House to Vote on Bill to Modify Mobile Phone, Offers-in-Compromise Laws

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

The House is expected to vote today on a $421 million bill (number not available) that would remove cell phones from listed property under tax code Section 280F, thereby eliminating the paperwork required for businesses to claim a deduction. The bill also would amend tax code Section 7122 to repeal the partial payment requirement on submissions of offers-in-compromise, a change that would cost $10 million over 10 years. The cost of the entire bill would be more than entirely offset by two provisions, including language that would increase the penalties for failure to file information returns.