Tax News & Views

September 13, 2024

Limited—and familiar—tax talk as Harris, Trump meet for presidential debate
Vice President Kamala Harris and former President Donald Trump engaged in some brief exchanges on tax policy and advanced largely familiar arguments during their first and only scheduled debate of the 2024 presidential election cycle; but the more substantive news came in the days before the two met in Philadelphia on September 10, as both candidates revealed new details about their respective tax agendas.

Treasury and IRS release proposed corporate alternative AMT regs, additional penalty relief guidance
Treasury and the IRS released proposed regulations which provide guidance on the application of the corporate alternative minimum tax (CAMT), and a notice that extends waiver of penalty relief for any underpayment of estimated tax attributable to a corporation’s CAMT liability with respect to a taxable year that begins after December 31, 2023, and before January 1, 2025.

House approves measure narrowing eligibility for clean vehicle credit
The House passed by a largely party-line vote a Republican-sponsored bill intended to narrow the scope of new vehicles that qualify for the clean vehicle tax credit enacted in the Inflation Reduction Act; the Ways and Means Committee approved several GOP-sponsored bills that address 1099 reporting by third-party settlement organizations, the tax treatment of certain charitable donations, and other assorted tax issues; and leaders announced changes to the Democratic roster on Ways and Means following the recent death of long-time taxwriter Bill Pascrell of New Jersey.

Wyden plugs mark-to-market tax regime, knocks 199A deduction during hearing on the 2025 tax cliff
Senate Finance Committee Chairman Ron Wyden called on Congress to adopt an annual mark-to-market regime for high-income households and also criticized the design of the section 199A deduction for certain passthrough business income as taxwriters convened for a hearing on “the 2025 tax policy debate and tax-avoidance strategies.”

Proposed regs address dual consolidated loss rules, new rules for disregarded payment losses, and check-the-box rules
An alert from Deloitte Tax LLP looks at recently proposed dual consolidated loss (DCL) regulations that include intercompany transaction rules, revisions to the current DCL regulations, rules describing the interaction of the DCL rules and the GloBE Model Rules, new rules on disregarded payments that give rise to foreign tax deductions, and a new anti-abuse rule.