Tax News & Views

September 22, 2023

House GOP budget writers leave room for ‘pro-growth’ tax cuts in FY 2024 budget resolution
As the House and Senate continued their struggle to lock in a spending agreement for fiscal year 2024, which begins in just nine days, House Budget Committee Republicans approved a budget resolution for the coming fiscal year that appears to call for extending the temporary tax relief provisions enacted in the Trump-era Tax Cuts and Jobs Act of 2017 while also dismantling certain key provisions in President Biden’s Inflation Reduction Act.

Deloitte Tax looks at new interim guidance on mandatory capitalization and amortization of research expenditures
A new alert from Deloitte Tax LLP discusses recent interim guidance from the Treasury Department and the IRS on the requirement enacted in the Tax Cuts and Jobs Act to capitalize and amortize specified research and experimental expenditures under section 174.

Deloitte Tax looks at additional interim guidance on corporate AMT
A new alert from Deloitte Tax LLP addresses key provisions in recent interim guidance from the Treasury Department and the IRS that is intended to help corporations determine whether they are subject to the new corporate alternative minimum tax enacted in last year’s Inflation Reduction Act and how to compute the tax.

Bipartisan Ways and Means contingent blasts Canada’s plan to reinstate digital services tax
Echoing a position already taken by the Biden administration, 23 Republicans and 18 Democrats from the House Ways and Means Committee sent a letter to Treasury Secretary Janet Yellen, US Trade Representative Katherine Tai, and Karen Enstrom, the US’s interim representative to the OECD, decrying Canada’s plan to begin collecting its digital services tax in 2024 as other countries extend a moratorium on their own levies.