41 of the Internal Revenue Code constituted qualified research.
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