There are 34 temporary tax provisions scheduled to expire at the end of 2016. These provisions can be categorized as primarily affecting individuals, businesses, or being energy-related. These categorizations follow those used in past “tax extender” legislation. Individuals Four individual tax provisions are scheduled to expire at
Read more →Lawmakers return to Capitol Hill this month to approve the IRS fiscal year (FY) 2018 budget. The IRS, like many federal agencies, is currently operating under a temporary spending bill. Last year, the House Appropriations Committee and the Senate Appropriations Committee proposed to fund the IRS at
Read more →BUSINESSES Corporate Taxes H.R. 1 calls for a 21-percent corporate tax rate beginning in 2018. The new law makes the new rate permanent. The maximum corporate tax rate currently tops out at 35 percent. Although the current 2017 maximum corporate tax rate is 35 percent, many corporations
Read more →The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and signed by President Trump. After a last-minute procedural glitch that required the Senate to vote first on the final bill, the most sweeping change to the U.S. tax code in decades cleared the
Read more →The House Ways and Means Committee on November 9 approved the GOP’s amended Tax Cuts and Jobs Bill (HR 1) by a 24-to-16 party-line vote, thus concluding a four-day markup of the bill. The measure now moves to the House Rules Committee and then the House floor.
Read more →Special Report Senate Republicans released a tax reform plan on November 9, 2017. Like the House GOP bill – the “Tax Cuts and Jobs Act” (HR 1) – the Senate GOP plan would impact virtually every individual and business on a level not seen in over 30
Read more →The House Ways and Means Committee advanced to the full House the proposed Tax Cuts and Jobs Act (HR 1) on November 9, 2017. The committee approved, along party lines, a number of amendments to the original bill. The House is expecting to hold a vote on
Read more →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.
Read more →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,
Read more →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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