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,
Read more →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
Read more →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
Read more →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),
Read more →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
Read more →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
Read more →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
Read more →House Ways and Means Committee Democrats on February 8 sent a letter to colleagues urging against a GOP lawmaker’s effort to undo controversial Code Sec. 385 debt-equity regulations. The letter, authored by Ways and Means ranking member Richard E. Neal, D-Mass., and Tax Policy Subcommittee ranking member
Read more →National Taxpayer Advocate (NTA) Nina E. Olson on January 10 released the NTA 2016 Annual Report to Congress. In the report, Olson recommended that the IRS revamp its “Future State” plan in order to adopt a taxpayer-centric focus and urged Congress to emphasize simplification when it considers
Read more →House Speaker Paul Ryan, R-Wis., said on January 10 that repeal and replacement of the Patient Protection and Affordable Care Act (ACA) will be concurrent. At the same time, some Democratic lawmakers questioned what will be included in any ACA replacement. “We will use every tool at
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