Tax News & Views

September 27, 2024

Harris, Trump highlight plans for domestic production tax incentives
In rival campaign events, Vice President Kamala Harris and former President Donald Trump touted their respective proposals for tax incentives that are intended to, among other things, spur domestic production and position the US as the global manufacturing leader in the twenty-first century.

Deloitte Tax examines CAMT proposed regulations
A new alert from Deloitte Tax LLP provides a detailed discussion of recently issued proposed regulations on the corporate alternative minimum tax that was enacted in the Inflation Reduction Act of 2022.

Short-term stopgap spending bill becomes law
The House and Senate approved and President Biden signed a “clean” continuing resolution that funds the federal government at current levels through December 20, thus averting a partial shutdown of government operations when fiscal year 2024 draws to a close at midnight on September 30.

Three more Tax Court nominees heads to the bench
The Senate voted to confirm Rose Jenkins, Jeffrey Arbeit, and Benjamin Guider III to 15-year terms as judges on the US Tax Court, leaving just one remaining vacancy on the 19-member bench.

Wyden renews call for partnership tax reform
Senate Finance Committee Chairman Ron Wyden renewed his longstanding call for an overhaul of the tax rules for partnerships as Congress contemplates possible changes to the Internal Revenue Code next year in light of the scheduled expiration of significant portions of the Tax Cuts and Jobs Act of 2017.

Senate Finance subcommittee calls for simplification of remote sales tax collection rules
The Senate Finance Subcommittee on Fiscal Responsibility and Economic Growth highlighted the challenges remote sellers face in complying with varied state sales tax rules since the Supreme Court’s 2018 decision in <i>South Dakota v. Wayfair</i>, which held that states could require remote sellers with no physical nexus to collect and remit sales taxes on in-state transactions—and, as they have done for a number of years, they called for simplification of the system.