IRS Requests Public Comment on Mark-to-Market Accounting Rules

Tax Legislative Activity

Uncertainty as to Timing on Extenders

While Senate Democrats have suggested the possibility of taking up tax extenders early this year, Senate Republicans, including Senate Finance Committee Ranking Member Orrin Hatch (R-UT), have indicated that movement on a bill may not occur within such an ambitious timeframe.

The House has not shown signs that it is ready to consider a bill.

Baucus Plans More Tax Reform Drafts

Senate Finance Committee Chairman Max Baucus (D-MT) is expected to release additional tax reform discussion drafts, perhaps this week, with the next draft rumored to focus on infrastructure.

Previously, Chairman Baucus released staff discussion drafts on international tax, tax administration, cost recovery and accounting, and energy tax reform.

Tax Regulatory Activity

IRS Requests Public Comment on Mark-to-Market Accounting Rules

Last week, the Internal Revenue Service requested public comment on proposed and temporary mark-to-market accounting rules for commodities dealers, with the purpose of determining whether exemptions from mark-to-market treatment are properly claimed.