WNTS in the news

WNTS in the news delivers the news and views from PwC's Washington national tax practice with articles covering the significant tax developments impacting your company in today's ever-changing legislative and regulatory environment.

The economic Impacts of the oil and natural gas industry on the US. Economy: Employment, labor income and value added

The following study, entitled The economic Impacts of the oil and natural gas industry on the US.  Economy: Employment, labor income and value added was prepared by PricewaterhouseCoopers' National Economic and Statistics practice for the American Petroleum Institute. The purpose of this report was to quantify the contribution of the US oil and natural gas industry to the US national and state economies in terms of employment, labor income (including wages and salaries and benefits, as well as proprietors' income), and value added.

Amongst other findings, the study notes that the industry’s total value-added contribution to the national economy was more than $1 trillion, or 7.5% of the US gross domestic product, in 2007, the most recent year for which data was available.

A look at the redesigned Form 990 and new schedule H

The following feature story written by Travis L. Patton, CPA, tax director for the Washington National Tax Service office, appeared in the February 2009 issue of Healthcare Financial Management magazine and addresses the redesigned Form 990 and new schedule H. The Form 990 which was redesigned and released in December 2007 for the first time in nearly 20 years saw the IRS issue final instructions in August 2008. The redesigned form and new schedule H requires that hospitals start complying in the 2008 tax year.

Tax issues relating to trading in carbon emissions rights

The science and environmental policy behind carbon trading have been hotly debated, but to date there has been little attention focused on the corporate tax issues presented by existing environmental trading systems, or by the many exchanges and systems in the planning stages. In the piece, Matthew Haskins, PwC's director of US sustainability and climate change for tax, covers the tax issues relating to trading in carbon emissions rights.

Tax issues relating to trading in carbon emissions rights

This article first appeared in the January 19, 2009 edition of Tax Notes Today.

Tax policy in transition

The Obama presidential administration and Congress are confronted by a weak economy and growing federal budget deficits. In addition, congressional "pay-as-you-go" budget rules require any tax cuts or entitlement spending to be fully offset by tax increases or reductions in other entitlement spending. As a result, there likely will be pressure to consider revenue-raising tax proposals that will impact business and individuals. Lindy Paull a managing partner and Andrew Prior a director in the Washington National Tax Services legislative and regulatory practice of PricewaterhouseCoopers LLP discuss these tax proposals.

Tax policy in transition

This article first appeared in the January 2009 edition of Financial Executive.