Tax News & Views

July 26, 2024

No apparent signs of life for Smith-Wyden tax bill as Senate lurches toward August recess
The Senate wrapped up another week without holding a floor vote on bipartisan tax legislation crafted by House Ways and Means Committee Chairman Jason Smith and Senate Finance Committee Chairman Ron Wyden that would, among other things, provide temporary tax relief to businesses and short-term enhancements to the child tax credit—and with lawmakers set to adjourn in just a matter of days for an extended summer recess, and with appropriations work expected to dominate the agenda once the legislative session resumes in September, prospects that the chamber will vote on the long-stalled bill before the November elections appear to be dwindling.

House departs DC for summer recess, leaving FY 2025 appropriations in limbo
The House cut its July work period short by one week and announced it would adjourn until September 9 after it became clear that the chamber’s efforts to advance fiscal year 2025 appropriations bills—including the one funding the Treasury Department and the IRS—had run aground due to internal GOP divisions and staunch Democratic opposition; meanwhile, Senate appropriators indicated that they would take up the measure providing IRS funding on August 1, and a group of Senate taxwriters issued a letter requesting a significant cut to US discretionary funding for the OECD to express their disapproval of that organization’s role in advancing a global overhaul of corporate tax rules.

Senate confirms one Tax Court judge, Finance Committee advances three more nominees
The Tax Court came closer to having a full bench as the Senate confirmed one new judge to a 15-year term and queued up a floor vote on a second nominee, while the Finance Committee sent another three nominees to the chamber for consideration.

Treasury and IRS release final rules on the calculation of gain or loss on digital assets
A new alert from Deloitte Tax LLP looks at final regulations addressing the calculation of gain or loss in digital asset transactions under sections 1001 and 1012.

Menendez to resign from Senate, creating Democratic Finance Committee vacancy
Democratic Senate Finance Committee member Robert Menendez of New Jersey announced that he will resign from Congress on August 20 in the wake of his recent conviction on federal bribery and corruption charges.

Finance Committee to hold hearing on economic development tax incentives
The Senate Finance Committee announced that it will hold a hearing on July 30 at 10:00 a.m. to discuss “tax tools for local economic development.”