The Senate on April 5 approved a bill (H.R. 4) to repeal controver- sial expanded information report- ing on Form 1099 for certain business payments and rental property expense payments.

President Obama released the third proposed federal budget of his term, for fiscal year (FY) 2012, on February 14.

2010 was a year in which a still recoveing economy generated a great number of major tax developments impacting taxpayers of all types: individuals, businesses, exempt organizations and more. Many of the developments were triggered by the passage of federal tax legislation; others by IRS rules and regulations; still others by important court cases. Some developments provide taxpayers with much needed relief; others are aimed at helping the government collect needed revenues.

In a highly-anticipated vote, the Senate on December 15, 2010, approved by a 81 to 19 margin, H.R. 4853, the Tax Relief, Unemployment Insurance Re-authorization and Job Creation Act of 2010. H.R. 4853, as amended by the Senate, follows through on the framework agreed to on December 6 by President Obama and GOP leaders in Congress. The Senate bill extends the Bush- era individual and capital gains/dividend tax cuts for all taxpayers for two years.