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U.S. Treasury Internal Revenue Service Legislative Agendas

Jenner & Block

Client Alert: “Trump Accounts” – Tax-Advantaged Savings Accounts for Children

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On Friday, July 4, President Trump signed into law the One Big Beautiful Bill Act (H.R. 1) (“Big Beautiful Bill”) after narrow approval from both houses of Congress. The legislation extends the Tax Cuts and Jobs Act and...more

Fenwick & West LLP

Treatment of Capitalized R&D Costs under Section 174 on a Disposition of IP: The Other Shoe to Drop

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One of the more significant issues that taxpayers and tax practitioners have faced in recent months is the Tax Cuts and Jobs Act’s (TCJA) amendment to Section 174, requiring capitalization of previously deductible R&D and...more

Brownstein Hyatt Farber Schreck

Summary and Analysis: White House FY2024 Budget Request Tax Proposals

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

Brownstein Hyatt Farber Schreck

Taxation & Representation, Feb. 7, 2023

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

Morrison & Foerster LLP

Proposed “Inflation Reduction Act” Could Significantly Curtail Carried Interest Tax Benefits

On July 27, 2022, Senate Majority Leader Chuck Schumer and Senator Joe Manchin announced their agreement on proposed legislation (the “Inflation Reduction Act of 2022” or “Act”) that is expected to be considered by the Senate...more

Paul Hastings LLP

Proposed Legislation Threatens to Upend Carried Interest Rules

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As widely reported, on July 27, 2022 Democratic Majority Leader Senator Chuck Schumer and Senator Joe Manchin (D-W.Va) agreed to a reconciliation bill package titled the Inflation Reduction Act of 2022. The bill contains...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, January 11, 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

Holland & Knight LLP

The Green Book and Green Energy

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Since the beginning of his presidential campaign, President Joe Biden has made clear his vision to drive the United States toward world leadership in green energy. With tax policy long an important tool in the toolbox for...more

Eversheds Sutherland (US) LLP

State of play: A May methods update 

At last week’s ABA May Tax Meeting, government attorneys from both the Internal Revenue Service National Office Income Tax & Accounting division (IT&A) and the Department of the Treasury provided updates to taxpayers and...more

Hogan Lovells

Coronavirus: The Hill and the Headlines – COVID-19 D.C. Update – June 2020 # 18

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In Washington: The Treasury Department, working with the Internal Revenue Service (IRS), mistakenly delivered more than a million stimulus payments worth about $1.4 billion to deceased people, according to a report...more

McDermott Will & Schulte

Weekly IRS Roundup September 2 – 6, 2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 2 – 6, 2019. September 3, 2019: The IRS issued a notice in which it released the...more

Brownstein Hyatt Farber Schreck

Taxation & Representation - May 2019 #2

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

Brownstein Hyatt Farber Schreck

Taxation & Representation - April 2019 #2

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

McGuireWoods LLP

Tax Policy Update

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As in the 9 percent "amusement tax" that the city of Chicago recently extended to online streaming services like Netflix and Amazon Prime, triggering a series of lawsuits alleging that the newly expanded tax was illegally...more

McGuireWoods LLP

Tax Policy Update

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The top estate tax rate under Democratic presidential candidate Bernie Sanders’ proposal to tax the wealthiest Americans and narrow income inequality in the U.S. The proposal splits the estate tax into four brackets...more

K&L Gates LLP

2014: Turbulent Waters Ahead in Tax Policy

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Although the prospect for comprehensive tax reform this year is dimming, debate on tax policy issues will continue to be prominent on Capitol Hill. Between election year dynamics, changes in committee leadership, the tax...more

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