On May 14, the US House Ways and Means Committee advanced its initial markup version of The One, Big, Beautiful Bill, following 17 hours of a Committee meeting to markup the bill with no changes from the 389-page text that...more
The House Ways and Means Committee advanced key tax reform proposals on September 15 that would increase taxes for corporations and high-income individuals.
Several tax reform proposals are under consideration as part of...more
9/23/2021
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Capital Gains ,
CARES Act ,
Carried Interest ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Foreign Derived Intangible Income (FDII) ,
Foreign Tax Credits ,
GILTI tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
Net Investment Income ,
Qualified Small Business Stock ,
REIT ,
SALT ,
Surcharges ,
Tax Cuts and Jobs Act ,
Tax Increases ,
Tax Reform ,
Ways and Means Committee
The proposals in the Framework echo many of the themes set forth in the Made in America Tax Plan.
Last week, President Biden outlined an infrastructure spending plan (the American Jobs Plan) and a tax reform plan (the...more
On March 31, 2021, President Biden presented an infrastructure spending plan coupled with a tax reform plan that seeks to raise corporate income taxes (the “American Jobs Plan” and the “Made in America Tax Plan”).
The...more
4/2/2021
/ American Rescue Plan Act of 2021 ,
Anti-Corruption ,
Base Erosion and Anti-Abuse Tax (BEAT) ,
Biden Administration ,
Controlled Foreign Corporations ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Environmental Protection Agency (EPA) ,
Foreign Derived Intangible Income (FDII) ,
Fossil Fuel ,
GILTI tax ,
Infrastructure ,
OECD ,
Tax Cuts and Jobs Act ,
Tax Haven ,
Tax Increases
The Internal Revenue Service has expanded its previous relief measures with Notice 2020-23, which automatically extends key tax deadlines for all taxpayers that have a filing or payment deadline on or after April 1, 2020, and...more
4/14/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Filing Deadlines ,
Filing Requirements ,
Income Taxes ,
IRS ,
Relief Measures ,
Statutory Deadlines ,
Tax Relief ,
Tax Returns ,
Time Extensions
The Treasury Department extends the US federal tax filing deadline from April 15 to July 15.
This week’s surge in the number of confirmed COVID-19 cases was accompanied by frequent responses at the federal level directed at...more
3/20/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Taxes ,
Filing Deadlines ,
Filing Requirements ,
Income Taxes ,
IRS ,
Relief Measures ,
Secretary of the Treasury ,
Tax Extensions ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
On Wednesday, the Internal Revenue Service issued Notice 2020-17, providing relief to taxpayers amidst the economic fallout of the COVID-19 virus. Beyond taking a toll on public health, the global pandemic has disrupted...more