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Window on Washington - This Week in the Nation's Capital - Vol. 1, Issue 26

by Clark Hill PLC on

House Finishes Work on Its Annual Appropriations Bills, For Now: The House narrowly passed a $1.2 trillion package of spending bills to fund the government for Fiscal Year 2018 by a vote of 211-198. Amendments offered to the...more

IRS Budget Cuts Continue to Worsen

by Garvey Schubert Barer on

As I have reported in my previous blog posts, the IRS continues to get hit with severe budget cuts. The result is not pretty: (i) tax collections are on the decline; (ii) the Tax Gap is growing; (iii) taxpayer non-compliance...more

2016 Year-End Estate Planning Advisory

by Katten Muchin Rosenman LLP on

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

Provisions Affecting Charities in Proposed Budget

The Administration’s proposed budget for Fiscal Year 2017 features several proposals that would impact charitable organizations and their donors, including proposals to streamline the private foundation excise tax on net...more

Congress Overhauls the Partnership Tax Audit Rules

by Morrison & Foerster LLP on

On November 2, 2015, President Obama signed the Bipartisan Budget Act of 2015 (the “Bill”), which repeals the TEFRA Unified Audit Procedures and replaces them with a radically modified “corporate” model for partnership tax...more

President Obama Signs Bipartisan Budget Act of 2015

On November 2, 2015, President Obama signed into law the "Bipartisan Budget Act of 2015" (P.L. 114-74). Among other things, the act eliminates the TEFRA unified partnership rules and the electing large partnership rules, and...more

Partnership-Level Tax Under New Audit Rules

by Proskauer Rose LLP on

The Bipartisan Budget Act of 2015, signed into law on November 2, 2015, has significantly changed the partnership tax audit rules, effective for tax years beginning after December 31, 2017. Under the current partnership...more

Sweeping Change to Partnership Tax Audit Procedures

by Stinson Leonard Street on

A major change to partnership audits was signed into place by President Barack Obama on November 2nd following the passage of the Bipartisan Budget Act of 2015 by Congress on October 30th. Previously, partnerships with more...more

Bipartisan Budget Act of 2015 Changes Audit Rules for Private Equity and Hedge Funds

by Locke Lord LLP on

On November 2, 2015, the United States Congress enacted the Bipartisan Budget Act of 2015 (the Act) to fund the federal government. Among other provisions, the Act significantly modifies how the Internal Revenue Service (IRS)...more

New Legislation Makes Sweeping Changes Impacting All Partnerships

by Morgan Lewis on

All partnerships will be audited at the entity level unless they have 100 or fewer partners AND no partnerships as direct partners. The two-year budget plan passed by Congress on October 30, 2015, and expected to be...more

Washington Healthcare Update

by McGuireWoods LLP on

On Oct. 8, the House Republican caucus did not select a candidate for Speaker of the House and selection has been delayed. The current Speaker, John Boehner (R-OH), had announced that he would step down and retire from...more

Strong Commentary From Washington Regarding IRS Budget Cuts

by Garvey Schubert Barer on

As reported in previous blog posts (January 17, 2014, January 21, 2014, and January 20, 2015), federal budget setbacks continue to severely impact the Internal Revenue Service (“IRS”) and its ability to carry out its lofty...more

Tax Policy Update

by McGuireWoods LLP on

The number of working days (in theory) that Congress has left to negotiate and pass a continuing resolution (CR) that would keep the government from shutting down on Oct. 1. Here’s hoping that the Pope’s visit to the Capitol...more

Tax Policy Update

by McGuireWoods LLP on

NUMBER OF THE WEEK: 10 - The total number of legislative working days in September. Lawmakers returned from the August recess yesterday facing a daunting to-do list, including incendiary debates over foreign policy,...more

Tax Policy Update

by McGuireWoods LLP on

NUMBER OF THE WEEK: $23 Billion. The total revenue generated by the additional Medicare tax and the net investment income tax used to pay for the Affordable Care Act. The total exceeds the Joint Committee on Taxation’s 2010...more

Obama Budget Proposal Would Provide Relief for Certain Accidental Dual Citizens

by Hodgson Russ LLP on

A provision contained in the Treasury’s green book explaining President Obama’s 2016 budget proposals may provide U.S. tax and reporting relief for certain dual citizens. An individual can become a U.S. citizen at birth...more

Budget Woes Continue to Hit IRS

Earlier this week, IRS Commissioner Koskinen delivered a speech that discussed the challenges that the IRS continues to face as a result of budget reductions. IRS staffing is already down 13,000 full time employees since...more

Locke Lord QuickStudy: February 2015 Update on Federal Budget Sequestration Affecting Build America Bonds and Other Direct Pay...

by Locke Lord LLP on

As we have noted in previous client advisories, under current law, direct pay bond subsidy payments are subject to federal budgetary sequestration through fiscal year 2024. On February 2, 2015, the Office of Management and...more

Happy Holidays – There is a Budget Deal, Now Look Out

by Sanford Millar on

The just passed budget deal known as Consolidated and Further Continuing Appropriations Act, 2015 contains a reduction in funding for the IRS. The Bill provides a reduction in total IRS funding of $346 million less than last...more

2014: Turbulent Waters Ahead in Tax Policy

by K&L Gates LLP on

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

IRS Pressures Build: Budgetary Constraints, the Aging IRS Workforce and Changes in IRS Focus

On April 10, 2013, President Obama released his proposed Fiscal Year 2014 Budget of the U.S. Government. The budget calls for an increase in funding for the Internal Revenue Service (“IRS”), which has faced budget cuts in...more

Health Care Reform Update -- April 15, 2013

In This Issue: Leading the News; Implementation of the Affordable Care Act (ACA); Other HHS and Federal Regulatory Initiatives; Other Congressional and State Initiatives; Other Health Care News; and Hearings and...more

Gift and Estate Tax Changes in the American Taxpayer Relief Act of 2012

On January 1, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (the “2012 Act”) that was passed by Congress during the past 72 hours, bringing closure to the main tax aspects of the so-called...more

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