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Tax News & Views

Capitol Hill briefing.

Tax News & Views, published by the Deloitte Tax LLP Tax Policy Group in Washington, DC, provides a compact, reader-friendly perspective on the latest tax developments coming out of Congress affecting businesses and high-wealth individuals.

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Recent editions appear below; for older issues, please email a request to ustaxnews@deloitte.com.

July 3, 2020

Paycheck Protection Program extension clears Congress, heads to White House
Congress approved and President Trump is expected to sign legislation that would extend the availability of loans under the now-expired Paycheck Protection Program through August 8; but as lawmakers prepared to adjourn for a two-week Independence Day recess, the contours of the next round of significant economic recovery legislation remained unclear.

No further extensions of July 15 tax filing and payment deadline, Treasury says
The Treasury Department and Internal Revenue Service announced that the tax filing and payment deadline, which had been extended to July 15 because of disruption caused by the coronavirus pandemic, will not be further postponed; meanwhile, the IRS commissioner and Senate taxwriters discussed challenges the Service has faced in implementing pandemic-related tax relief provisions for businesses and individuals.

House approves infrastructure spending bill, Affordable Care Act enhancements
The House approved along party lines two key Democratic legislative priorities – a massive infrastructure spending and tax incentive package and a separate measure to bolster the Patient Protection and Affordable Care Act of 2010 – but neither bill is expected to advance in the Republican-controlled Senate.

COVID-19 legislative update

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Archive

June 26, 2020
House Democrats release massive infrastructure package with significant tax title

June 19, 2020
US exits multilateral consensus talks on digital services taxes

June 12, 2020
New Paycheck Protection Program guidance addresses concerns about loan forgiveness ‘cliff’

June 5, 2020
Paycheck Protection Program enhancement bill clears Senate, heads to White House

May 29, 2020
House approves Paycheck Protection Program enhancements

May 22, 2020
House to vote on Paycheck Protection Program enhancements

May 15, 2020
Heroes Act clears House, next steps uncertain

May 12, 2020 (Special Edition)
House Democrats release ‘Phase 4’ economic recovery proposal

May 8, 2020
Lawmakers challenge Paycheck Protection Program guidance, Treasury changes course on employee retention tax credit

May 1, 2020
Guidance addresses deductibility of expenses paid for by Paycheck Protection Program loans

April 24, 2020
Supplemental funds for Paycheck Protection Program plus new money for hospitals, coronavirus testing signed into law

April 17, 2020
Stalemate continues over additional funds for Paycheck Protection Program

April 10, 2020
Rival proposals to boost funding for CARES Act’s Paycheck Protection Program blocked in Senate

April 3, 2020
Understanding the CARES Act’s tax provisions – A selected list of key resources

March 27, 2020 (Special Edition) #2
House approves CARES Act stimulus package, president’s signature expected

March 25, 2020 (Special Edition) #2
CARES Act clears Senate

March 25, 2020 (Special Edition)
Senate leaders reach deal on coronavirus economic stimulus proposal; floor vote to follow

March 23, 2020 (Special Edition)
House Democrats unveil coronavirus stimulus proposal as Senate bill stalls again

March 22, 2020 (Special Edition) #2
Coronavirus stimulus bill trips over Senate procedural hurdle

March 22, 2020 (Special Edition)
Senate unveils revised coronavirus economic stimulus proposal

March 20, 2020 (Special Edition)
Senate Republicans unveil ‘Phase III’ coronavirus stimulus proposal with significant business tax relief

March 18, 2020 (Special Edition)
Senate approves coronavirus stimulus package: Next stop – White House

March 17, 2020 (Special Edition)
Revised coronavirus stimulus package clears House, heads to Senate

March 16, 2020 (Special Edition)
House OKs coronavirus economic stimulus bill with business tax credits; more tax relief expected in subsequent package [UPDATED]

March 14 2020
House OKs coronavirus economic stimulus bill with business tax credits; more tax relief in the mix for subsequent package

March 6 2020
No plans – for now – to delay TCJA corporate revenue raisers, Mnuchin says

February 28, 2020
Mnuchin to discuss White House FY 2021 budget blueprint with House taxwriters at March 3 hearing

February 14, 2020
Trump administration unveils fiscal 2021 budget package

February 7, 2020
Praise for TCJA, but little talk of budget, ‘Tax Cuts 2.0’ in Trump’s State of the Union message

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