CCH can assist you with stories, including interviews with CCH subject experts. Also, the 2006
CCH Whole Ball of Tax is available in print. Please contact:
 
Leslie Bonacum
(847) 267-7153
mediahelp@cch.com
 
Neil Allen
(847) 267-2179
neil.allen@wolterskluwer.com

Link to special CCH Tax Briefings on key topics from 2005:
 

• Federal Tax Reform Panel Issues Proposals to “Fix America’s Tax System”
  
  
• Katrina Emergency Tax Relief Act of 2005
  
  
• Streamlined Sales Tax Agreement Takes Effect
  
  
• Energy Tax Incentives Act of 2005
  
  
• New Circular 230 Rules of Practice
  
  
• Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
  
  
• Gulf Opportunity Zone Act of 2005
  

The Tax Year That Was: 2005 Tax Law Changes Bring Disaster Relief, Energy Incentives

Bankruptcy Law, State Tax Agreement also Part of the Tax Picture

(RIVERWOODS, ILL., January 2006) – Although a broad-based overhaul of the tax code remained elusive in 2005, despite efforts in Congress and President Bush’s Advisory Panel on Federal Tax Reform, the year was still marked by significant tax law changes affecting businesses and consumers for the 2005 tax year and beyond, according to CCH, a Wolters Kluwer business and a leading provider of tax and accounting law information, software and services (tax.cchgroup.com).

Among the most significant was Congressional passage of a $14.5-plus billion energy bill to encourage domestic energy production and conservation. This was followed six weeks later by a $6 billion tax relief bill geared toward hurricane victims, and yet another bill passed at year-end to expand hurricane relief as well as correct some glitches from 2004 tax legislation.

Meanwhile, the most sweeping overhaul of the Bankruptcy Code since its enactment in 1978 also was passed in 2005, redefining the use of Chapter 7 and Chapter 11 bankruptcy filings. And, on the state level, after more than five years of effort, the Streamlined Sales and Use Tax Agreement came into effect last fall bringing consistent tax revenue collection on Internet sales one step closer.

For more detail on the 2005 tax law changes, access CCH’s Tax Briefings (included at the end of the 2006 Whole Ball of Tax press package as well as online at http://tax.cchgroup.com/Tax-Briefings). The 2006 Whole Ball of Tax also includes specific releases on topics related to:

• The Katrina Emergency Tax Relief Act of 2005 (Release #8);
• The Energy Tax Incentives Act of 2005 (Release #6);
• The Bankruptcy Abuse, Prevention and Consumer Protection Act of 2005 (Release #3);
• The Streamlined Sales and Use Tax Agreement (Release #5); and
• The Gulf Opportunity Zone Act of 2005 (Release #8)

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (tax.cchgroup.com) is a leading provider of tax, audit and accounting information, software and services. It has served tax, accounting and business professionals and their clients since 1913. Among its market-leading products are The ProSystem fx® Office, CCH® Tax Research Network™, Accounting Research Manager™ and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.

Wolters Kluwer is a leading multinational publisher and information services company. Wolters Kluwer has annual revenues (2004) of €3.3 billion, employs approximately 18,400 people worldwide and maintains operations across Europe, North America and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands (www.wolterskluwer.com). Its depositary receipts of shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

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EDITOR’S NOTE: Copies of CCH’s authoritative resources on these tax law changes are available to members of the press on a complimentary basis. Please contact Leslie Bonacum at 847-267-7153 or mediahelp@cch.com or Neil Allen at 847-267-2179 or neil.allen@wolterskluwer.com for copies.