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Passage of the tax deal received a boost as a strong supermajority of both parties in the Senate voted for cloture, meaning it cannot be filibustered. Opposition was thin and divided roughly equally between the parties as 82% of Senate Democrats joined 88% of Senate Republicans in approving the measure.

This count treats as Democrats two independents who align with that party. Weather delays prevented Oregon’s two Democratic senators from returning in time to vote.

Here are key points of the tax deal that was signed into law December 17, 2010. (more…)

Brer Fox finally captured his tormentor, Brer Rabbit. “I’ll tie you up and roast you,” he said.

“Roast me all you want, just don’t make me cut taxes for everybody,” a quivering Brer Rabbit replied.

“There’s nothing here to tie you, so I’m going to drown you.”

“You can drown me, do anything you want as long as you don’t make me cut taxes for everybody!”

“There’s not enough water to drown you, so I’m going to do the thing that will hurt you most.”

So Brer Fox flung Brer Rabbit into the brier patch, but not before making him give a big tax cut to everyone in the land.

As of January 1, 2011, over-the-counter drugs purchased without a prescription will no longer be eligible for reimbursement from health reimbursement accounts and flexible spending accounts (HRAs and FSAs). Insulin purchases are not affected, but as of next year you’ll need a prescription for OTC drugs if you want to use funds in these accounts to pay for them. The IRS has issued guidance explaining this change in the rules. (more…)

The seamy but profitable business of offering refund anticipation loans, or RALs, took a body blow last month when the IRS announced it would no longer provide debt indicators to RAL providers. The news since then has not been good for the RAL industry. (more…)