News & Analysis as of October 12, 2024

Federal Budget

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Fiscal Year 2025 Greenbook Provisions Chart

Brownstein Hyatt Farber Schreck on 3/25/2024

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

The White House Releases FY 2025 Budget Tax Priorities

Brownstein Hyatt Farber Schreck on 3/12/2024

Earlier today, the White House released its fiscal year (FY) 2025 budget request to Congress. Overall, it proposes $7.3 trillion in total spending, including a proposed $895 billion for defense and approximately $621 billion...more

Sale of Mortgaged Property – Amount Realized or COD Income

Rivkin Radler LLP on 8/17/2023

Do you feel as challenged as I do when someone asks you to explain the term “Bidenomics”? I know that it is predicated upon the imposition of higher taxes on businesses and their owners, which have not yet materialized....more

Supreme Court Upholds IRS Collections Summons Without Notice

Rivkin Radler LLP on 5/24/2023

The Supremes- The Constitution has figured prominently in the news of late. In the days preceding the initial discussions among members of the Administration and the Congressional leadership regarding the debt ceiling,...more

Taxation & Representation, March 21, 2023

Brownstein Hyatt Farber Schreck on 4/3/2023

Senators Renew Efforts to Reverse R&D Tax Modification. Last Friday, a bipartisan coalition of 12 senators introduced the American Innovation and Jobs Act to increase incentives for businesses that invest in domestic research...more

Biden’s FY2024 Budget: Key Real Estate Tax Proposals

Goulston & Storrs PC on 3/22/2023

On March 9, 2023, President Biden released his FY2024 budget (the “FY2024 Budget”), and the U.S. Treasury released the so-called “Green Book," which provides details related to the revenue provisions in the FY2024 Budget....more

Taxation & Representation, September 13, 2022

Brownstein Hyatt Farber Schreck on 10/24/2022

LEGISLATIVE LOWDOWN - Recess Recap: What happened over the last month in the world of tax? Congress Considers Options to Delay Impending Shutdown. With Congress unable to reach a consensus on appropriations bills for...more

BG Tax Alert - Take Two: Biden’s Budget Proposes Tax Hikes

Bailey & Glasser, LLP on 5/11/2022

On March 28, 2022, President Biden announced his 2023 federal budget (Budget), which is often referred to as the President’s Green Book. While much of the Budget harkens back to the “Build Back Better Framework” (Framework),...more

The IRS, the President's Fiscal Year 2023 Budget, and the 2022 Filing Season

Brownstein Hyatt Farber Schreck on 4/11/2022

On Thursday, April 7, the Senate Finance Committee held a hearing entitled, “The IRS, the President's Fiscal Year 2023 Budget, and the 2022 Filing Season,” during which Internal Revenue Service (IRS) Commissioner Charles...more

White House Releases FY 2023 Budget Request

Brownstein Hyatt Farber Schreck on 3/29/2022

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

Taxation & Representation, January 11, 2022

Brownstein Hyatt Farber Schreck on 2/2/2022

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

The 2022 Federal Budget, Including Tax Changes – Are We There Yet?

Rivkin Radler LLP on 11/1/2021

It Seemed Like a Good Idea- In July of this year, one of my partners, who chairs the board of a local grantmaking public charity, asked if I would present at a CLE program to be sponsored by the charity on October 28 (last...more

2021 “Green Book” Introduces Comprehensive Financial Account Reporting

Foodman CPAs & Advisors on 7/9/2021

The “Green Book” is a US Treasury Department document that presents detailed explanations of an Administration’s revenue proposals in support of a President’s annual budget request. On May 28, 2021, the Biden administration...more

Biden’s 2022 Revenue Proposal, Profits Interests, And The Alchemy Of Compensation

Rivkin Radler LLP on 6/7/2021

Recap- Last week, we considered several of the revenue proposals included in the Biden Administration’s 2022 Budget that are probably of interest – or should we say, “of concern”? – to the owners of closely held...more

Taxation & Representation - June 2019 #3

Brownstein Hyatt Farber Schreck on 7/3/2019

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

Taxation & Representation - March 2019 #3

Brownstein Hyatt Farber Schreck on 3/20/2019

IN THIS ISSUE - Tax Tidbit - - $43,060,000,000 Legislative Lowdown - - Extenders: Contenders or Pretenders? - Better Later Than Never - Democrats Budge on Budget ...more

Taxation & Representation - September 24, 2018

Brownstein Hyatt Farber Schreck on 10/2/2018

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

Window on Washington - Vol. 2, Issue 7

Clark Hill PLC on 2/20/2018

Outlook for This Week in the Nation's Capital - FY18 Appropriations Wrap-up. House Appropriators are trying to finish drafting the FY18 Omnibus Appropriations bill by March 14 in order to give Congress enough time to pass...more

2016 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/22/2016

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

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