The House and Senate will reconvene Tuesday at 2:00 p.m. and Monday at 3:00 p.m., respectively....more
The White House released its fiscal year (FY) 2023 budget request on Monday. Overall, it proposes $5.8 trillion in total spending, including a proposed $813 billion for defense and about $769 billion in non-defense...more
CPC Recommends Executive Action. Congressional legislative action generally slows during election years, particularly as November draws closer. With primary season heating up, some Democrats are anticipating fewer and fewer...more
COVID Relief Package in Flux. Tax provisions were not the only items missing from the omnibus last week. Congress had to remove COVID-19 relief funding from the $1.5 trillion “omnibus” appropriations package that passed both...more
Congress unveiled the Consolidated Appropriations Act, 2022 on Wednesday, March 9, 2022. The roughly $1.5 trillion “omnibus” would entirely fund the federal government through Sept. 30, 2022, and provide economic,...more
Legislative Lowdown -
BBBA Comeback? President Biden’s first State of the Union address appears to have reignited discussions around a revised version of the Build Back Better Act (BBBA), though the president did not...more
TAX TIDBIT -
State of the Union Look Ahead. President Joe Biden will make his first State of the Union address tonight before a joint session of Congress. As of this writing, the speech has not been made available to the...more
On Thursday, Feb. 17, the Senate Finance Committee held a hearing entitled “Spotlighting IRS Customer Service Challenges.” The witnesses included National Taxpayer Advocate Erin Collins with the Internal Revenue Service...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
Tax Tidbit -
Bipartisan Infrastructure Bill Becomes Law. On Monday, President Joe Biden signed into law the Infrastructure Investment and Jobs Act, which contains $1.2 trillion in funding for traditional infrastructure...more
The House and Senate will reconvene Monday at 6:30 p.m. and 3 p.m., respectively -
What to Watch -
Last week, congressional Democrats released 1,684 pages of legislative text mirroring portions of the budget...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
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
On March 1, the Internal Revenue Service (IRS) issued Notice 2021-20, which provides updated guidance on the Employee Retention Tax Credit (ERTC) as it applies before Jan. 1, 2021. The ERTC was first enacted on March 27,...more
This weekly newsletter outlines the latest developments in Washington, including major tax, small business and financial services developments in the negotiations on Phase Four legislation and regulatory guidance from various...more
The July 27, 2020, Senate draft of the Health, Economic Assistance, Liability Protection and Schools (“HEALS”) Act provides a tax credit for employers who incur certain expenses in response to COVID-19. Referred to as the...more
Welcome back to Infrastructure Week! This weekly newsletter outlines the latest developments in Washington, including major tax, small business and financial services developments in the negotiations on Phase Four legislation...more
The Internal Revenue Service (IRS) recently provided guidance, in the form of frequently asked questions (FAQs) related to the refundable payroll tax credits for the paid family and sick leave required to be provided by...more
TAX TIDBIT -
New National Taxpayer Advocate. The Internal Revenue Service (IRS) announced that a new National Taxpayer Advocate will likely be in place by April. According to an internal memo sent by IRS Commissioner...more
3/5/2020
/ BEPS ,
Digital Services Tax ,
Employee Benefits ,
Financial Transactions ,
GILTI tax ,
Income Taxes ,
International Tax Issues ,
IRS ,
OECD ,
OIRA ,
Popular ,
Safe Harbors ,
Section 199A ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Trump Administration
TAX TIDBIT -
Five Takeaways and a Falsehood: Test Your Knowledge of the Ways and Means Tax Markup -
On Thursday, the House Ways and Means Committee marked up and approved the following four bills, largely along...more
7/3/2019
/ Congressional Intent ,
Cybersecurity ,
Double Taxation ,
Federal Budget ,
Income Taxes ,
International Tax Issues ,
IRS ,
Legislative Agendas ,
Opportunity Zones ,
Popular ,
SALT ,
Senate Finance Committee ,
Tax Cuts and Jobs Act ,
Tax Extenders ,
Tax Reform ,
Trump Administration ,
Veterans
Well, they did it. Despite lingering resentment between Democrats and Republicans after the passage of the Tax Cuts and Jobs Act (P.L.115-97), Congress was able to pass tax legislation that was overwhelmingly supported by...more
7/2/2019
/ Appropriations Bill ,
Final Rules ,
Income Taxes ,
IRS ,
Legislative Agendas ,
Opportunity Zones ,
Pending Legislation ,
SALT ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Tax Relief ,
Taxpayer First Act of 2019 (TFA) ,
Trump Administration ,
Ways and Means Committee
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