House Passes Measure Clawing Back Nearly $80 Billion from IRS
The House of Representatives on January 10 approved a measure that would rescind almost all the $80 billion provided by …
Republican Rep. Smith of Missouri to Chair Ways and Means
Representative Jason Smith of Missouri on January 9 beat out fellow Republicans Florida Representative Vern Buchanan and Nebraska Representative Adrian …
Speaker Impasse Halts Congressional Activity, Including IRS Services
The lack of a House Speaker has prevented the chamber from carrying out its normal functions, including constituent services dealing …
Republican House Conservatives Threaten Debt Limit Default to Cut Social Programs
At some point in 2023 Congress will need to address the debt limit and several leading GOP House members are …
Uncertain Tax Positions Reporting Changes Finalized With Revisions
The IRS has revised its draft changes to uncertain tax position (UTP) reporting rules for tax year 2022 after receiving …
2023 Tax Outlook Pt. 2: A critical Year for the IRS
This is the second entry in a two-part series setting the stage for tax developments to monitor this year. Part 1 featured …
Checkpoint Exclusive: Executive Summary of the SECURE 2.0 Act
Racing against a winter storm, holiday travels, and a looming exhaustion of government funds, Congress passed a voluminous omnibus (Consolidated …
IRS Issues Corporate AMT Guidance
The IRS has issued a notice saying that it intends to issue proposed regs (forthcoming proposed regulations) addressing the application of the …
IRS Delays Implementation of $600 1099-K Reporting Requirement
The IRS has announced third-party settlement organizations will not be required to report tax year 2022 transactions on a Form …
Senate Passes Funding Bill with Retirement Package, House to Follow
The Senate passed a $1.7 trillion government funding bill (Consolidated Appropriations Act, 2023 (H.R.2617)) on December 22 in a 68-29 …