House GOP Conservatives Pan Debt Limit Bill, Threaten to Oust McCarthy
More than a dozen House Republicans say they won’t vote for the latest debt limit bill forged over the weekend …
Extending Trump-Era Tax Cuts Would Worsen Income Inequality, Analyst Says
Costly provisions of the Tax Cuts and Jobs Act of 2017 (PL 115-97) set to expire in 2025 should not …
IRS Provides Guidance on Employee Plans Compliance Resolution System
The IRS has issued a notice providing guidance on the expansion of the Employee Plans Compliance Resolution System (EPCRS). (Notice …
House Bill Seeks to Streamline Tax Extension Requests
Bipartisan proposed legislation would prevent taxpayers from incurring penalties for failing to accurately calculate estimated payments for current-year tax liability …
Tax Court: IRS’ Delinquent Tax Debt Designation to State Not Erroneous
The Tax Court has held that a taxpayer’s tax liabilities constituted a “seriously delinquent tax debt” under Code Sec. 7345, and …
U.S. Chamber Joins Calls for Restoring Depreciation, Amortization Addback
The U.S. Chamber of Commerce has joined trade organizations and companies in supporting proposed legislation that would revert a limitation …
Bipartisan Bill Would Raise 1099-K Reporting Threshold
Newly proposed legislation would partly reverse a provision of COVID-19 relief legislation that lowered the transactions reporting threshold for third-party …
Supreme Court: No Notice Required for Third-Party Collection Summons
The IRS wasn’t required to notify third parties about collection summonses sent to three banks, according to a unanimous opinion issued on …
Wyden Sounds Alarm on Republican IRS Cuts
Senate Democrats are pushing back on Republican plans to claw back the $80 billion allotted to the IRS in the …
McCarthy Says Work Requirements Non-Negotiable as Debt Deadline Looms
President Biden and Houser Speaker Kevin McCarthy, Republican of California met May 16 where they were expected to discuss new …