Tax News & Views

March 14, 2025

Long-term ‘continuing resolution’ poised to become law as GOP lawmakers continue hunt for bicameral budget reconciliation plan
The Senate approved by a margin of 54-46 a House-passed continuing resolution (CR) that will keep annual appropriations, with a few key exceptions, flowing roughly at current levels beyond March 14, when the current CR keeping the government’s doors open is set to expire; meanwhile, House and Senate Republicans continued their search for middle ground on the filibuster-proof budget reconciliation process they intend to leverage to move much of the president’s tax and spending agenda.

House taxwriters hold contentious markup on DOGE access to Treasury payment systems
In a contentious debate over the markup of a resolution of inquiry (H.Res. 127) at the House Ways and Means Committee, Democratic taxwriters highlighted their concerns regarding the Department of Government Efficiency’s (DOGE) access to the Treasury’s payment systems, while Republican committee members challenged their arguments and added a few of their own.

Faulkender’s nomination clears Finance Committee, Long meets with senators
In the Senate, Michael Faulkender, President Trump’s choice to serve as the deputy Treasury secretary, cleared the Finance Committee on March 14 when it voted to recommend his confirmation by 14-13; meanwhile, the nominee for the position of IRS Commissioner, former Rep. Billy Long (R-Mo.), has been speaking with congressional lawmakers this past week in advance of a Senate Finance Committee hearing on his nomination, although a hearing has yet to be scheduled.

Digital asset disapproval resolution clears the House, renewed attention on energy tax credits
The House voted 292-132 on March 11 and cleared a resolution of disapproval which, if passed by the Senate and signed by President Trump, would invalidate recently issued final regulations from the Treasury Department and the Internal Revenue Service requiring noncustodial industry participants to report digital asset transactions to the IRS; meanwhile, both Republican and Democratic lawmakers reached out to Speaker Mike Johnson (R-La.) this week with letters urging him not to repeal an assortment of energy tax credits through the budget reconciliation process.

Deloitte Tax LLP reviews final regulations on micro-captive transactions; tariffs; and partnership related-party “basis-shifting” transactions
Deloitte Tax LLP reviews final regulations on micro-captive transactions and a revenue procedure facilitating automatic revocation of section 831(b) elections; new tariffs and new tariff-related actions and investigations; and final regulations under section 6011 on partnership related-party “basis-shifting” transactions.