Tax News & Views

December 20, 2024

Conservative Republicans align behind two-bill, border-first reconciliation strategy
As congressional Republicans contemplate how they will advance their legislative agenda in 2025, some conservative lawmakers urged current and incoming GOP leaders to invoke fast-track budget reconciliation rules to move a border-focused legislative package early next year and address soon-to-expire tax provisions in the Tax Cuts and Jobs Act of 2017 in a separate reconciliation measure later in the year; meanwhile the House Ways and Means Committee finalizes membership rosters for the 119th Congress.

Government shut down possible as funding deal proves elusive
Efforts by House Republicans to reach an agreement on a short-term spending deal that would keep the government’s doors open after the current continuing resolution funding government operations expires at midnight on December 20 were upended after GOP lawmakers, at the behest of President-elect Donald Trump, abandoned a bipartisan stopgap proposal that would have funded federal departments and agencies into next March and included a host of new spending provisions.

IRS Chief Counsel Rollinson to retire
Marjorie Rollinson, the 49th IRS Chief Counsel and first woman to permanently hold the post, announced her intention to retire early next year at a George Washington University tax conference panel on December 13.

IRS modifies procedural guidance for section 174 method changes
An alert from Deloitte Tax LLP discusses recent IRS guidance which modifies the automatic consent procedures for accounting method changes for section 174 specified research or experimental expenditures.