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US Tax Reform

Proposed lame duck tax bill goes down to the wire

Thomson Reuters Tax & Accounting  

Thomson Reuters Tax & Accounting  

The White House has indicated that it wishes to avoid a government shutdown and that it will not insist on funding for a border wall as condition to approving any spending bill, making a Congress budget—or at least a continuing resolution (CR)—now more likely.

Speculation continues that the latest revised version of a tax bill (see below) by House Ways and Means Committee Chair Kevin Brady (R-TX) may be attached to any such spending bill, and that the House could possibly vote on a tax bill this Thursday (Dec. 20) or Friday (Dec. 21). But any vote on the tax bill is complicated by the fact that many non-returning GOP members are absent from Congress. Further, if a tax bill was to pass, it would still be unlikely that the Senate would take it up: Senate Majority Leader Mitch McConnell (R-KY) listed the Senate’s priorities for the lame duck session on Monday (12/17), and a tax bill was not mentioned.

The Retirement, Savings, and Other Tax Relief Act of 2018 (12/17/2018) 

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Applicable Federal Rates for December

Rev Rul 2018-30, 2018-49 IRB The Applicable Federal Rates for December 2018 are reproduced below. Table 1 Applicable Federal Rates …