Treasury Considering Treatment of Foreign Taxes Under Transition Tax
Under the new Tax Act, U.S. shareholders are charged a one-time tax on deferred foreign earnings of their foreign subsidiaries; these earnings and profits are measured as of November 2 if the amount is greater than on December 31. Taxpayers have brought to Treasury’s attention that the use of the November 2 date can result in an overstatement of earnings because foreign taxes...Title: Tax Bill Passes in House
Posted on Dec 20, 2017 in News
House Republicans voted to pass the Senate’s revised version of the Tax Cuts and Jobs Acts today. Read More: House sends sweeping GOP tax bill to Trump’s desk
Tax Bill Passes in Senate Wednesday Morning, House Expected to Vote (Again) Later Today
Posted on Dec 20, 2017 in News
Senate Republicans voted to pass a revised version of the Tax Cuts and Jobs Acts early Wednesday morning. The House voted yesterday in favor of the legislation, however several minor provisions of the bill did not comply with Senate rules and had to be removed. The House is expected to vote on the revised version of the bill sometime today. Read More: Senate passes sweeping GOP tax...
Conference Committee Agreement Released for Tax Cuts & Jobs Act
Posted on Dec 18, 2017 in News
House and Senate Republicans unveiled their collective tax bill with the Conference Report and Agreement early Friday night. The text follows the Senate bill, but resolves differences between the Senate and House bills, and makes modifications and clarifications throughout. Republicans are expected to vote this week. Conference Report and Bill Read more: GOP unveils sweeping tax...
With a Consensus Tax Bill, Christmas May Come Early for Republicans
An agreement between Senate and House Republicans on a tax bill was finalized Wednesday morning. According to lawmakers and reports from aides, Senate and House Republicans have agreed to provisions including the following: • Corporate tax rate will drop from 35% to 21%, to go in effect in 2018. • Individuals will be allowed to deduct up to $10,000 in state and local taxes, split...House-Senate Conference Committee Meeting on Republican Tax Reform Bill Held Today
Posted on Dec 13, 2017 in Uncategorized
The House-Senate Conference Committee met today to discuss the previously passed Senate and House versions of the Tax Cuts and Jobs Act. During this meeting the Chief of Staff of the Joint Committee on Taxation, Thomas Barthold, provided a brief overview of the key differences in the tax bills and answered questions regarding the two bills in question. This is the only such meeting of...
All in a Late Night’s Work: Senate Passes Tax Bill
Posted on Dec 4, 2017 in News, Uncategorized
At approximately 2:00 a.m. on Saturday morning, the Senate passed its tax reform bill with a vote of 51-49. Changes to the bill, including some handwritten into the document, were made leading up to the final vote. The only Republican to vote against the bill was Senator Bob Corker who has continued concerns regarding the estimated $1+ trillion deficit over the next 10 years. Corker...
Senate May Vote on Its Tax Reform Bill as Early as Thursday, but There Are Hurdles to Overcome
At least a half dozen Republican senators have shown concern about the Senate version of the Tax Cuts and Jobs Act, threatening the passage of the bill by the end of this year. The bill, passed out of the Senate Finance Committee on November 17, faces its next major hurdle from the Senate Budget Committee who will meet Tuesday, November 28, to add a revenue-raising measure allowing...White House Officials State Willingness to Sacrifice Health Care Provision for the Tax Reform Greater Good
Posted on Nov 20, 2017 in Insurance Tax, News
The White House Budget Director, Mick Mulvaney, indicated that the Trump Administration is willing to strike the health care provision in the Senate’s proposed tax legislation repealing the requirement that everyone in the U.S. have health insurance or pay a fine. Striking this provision would leave the Senate $338 billion short of their revenue goal and would require Republican...
Senators Corker and Toomey Reach Tentative Budget Resolution Deal
Posted on Sep 20, 2017 in News
Bob Corker and Pat Toomey, GOP members of the Senate Budget Committee, have reached a tentative agreement on a budget resolution that would allow for tax cuts that would significantly increase the deficit as determined using static scoring. While the Senators did not specify the size of the potential deficit increase, Senator Ron Johnson indicated that he would support an amount of at...
GOP Considers Hybrid Approach to Tax Reform
Posted on Aug 14, 2017 in News
Congressional tax committee members and the White House are discussing tax reform that combines permanent revisions to the tax code with temporary rate cuts for individuals and businesses. The proposal is a potential solution for Republicans if the party opts to utilize the reconciliation process, which limits the life of tax cuts adding 10 years to the federal deficit. (The effect of...
White House Amenable to Bipartisan Tax Reform
Posted on Aug 11, 2017 in News
White House officials, unwilling to repeat the Obamacare repeal failure and keenly aware of intraparty dissidence, have been discussing tax reform with House Democrats. Treasury Secretary Steven Mnuchin and chief economic advisor Gary Cohn have been meeting with members of the House’s Blue Dog Coalition and the bipartisan Problem Solvers Caucus to drum up support for reform. While...
Senate Budget Committee Considers Appropriate Baseline Measure
Posted on Aug 8, 2017 in News
Senate Budget Chairman Michael Enzi confirmed that he intends to mark up a fiscal 2018 budget resolution in September. First, however, the Budget Committee will need to agree on how to measure the resolution, using either the current policy baseline or current law baseline. The former method, which reduces projected federal revenue by approximately $460 billion over 10 years, assumes...
Meadows Cites Thanksgiving Deadline for Tax Reform
Posted on Aug 4, 2017 in News
House Freedom Caucus Chairman Mark Meadows, speaking at an Americans for Prosperity event, stated that “if [the tax reform bill] doesn’t get to the president’s desk by Thanksgiving… it isn’t going to happen.” He explained that the timing is imperative in order to retroactively apply tax reform benefits to 2017 and to avoid the legislative slowdown often associated with midterm...
McConnell Confirms Intent to Use Budget Reconciliation to Pass Tax Reform
Posted on Aug 2, 2017 in News
Senate Majority Leader Mitch McConnell, in response to the Senate Democratic Caucus’s August 1st letter urging bipartisan tax reform, stated that the GOP will need to utilize the reconciliation process to avoid a Senate filibuster. He suggested that the demands set forth by Senate Democrats indicated that they did not share Republican priorities regarding tax reform. However,...