President Joe Biden delivered his third State of the Union address on March 7, emphasizing the tax-policy priorities that will continue to take center stage in his ongoing presidential campaign. Similar to last year’s...more
As Congress heads into 2024 and President Biden starts the last year of his term, a host of tax issues remain unaddressed, including a much-anticipated expiring tax provisions package, pending regulatory guidance, the outcome...more
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
2/10/2023
/ Data-Sharing ,
International Tax Issues ,
IRS ,
Legislative Agendas ,
New Legislation ,
Oil & Gas ,
Proposed Legislation ,
SECURE Act ,
Senate Finance Committee ,
Tax Cuts and Jobs Act ,
U.S. Treasury ,
Ways and Means Committee
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
On April 5, Senate Finance Committee Chair Ron Wyden (D-OR), as well as Sens. Sherrod Brown (D-OH) and Mark Warner (D-VA), offered an international tax framework as a starting point to discussions on revamping the current...more
TAX TIDBIT -
New National Taxpayer Advocate. The Internal Revenue Service (IRS) announced that a new National Taxpayer Advocate will likely be in place by April. According to an internal memo sent by IRS Commissioner...more
3/5/2020
/ BEPS ,
Digital Services Tax ,
Employee Benefits ,
Financial Transactions ,
GILTI tax ,
Income Taxes ,
International Tax Issues ,
IRS ,
OECD ,
OIRA ,
Popular ,
Safe Harbors ,
Section 199A ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Trump Administration
Just past midnight on Dec. 17, lawmakers released an amendment to one of two spending bills released on Dec. 16—H.R. 1865—the Further Consolidated Appropriations Act of 2020. Most notably, the amendment included an extension...more
12/18/2019
/ Adjusted Gross Income ,
Affordable Care Act ,
Economic Growth ,
Excise Tax ,
Federal Budget ,
Federal Funding ,
Green Finance ,
Income Taxes ,
Legislative Agendas ,
Natural Disasters ,
Oil & Gas ,
Popular ,
Renewable Energy ,
Retirement Plan ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Extenders ,
Tax Relief
TAX TIDBIT -
Five Takeaways and a Falsehood: Test Your Knowledge of the Ways and Means Tax Markup -
On Thursday, the House Ways and Means Committee marked up and approved the following four bills, largely along...more
7/3/2019
/ Congressional Intent ,
Cybersecurity ,
Double Taxation ,
Federal Budget ,
Income Taxes ,
International Tax Issues ,
IRS ,
Legislative Agendas ,
Opportunity Zones ,
Popular ,
SALT ,
Senate Finance Committee ,
Tax Cuts and Jobs Act ,
Tax Extenders ,
Tax Reform ,
Trump Administration ,
Veterans
Well, they did it. Despite lingering resentment between Democrats and Republicans after the passage of the Tax Cuts and Jobs Act (P.L.115-97), Congress was able to pass tax legislation that was overwhelmingly supported by...more
7/2/2019
/ Appropriations Bill ,
Final Rules ,
Income Taxes ,
IRS ,
Legislative Agendas ,
Opportunity Zones ,
Pending Legislation ,
SALT ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Tax Relief ,
Taxpayer First Act of 2019 (TFA) ,
Trump Administration ,
Ways and Means Committee
In This Issue -
Tax Tidbit -
- IRS by the Numbers
LegislativeLowdown -
- Stayin' Alive
- TCJA: Tax Cuts, Joking Around?
- The Retirement Exchange
- Mnuchin's Special Measures
- Build That...more
6/7/2019
/ Controlled Foreign Corporations ,
Corporate Taxes ,
Foreign Corporations ,
Income Taxes ,
International Tax Issues ,
IRS ,
Multinationals ,
Section 199A ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Reform ,
U.S. Treasury
In This Issue:
- Tax Tidbit
- Legislative Lowdown
- RegWatch
- 1111 Constitution Avenue
- At a Glance
- Brownstein Bookshelf
- Regulation Station
...more
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
5/29/2019
/ Cybersecurity ,
GAO ,
Gig Economy ,
Income Taxes ,
IRS ,
IRS Commissioner ,
Legislative Agendas ,
Regulatory Agenda ,
Retirement Plan ,
Roth IRA ,
Senate Finance Committee ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Trump Administration ,
U.S. Treasury
In This Issue -
- Tax Tidbit
- Legislative Lowdown
- RegWatch
- 1111 Constitution Avenue
- 2020 Vision
- At a Glance
- Brownstein Bookshelf...more
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
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 Tuesday, Feb. 5, President Donald Trump delivered the State of the Union address. The theme was “choosing greatness,” with President Trump discussing a range of topics from immigration and trade to foreign policy and space...more
TAX TIDBIT -
Welcome to the 116th Congress! Congressional members have been sworn in and are back in Washington. The big caveat — the U.S. government remains shut down for the foreseeable future as we hurtle towards tax...more
1/10/2019
/ Appropriations Bill ,
Congressional Committees ,
Corporate Taxes ,
EU ,
Government Shutdown ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Legislative Agendas ,
Revenue & Taxation Code ,
Tax Cuts and Jobs Act ,
Tax Returns ,
Technology
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
On Aug. 23, 2018, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations under Section 170 of the Internal Revenue Code (Code) addressing the federal income tax treatment...more