House Ways and Means Releases Partial Tax Bill Text
On Friday, May 9, the Ways and Means Committee shared partial text for the tax portion of a reconciliation bill …
Small Business Reps Divided on Trump Tax Cuts
As House taxwriters prepare for a possible markup of major tax legislation, ‘Main Street’ business owners and organization affiliates shared differing …
Tax Policy Groups Seek Withdrawal of Partnership Basis Shifting Guidance
The IRS should withdraw guidance issued last year providing that certain partnership transactions between related parties lack economic substance when …
Bessent Discusses Vision for IRS, Tax Reform with Lawmakers
House appropriators questioned Treasury Secretary Scott Bessent about shifting priorities for the IRS under the Trump administration and ongoing tax …
House Bill Would Expand Protection from State Income Taxation Under P.L. 86-272, Invalidating State Interpretations
Last Wednesday, the House Judiciary Committee advanced a version of the federal reconciliation bill that would arguably enact the most significant Congressional …
TIGTA Breaks Down IRS Workforce Reduction as More Cuts Loom
The Treasury Inspector General for Tax Administration (TIGTA) reviewed details of workforce reduction efforts taken by the IRS thus far, …
Korb Tapped Again for IRS Chief Counsel
Sullivan & Cromwell attorney Donald Korb — who served as chief IRS legal advisor under President George W. Bush — …
Big 4 Firms Talk Tax Bill Timeline 100 Days Into Trump’s Term
Tax professionals from Big Four firms discussed when to expect movement on upcoming major tax legislation and what businesses can …
IRS Appeals Chief Shares Game Plan Given Staffing Cuts
Despite staffing losses and a hiring freeze, IRS Independent Office of Appeals Chief Liz Askey is “cautiously optimistic” that her …
Treasury Hopes to Offset Tax Cut Costs With Tariff Revenue
Treasury Secretary Scott Bessent expressed optimism on President Trump’s 100th day in office about the progress of negotiations with congressional …