Replacing Reed? Rep. Tom Reed (R-NY), a member of the House Ways and Means Committee, resigned from Congress last week. As of this writing, Republicans have not indicated when—or whether—they will fill the vacancy left by...more
Congressional Tax Staffers Outline Agenda. Several senior staffers on the House Ways and Means Committee and the Senate Finance Committee—Andrew Grossman, Courtney Connell, Derek Theurer and Tiffany Smith—participated in a...more
LEGISLATIVE LOWDOWN -
Bipartisan Innovation Act: More Tax Talk. The conference committee to reconcile the House-passed America Creating Opportunities for Manufacturing, Pre-Eminence in Technology and Economic Strength Act...more
5/5/2022
/ Bipartisan Agreement ,
Corporate Taxes ,
Federal Trade Commission (FTC) ,
Income Taxes ,
IRS ,
Legislative Agendas ,
Pending Legislation ,
Proposed Legislation ,
Senate Committees ,
Tax Reform ,
Ways and Means Committee
SCOTUS Denies New York v. Yellen. The U.S. Supreme Court announced on Tax Day it would not hear a constitutional challenge to the $10,000 deduction limit on state and local taxes (SALT) enacted under the Tax Cuts and Jobs Act...more
Brownstein Budget Breakdown. The Brownstein Tax Policy team has gone through the thousands of pages and countless spending tables to compile a summary and analysis of the Biden administration’s fiscal year 2023 budget...more
The House and Senate will meet Monday at 2 p.m. and 3 p.m., respectively....more
The House and Senate reconvened on Monday at noon and 3 p.m., respectively.
What to Watch -
President Biden delivered his first State of the Union address last Tuesday, during which he outlined the contours of a slimmed...more
TAX TIDBIT -
Race to Replace Brady: New Challenger. Rep. Jason Smith (R-MO) is the latest Republican seeking to replace the retiring House Ways and Means Committee ranking member and former chair, Kevin Brady (R-TX), as...more
On Tuesday, Feb. 8, the House Ways and Means Subcommittee on Oversight held a hearing on the challenges facing taxpayers, tax professionals and the Internal Revenue Service (IRS) during the current tax filing season. National...more
Legislative Lowdown -
Build Back Better Reboot. Rep. Richard Neal (D-MA), the House Ways and Means Committee chair, and Sen. Ron Wyden (D-OR), chair of Senate Finance Committee, are cautiously optimistic negotiations over...more
Tax Tidbit -
Budget Reconciliation: By the Numbers. Since 1980, Congress has passed 26 budget reconciliation bills, 22 of which have become law. During 11 of those 41 years, Congress did not pass any budget reconciliation...more
2/2/2022
/ Biden Administration ,
Budget Reconciliation ,
Business Taxes ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Budget ,
Income Taxes ,
Infrastructure ,
IRS ,
Legislative Agendas ,
Proposed Legislation ,
Tax Reform ,
U.S. Treasury
Senate Finance Committee Democrats Update Build Back Better. On Saturday afternoon, Senate Finance Committee Chair Ron Wyden (D-OR) released legislative text for the committee’s portion of the Build Back Better Act. The text...more
On Nov. 3, the House Rules Committee released updated text for the Build Back Better Act, the budget reconciliation bill, which contains President Joe Biden’s human infrastructure and green energy priorities. This latest...more
On Monday, Sept. 13, House Ways and Means Committee Chair Richard Neal (D-MA) introduced the final portion of the committee’s budget reconciliation recommendations. This alert provides a comprehensive summary and analysis of...more
Democrats have promised a revamp of the current international tax system to ensure that large multinational corporations pay their “fair share,” stop offshoring jobs, and are incentivized to invest in domestic growth. The...more
On April 7, 2021, the Treasury Department released a report, the Made in America Tax Plan, which describes the proposed changes to corporate and international law that President Biden outlined in his infrastructure package,...more
On April 5, Senate Finance Committee Chair Ron Wyden (D-OR), as well as Sens. Sherrod Brown (D-OH) and Mark Warner (D-VA), offered an international tax framework as a starting point to discussions on revamping the current...more
The Organization for Economic Cooperation and Development (OECD) released a draft proposal today detailing how countries should approach the taxation of multinational companies in an increasingly digitalized global economy....more
In This Issue -
Tax Tidbit -
- IRS by the Numbers
LegislativeLowdown -
- Stayin' Alive
- TCJA: Tax Cuts, Joking Around?
- The Retirement Exchange
- Mnuchin's Special Measures
- Build That...more
6/7/2019
/ Controlled Foreign Corporations ,
Corporate Taxes ,
Foreign Corporations ,
Income Taxes ,
International Tax Issues ,
IRS ,
Multinationals ,
Section 199A ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Reform ,
U.S. Treasury
In This Issue:
- Tax Tidbit
- Legislative Lowdown
- RegWatch
- 1111 Constitution Avenue
- At a Glance
- Brownstein Bookshelf
- Regulation Station
...more
In This Issue -
- Tax Tidbit
- Legislative Lowdown
- RegWatch
- 1111 Constitution Avenue
- 2020 Vision
- At a Glance
- Brownstein Bookshelf...more
TAX TIDBIT -
Welcome to the 116th Congress! Congressional members have been sworn in and are back in Washington. The big caveat — the U.S. government remains shut down for the foreseeable future as we hurtle towards tax...more
1/10/2019
/ Appropriations Bill ,
Congressional Committees ,
Corporate Taxes ,
EU ,
Government Shutdown ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Legislative Agendas ,
Revenue & Taxation Code ,
Tax Cuts and Jobs Act ,
Tax Returns ,
Technology
On Nov. 26, 2018, the Department of the Treasury and the Internal Revenue Service issued proposed regulations under Section 163(j) of the Internal Revenue Code regarding the limitation on the deduction for business interest...more
TAX TIDBIT -
With the midterm elections just weeks away, both parties have been hitting the campaign trail hard, strutting their stuff to win over voters.
...more
10/2/2018
/ Congressional Committees ,
Congressional Investigations & Hearings ,
Corporate Taxes ,
Federal Budget ,
GAO ,
General Elections ,
GILTI tax ,
Income Taxes ,
IRS ,
LIHTC ,
Pending Legislation ,
Safe Harbors ,
SALT ,
Tax Reform
On Aug. 23, 2018, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations under Section 170 of the Internal Revenue Code (Code) addressing the federal income tax treatment...more