On Monday, March 11, President Joe Biden released his budget request to Congress (“Budget”) and various accompanying documents. Separately, the Treasury Department released its General Explanations of the Administration’s...more
House Ways and Means Committee Chairman Jason Smith (R-MO) and committee Republicans released legislation on May 25, 2023, in response to the Pillar Two global minimum tax negotiated by the Organisation for Economic...more
The Treasury Department and the Internal Revenue Service (IRS) released IRS Notice 2023-38 (Notice) on May 12, 2023, providing interim guidance on domestic-content requirements under the Inflation Reduction Act (IRA). The...more
On Thursday, April 6, the Treasury Department and Internal Revenue Service (IRS) issued their long-term Strategic Operating Plan (SOP), outlining how the IRS intends to spend $79.4 billion in funding provided by the Inflation...more
On March 31, 2023, the Treasury Department and Internal Revenue Service (IRS) issued proposed regulations implementing the section 30D clean-vehicle tax credit enacted as part of the Inflation Reduction Act (IRA). The...more
Treasury Department and IRS Release Preliminary Guidance on Semiconductor Tax Credit. On March 23, the Treasury Department and IRS published proposed regulations for implementing the new section 48D advanced manufacturing...more
On Thursday, March 9, President Joe Biden released his $6.9 trillion Budget and various accompanying documents. Separately, the Treasury Department released its Green Book, which provides more detailed descriptions of the tax...more
Debt Limit Negotiations Stall as Treasury Department Begins Extraordinary Measures. On Jan. 19, the U.S. government reached its $31.4 trillion borrowing limit, which was signed into law by President Joe Biden late last year....more
2/10/2023
/ Data-Sharing ,
International Tax Issues ,
IRS ,
Legislative Agendas ,
New Legislation ,
Oil & Gas ,
Proposed Legislation ,
SECURE Act ,
Senate Finance Committee ,
Tax Cuts and Jobs Act ,
U.S. Treasury ,
Ways and Means Committee
The Treasury Department and the Internal Revenue Service (IRS) released initial guidance on Dec. 27, 2022, concerning two corporate tax increases included in the climate and energy reconciliation bill commonly known as the...more
Earlier today, Nov. 3, the IRS issued three new public notices concerning upcoming energy guidance on five of the tax incentives included in the recently passed Inflation Reduction Act (IRA). Each notice includes a brief...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
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
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
The CARES Act, which appropriated approximately $2 trillion to save the American economy, was written in just under a week, reflecting Congress’s bipartisan urgency in mitigating COVID-19’s economic toll on workers and...more
4/2/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Relief Measures ,
SBA ,
Small Business ,
Tax Credits ,
U.S. Treasury
The Treasury Department released a document outlining the key terms of its negotiations on the upcoming third phase of the congressional economic stimulus package. Below are the terms as outlined by the department...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
Tax Tidbit -
Regulators have until June 22 to finalize guidance on the Tax Cuts and Jobs Act (P.L.115-97). The 18-month mark since the legislation was signed into law is quickly approaching. The Treasury Department and...more
5/29/2019
/ Cybersecurity ,
GAO ,
Gig Economy ,
Income Taxes ,
IRS ,
IRS Commissioner ,
Legislative Agendas ,
Regulatory Agenda ,
Retirement Plan ,
Roth IRA ,
Senate Finance Committee ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Trump Administration ,
U.S. Treasury
TAX TIDBIT -
SPOILER ALERT: The following piece contains Game of Thrones and Avengers Endgame spoilers—nothing that you probably would not have guessed on your own. But, we would rather not be responsible for ruining a...more
IN THIS ISSUE -
Tax Tidbit -
- $43,060,000,000
Legislative Lowdown -
- Extenders: Contenders or Pretenders?
- Better Later Than Never
- Democrats Budge on Budget
...more
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
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
On Aug. 8, 2018, the Department of Treasury issued proposed regulations under Section 199A of the Internal Revenue Code (“Code”) regarding the 20-percent deduction for passthrough businesses.
...more