Passthrough Deduction Eyed for Bigger Boost in Future Bill: House Republicans are weighing the possibility of a second major tax package following the recent enactment of their One, Big, Beautiful Bill Act (OBBBA, Public Law...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
TAX TIDBIT -
Progress on Werfel and Blatchford Appointments, Other Nominations Delayed. Following the retirement of former IRS Commissioner Chuck Rettig in early November 2022, the tax-administration agency has been...more
Following two rounds of votes, the House Republican Steering Committee elected Rep. Jason Smith (R-MO) to serve as the chair of the House Ways and Means Committee for the 118th Congress. Smith has served on the committee...more
Legislative Lowdown -
Lawmakers Look to 2023 for Tax Priorities Following Omnibus Passage. On Dec. 29, President Joe Biden signed the nearly $1.7 trillion Consolidated Appropriations Act of 2022 into law, funding the...more
Reconciliation Revival? Ever since Sen. Joe Manchin (D-WV) publicly renounced his support of the House-passed Build Back Better Act (BBBA) in December of last year, the prospects of a reconciliation bill have appeared grim...more
Tax Staffers Discuss State of Tax Policy. At a tax conference last week, top officials from the Biden administration and key congressional staffers discussed the latest in tax policy. One panel, which was focused on the...more
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
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 Tuesday, Sept. 7, House Ways and Means Committee Chair Richard Neal (D-MA) released part of the committee’s portion of the Build Back Better bill—the expected $3.5 trillion budget reconciliation measure to advance the more...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides assistance to small businesses impacted by COVID-19. Congress did not, however, provide a one-size-fits-all solution. Instead, small businesses must...more
4/3/2020
/ Business Opportunities ,
CARES Act ,
Coronavirus/COVID-19 ,
Debt Relief ,
Economic Injury Disaster Loans ,
Employee Benefits ,
Employee Retention ,
Federal Loans ,
Financial Stimulus ,
Liquidity ,
Net Operating Losses ,
Paid Leave ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
Retirement Funds ,
SBA ,
Small Business ,
Tax Credits ,
Tax Deductions ,
Tax Deferral ,
Tax Relief ,
Unemployment Benefits ,
Wage and Hour
IN THIS ISSUE -
Tax Tidbit -
Legislative Lowdown -
- Congress’s Kumbaya Moment
- Biodiesel Tax Credit
- Moore Trouble for Fed Pick
- And the Results Are In
1111 Constitution Avenue...more
4/16/2019
/ Income Taxes ,
IRS ,
Markups ,
Oil & Gas ,
Production Tax Credit ,
Proposed Legislation ,
Qualified Business Income ,
Senate Finance Committee ,
Tax Credits ,
Tax Deductions ,
Tax Reform ,
Ways and Means Committee
IN THIS ISSUE -
Tax Tidbit -
- $43,060,000,000
Legislative Lowdown -
- Extenders: Contenders or Pretenders?
- Better Later Than Never
- Democrats Budge on Budget
...more
MEET THE MEMBERS -
Now that everyone is familiar with the new House Ways and Means Committee members, it’s time to meet the newbies in the upper chamber’s tax writing committee: the Senate Finance Committee. Joining the...more
2/27/2019
/ Charitable Donations ,
Child Care ,
Earned Income Credit ,
GILTI tax ,
Income Taxes ,
IRS ,
Protecting Americans from Tax Hikes (PATH) Act ,
Reporting Requirements ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exempt Entities ,
Ways and Means Committee
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