Archive for the Tax Legislation Category

Trump/GOP Leaders Unveil Tax Reform Framework

President Trump and Republican leaders in Congress unveiled a framework for tax reform on September 27. The nine-page framework broadly describes tax proposals ranging from lower rates for individuals and businesses to repeal of certain tax preferences, but it leaves actual legislative language to congressional taxwriting committees.…

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Small Business Owners’ Tax Simplification Act of 2017 (HR 3717)

IN THE HOUSE OF REPRESENTATIVES September 8, 2017 Mr. Chabot (for himself and Ms. Velázquez) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to simplify income tax compliance for small businesses,…

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House Lawmakers Examine Small Business Tax Reform

The momentum on Capitol Hill for comprehensive tax reform remains strong as House and Senate lawmakers continue to put forth and debate reform ideas. The House Small Business Committee held an October 4 hearing examining, in particular, tax reform for small businesses. During the hearing, lawmakers and…

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Tax Relief for Victims of Hurricane Harvey in Texas

The IRS announced that affected taxpayers in Texas will receive tax relief with extended upcoming filing deadlines for extended tax returns and estimated tax payments, and penalties associated with payroll deposits. Individuals who reside or have a business in Aransas, Bee, Brazoria, Calhoun, Chambers, Fort Bend, Galveston,…

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District Court Nixes Constitutional Challenge To Income Tax Return And FBAR Filing Requirements

A federal district court has rejected a taxpayer’s argument that statutes and regs requiring U.K. citizens with U.S. permanent resident status to file income tax returns and Reports of Foreign Bank and Financial Accounts (FBARs), when read with the U.S.-U.K tax treaty, are so ambiguous that they…

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House Lawmakers Introduce Bipartisan Dependent Care Tax Relief Bill

Taxwriters on the House Ways and Means Committee have introduced a bipartisan bill that would increase the maximum amount of pre-tax dollars employees can set aside for dependent care. The Working Families Relief Bill (HR 2618) was introduced by Rep. Mike Kelly, R-Pa., and House Democratic Caucus…

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Top House and Senate Chief Tax Counsel Discuss Road to Tax Reform

While House and Senate counterparts continue their efforts toward tax reform, a number of discrepancies must be reconciled before a unified plan emerges. What makes an already complicated process more difficult is the lack of agreement among the taxwriters, according to Eric Solomon, Ernst & Young (EY),…

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“Stars Have Aligned” for Tax Reform in 2017, Way and Means Chief Tax Counsel Says

Congressional taxwriting committees’ senior staff and the Joint Committee on Taxation’s (JCT) chief of staff provided a legislative update at the Federal Bar Association’s (FBA) 41st annual tax conference in Washington, D.C. on March 3. The congressional staff previewed their inside perspectives on tax reform and Patient…

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House Republicans Unveil ACA Repeal, Replacement Bill; Markup Scheduled This Week

House Republicans on the evening of March 6 unveiled their much anticipated Patient Protection and Affordable Care Act (ACA) repeal and replacement legislation. A markup of The American Health Care Act is scheduled in the Ways and Means Committee for Wednesday, March 8. “It is going to…

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Ways and Means Chairman Touts GOP Tax Reform Blueprint at International Tax Law Conference

House Ways and Means Committee Chairman Kevin Brady, R-Tex., touted the House GOP “Better Way” tax reform Blueprint on February 3 at the International Tax Policy Forum (ITPF) and Georgetown Law’s Institute of International Economic Law (IIEL) Conference on tax competition in Washington, D.C. Brady delivered the…

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