Tax News & Views

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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.

April 19, 2024

Filing season’s over but Wyden’s still committed to bipartisan tax package
Senate Finance Committee Chairman Ron Wyden indicated that he remains intent on advancing the Tax Relief for American Families and Workers Act—the bipartisan tax legislation he negotiated with House Ways and Means Committee Chairman Jason Smith—even though the measure remains stuck in the Senate and the end of the 2024 tax filing season, which was once considered the unofficial target date for getting the bill to President Biden’s desk, is now in the rearview mirror.

IRS offers limited penalty relief to corporations that do not pay estimated income tax attributable to corporate AMT liability
A new alert from Deloitte Tax LLP discusses Notice 2024-33, which grants limited penalty relief for corporations that do not pay estimated income tax related to a corporate alternative minimum tax liability with respect to the estimated tax installment payments due on or before April 15, 2024, or on or before May 15, 2024 in the case of a fiscal year taxpayer with a taxable year beginning in February 2024.

No surprises as Finance Committee Democrats, Republicans spar over FY 2025 IRS funding proposals
Senate taxwriters were, as expected, divided largely along party lines as they discussed details of the Biden’s administration’s plans to fund the Internal Revenue Service for fiscal year 2025 with IRS Commissioner Daniel Werfel during a recent Finance Committee hearing.

House taxwriters approve provisions narrowing eligibility for clean vehicle credit
The House Ways and Means Committee approved along party lines two bills intended to narrow the scope of new vehicles that qualify for the clean vehicle tax credit enacted in the Inflation Reduction Act.

April 19, 2024

 

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Archive

April 12, 2024
Bipartisan tax package remains stuck in the Senate

March 22, 2024
Wyden presses his case for bipartisan tax package as Finance Committee debates White House FY 2025 budget blueprint

March 15, 2024
Wyden, Crapo still at odds over bipartisan tax package as Finance Committee debates manufacturing tax incentives

March 12, 2024 (Special Edition)
Biden doubles down on corporate, high-wealth tax increases in FY 2025 budget blueprint

March 11, 2024 (Special Edition)
White House releases FY 2025 budget proposal, ‘Green Book’

March 8, 2024
Biden renews calls for corporate, high-wealth tax increases in State of the Union address

March 1, 2024
Bipartisan tax deal still sidelined as Congress punts spending deadlines further into March

February 16, 2024
SALT relief fizzles in the House; bipartisan tax relief bill still stuck in the Senate

February 9, 2024
Bipartisan tax package in limbo in the Senate; SALT relief held up in the House

February 2, 2024
Bipartisan tax bill clears House, but Senate prospects remain uncertain

January 26, 202
4Johnson preps for post-recess House vote on Smith-Wyden tax package

January 19, 2024
Bipartisan tax deal clears Ways and Means; March funding bill emerges as possible legislative vehicle

January 16, 2024 (Special Edition)
Smith-Wyden tax package includes business tax relief, child tax credit enhancements, and more

January 12, 2024
Some progress on tax deal, government funding pact, but challenges remain

December 21, 2023 (Special Edition)
JCT releases Blue Book for tax legislation enacted in the 117th Congress

December 15, 2023
Potential tax accord punted to 2024 as House adjourns for the holiday, Senate poised to follow suit

December 8, 2023
No apparent progress on near-term tax bill as end of legislative session approaches

December 1, 2023
Third-party payment processors and recipients get extra year of relief from stricter information reporting requirements

November 17, 2023
Government shutdown averted as ‘laddered’ stopgap spending measure is signed into law

November 10, 2023
House GOP struggles to find a path on appropriations as shutdown deadline looms

November 3, 2023
Democrats blast House-passed bill that cuts IRS funding to pay for Israel assistance

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