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Income Taxes › Internal Revenue Service › Proposed Legislation

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Cadwalader, Wickersham & Taft LLP

Give Unto Caesar – Crypto?

Cadwalader, Wickersham & Taft LLP on

On June 25, 2024, Congressman Matt Gaetz (R-FL) introduced H.R. 8822 (the “Bill”), which would add Section 6316A to the Code, allowing individuals to pay their federal income tax using Bitcoin. According to Gaetz, “enabling...more

McDermott Will & Emery

Weekly IRS Roundup October 30 – November 3, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 30, 2023 – November 3, 2023. ...more

McDermott Will & Emery

Weekly IRS Roundup September 11 – September 15, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 11, 2023 – September 15, 2023...more

Brownstein Hyatt Farber Schreck

Summary of Danny Werfel Nomination Hearing

Brownstein Hyatt Farber Schreck on

On Wednesday, Feb. 15, the Senate Committee on Finance held a hearing to consider the nomination of Daniel Werfel to be commissioner of the Internal Revenue Service (IRS). Werfel testified before the committee on the agency’s...more

McDermott Will & Emery

Weekly IRS Roundup January 30 – February 3, 2023

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 30, 2023 – February 3, 2023...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, Dec. 6, 2022

Brownstein Hyatt Farber Schreck on

Legislative Lowdown - Last-Minute Attempt to Revive Permitting Legislation. According to sources familiar with the matter, several moderate lawmakers from both parties are pushing to include energy-permitting reform...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, Sept. 27, 2022

Brownstein Hyatt Farber Schreck on

LEGISLATIVE LOWDOWN - Congress Advances Towards CR as Deadline Approaches. Yesterday, Senate Democrats proposed legislation to fund the federal government through Dec. 16 with the use of a continuing resolution (CR). The...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, September 20, 2022

Brownstein Hyatt Farber Schreck on

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

Cadwalader, Wickersham & Taft LLP

Mini-Me Crypto Tax Legislation

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Bipartisan crypto legislation was introduced by Senators Pat Toomey (R-PA) and Kyrsten Sinema (D-AZ) on July 26, 2022. If enacted, the Virtual Currency Tax Fairness Act would exclude from gross income gain on certain de...more

Dechert LLP

Another Stab at Carried Interests Under the Inflation Reduction Act of 2022

Dechert LLP on

On July 27, 2022, Senator Joe Manchin III (D-W.Va.) and Majority Leader Charles E. Schumer (D-N.Y.) introduced legislation entitled the “Inflation Reduction Act of 2022” (the “Reconciliation Bill”). The Reconciliation Bill is...more

Seward & Kissel LLP

July 2022 U.S. Federal Income Tax Updates

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This Memorandum highlights several important U.S. federal income tax developments in the summer of 2022, including: (i) the Supreme Court agreeing to hear an FBAR penalty case, (ii) the Internal Revenue Service (“IRS”)...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, June 22, 2022

Brownstein Hyatt Farber Schreck on

Build Back Better Outlook. Congressional Democrats are still hoping they can pass some version of the Build Back Better Act (BBBA), the budget reconciliation vehicle to advance some of President Joe Biden’s legislative...more

Brownstein Hyatt Farber Schreck

Tax & Financial Services Week Ahead, June 6 2022

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The House and the Senate reconvene Tuesday at 2 p.m. and Monday at 3 a.m., respectively....more

Proskauer - Tax Talks

The Biden Administration Re-Proposes to Tax Carried Interests as Ordinary Income

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On March 28, 2022, the Biden Administration proposed to tax “profits” or “carried” interests as ordinary income and impose self-employment tax on income and gains from these interests for certain partners in investment...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, May 3, 2022

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LEGISLATIVE LOWDOWN - Bipartisan Innovation Act: More Tax Talk. The conference committee to reconcile the House-passed America Creating Opportunities for Manufacturing, Pre-Eminence in Technology and Economic Strength Act...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, March 8, 2022

Brownstein Hyatt Farber Schreck on

Legislative Lowdown - BBBA Comeback? President Biden’s first State of the Union address appears to have reignited discussions around a revised version of the Build Back Better Act (BBBA), though the president did not...more

Proskauer - Blockchain and the Law

Congress and the IRS Make Moves to Improve Taxpayer Compliance for Cryptocurrency Transactions

Proskauer - Blockchain and the Law on

IRS Commissioner Charles Rettig, testifying before Congress in April 2021, estimated the gap between taxes owed and taxes collected in the United States to be close to $1 trillion....more

Brownstein Hyatt Farber Schreck

House Ways and Means Subcommittee on Oversight: “Challenges Facing Taxpayers”

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On Tuesday, Feb. 8, the House Ways and Means Subcommittee on Oversight held a hearing on the challenges facing taxpayers, tax professionals and the Internal Revenue Service (IRS) during the current tax filing season. National...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, January 11, 2022

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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

Cadwalader, Wickersham & Taft LLP

Wyden’s Billionaires Tax

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On October 27, 2021, Senate Finance Committee Chair Ron Wyden (D-Ore.) released draft legislation that would, if enacted, tax the roughly 700 wealthiest Americans on a modified mark-to-market basis by requiring them to pay...more

McDermott Will & Emery

[Webinar] Tax in the City® - November 2nd, 11:30 am - 1:00 pm PDT

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Recent tax proposals may bring significant changes to the US federal, international and state and local tax landscape. Join us for our first nationwide Tax in the City® program for a discussion on the key proposed changes...more

Foster Garvey PC

The Calm Before the Storm – The Anticipation of the Current Administration’s Federal Tax Legislation Is Creating Anxiety Among...

Foster Garvey PC on

As many readers have noticed, I have been silent for the past few months. That is partly due to exhaustion from reporting on the flurry of tax events that have occurred since the COVID-19 pandemic commenced in 2020 and also...more

Bowditch & Dewey

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

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In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

Bowditch & Dewey

Impact of House Ways and Means Tax Proposal on Domestic Businesses

Bowditch & Dewey on

On September 13, 2021, the Congressional House Ways and Means Committee introduced 880 plus pages of legislative tax proposals to help fund the House’s proposed $3.5 trillion stimulus package. Below are tax proposals relevant...more

Holland & Knight LLP

Large Corporations and Wealthy Taxpayers Beware: The Taxman is Coming

Holland & Knight LLP on

Internal Revenue Service (IRS) Commissioner Chuck Rettig on April 13, 2021, told a U.S. Senate panel that the tax gap in the U.S. may total $1 trillion per year. In his view, the increase from prior estimates is due, in part,...more

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