Tax News & Views

March 28, 2025

GOP leaders eye vote on compromise budget plan that would punt hard choices on tax, spending cuts
Republican leaders in the House and Senate this week indicated they hope to move a compromise budget resolution over the next two weeks that would effectively allow the two chambers to go their own separate ways on reconciliation legislation with the goal of merging their disparate visions for a filibuster-proof tax-and-spending bill at a later stage in the process.

President Trump orders Treasury to use electronic processing to issue tax refunds, taxpayer data sharing is focus at IRS
President Trump issued an executive order this week that aims to modernize the Treasury Department’s payment processing systems, while members of Congress have raised concerns about the IRS’ possible sharing of taxpayer information with other government agencies.

Senate approves no. 2 post at Treasury, clears digital asset disapproval resolution
The Trump administration added another member of its tax and fiscal policy team this week as the Senate confirmed Michael Faulkender as deputy Treasury secretary on March 26; meanwhile. the Senate approved a House-passed disapproval resolution (H.J. Res. 25) that will invalidate recently issued final regulations from the Treasury Department and the IRS requiring noncustodial industry participants to report digital asset transactions to the IRS.

Final “tech-neutral” credit regulations – clean electricity production credit & clean electricity investment credit
Deloitte Tax LLP provides an analysis of the final regulations on sections 45Y and 48E (together – “tech-neutral” credits) in a new tax alert.