As the 2024 general election draws near, one of the central issues capturing the attention of voters and lawmakers alike is the future of tax policy. With the two presidential candidates offering a range of proposals and...more
The Tax Cuts and Jobs Act (TCJA), which became effective on January 1, 2018, made significant changes to tax legislation that impacted individuals, families, business owners and companies. Some changes were intended to be...more
Each week while Congress is in session, our Policy team delivers a key update to highlight a topical benefits, health, or retirement news item from the Hill, such as a newly introduced bill, a summary of a committee hearing,...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 8, 2024 – April 12, 2024. April 8, 2024: The IRS released Internal Revenue Bulletin 2024-15,...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
In November 2023, the Colorado Department of Revenue’s (CDOR) Taxation Division issued guidance containing mandatory language to be included in notices provided to employees regarding available federal and state income tax...more
US tax filing is underway, and as we approach the April 15 deadline we would like to offer additional tax updates and information for US expatriates. The first and most important thing for US expatriates to know about taxes...more
The 2024 election year promises to make taxes front-of-mind for many business and individual taxpayers. Beyond the election, there are other note-worthy developments, along with several highly anticipated tax law cases that...more
As we strive to do annually, here is a summary of the major items of business tax legislation that have been introduced or we expect to be introduced during the 2024 regular session, which began February 6. From a tax and...more
The Cozen Lens- • Amidst a narrowly divided electorate and election of an aging president, the VP may buck history and actually matter on this year’s ballot. • Congress’ effort to pass a bipartisan tax bill this year is a...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
Yesterday, the chairmen of the Senate Finance Committee and the House Ways and Means Committee introduced The Tax Relief for American Families and Workers Act of 2024 (the Act), which proposes changes to the child tax credit,...more
Earlier this year, the Oklahoma Legislature created the Oklahoma Parental Choice Tax Credit Program. It provides a refundable income tax credit beginning with tax year 2024 for Oklahoma taxpayers who incur expenses for a...more
In addition to issuing annual statements showing the total compensation paid and income tax withheld for the preceding calendar year, Colorado employers are now required to notify employees in writing of the availability of...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
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 31, 2022 – November 4, 2022....more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 24, 2022 – October 28, 2022....more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 17, 2022 – October 21, 2022...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 10, 2022 – October 14, 2022...more
Democrats’ Latest Push for an Expanded CTC. With the year-long effort to legislate a comprehensive energy, healthcare and tax bill finally completed, many Democratic lawmakers and members of the administration have fully...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 25, 2022 – July 29, 2022...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 16, 2022 – May 20, 2022... May 16, 2022: The IRS issued an internal memorandum related to a...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 1, 2022 – May 7, 2022... May 2, 2022: The IRS issued a news release as part of National...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 24, 2022 – April 30, 2022... April 25, 2022: The IRS issued a news release, soliciting...more