While most of us were enjoying the summer and the holiday weekend, Congress passed, and President Donald Trump signed, major tax legislation commonly called the One Big Beautiful Bill with the acronym, OBBBA. OBBBA covers a...more
Parties going through a divorce often negotiate the child tax credit and dependency exemptions in either support or divorce court. The Child Tax Credit has been modified several times in the past few years and once again may...more
On January 17, 2024, Senate Finance Committee Chairman Ron Wyden (D-Ore.) and House Ways and Means Committee Chairman Jason Smith (R-Mo.) released a bill, the “Tax Relief for American Families and Workers Act of 2024”...more
The dust from the 2022 Midterm Elections has settled and the 118th Congress has begun. Republicans were successfully able to flip control of the House and now have a 222-212 majority with one vacancy to be filled. Democratic...more
Early Friday morning, the U.S. House of Representatives approved President Biden’s sweeping social and climate spending proposal known as the Build Back Better Framework. Key provisions in the approximately $2 trillion bill...more
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more
President Joseph R. Biden signed the American Rescue Plan Act of 2021 on March 11, which provides $1.9 trillion in relief funds across a broad spectrum of categories, including additional support for vaccine distribution,...more
The smell of tax season is in the air. Accountants and tax attorneys alike are sharpening their pencils, replacing the batteries in their calculators, and stocking up on coffee. But something feels different this year. . . ...more
The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more
H.R. 1, better known as The Tax Cuts and Jobs Act of 2017 (the “Act”), passed both the House and Senate earlier this week and was signed by President Trump. Most of the relevant provisions of the Act will be effective for tax...more
House Majority Leader McCarthy informed members on Thursday that they should be ready to vote this evening on a motion to go to conference with the Senate on tax legislation, despite the House not scheduled to be in session....more