House to Vote on Estate Tax This Week. Take Action Now.
House leadership has announced plans to vote this week, possibly as early as Wednesday on legislation (H.R.4154) sponsored by Rep. Earl Pomeroy (D-ND) to permanently extend the 2009 $3.5 million exemption and 45% tax rate on estates passed onto the next generation. Read more.
IRS Issues New Guidance on NOL Expansion
The IRS has issued new guidance on the expansion of the Net Operating Loss Carryback provision enacted lat month by Congress. The expansion allows taxpayers to elect a 3, 4, or 5-year net operating loss (NOL) carryback instead of a normally 2-year carryback. Read more.
NLBMDA Joins Institute for Legal Reform to Oppose Lawsuit Changes
This Thursday, Dec. 3, the Senate Judiciary Committee will consider legislation by Sen. Arlen Specter (D-PA) that would change pleading rules and potentially overwhelm federal courts with frivolous lawsuits. Read more.
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