Comprehensive tax reform in 2017 is a known, bipartisan priority among congressional tax writers, but the details of what that package will look like remain uncertain. Specifically, House Republicans and the Trump administration have different ideas of what the corporate tax rate should be. Moreover, House Republicans are not yet in agreement with one another […]

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The Tax Court has ruled that cash-method taxpayers are allowed to make an election under Code Sec. 468 to currently deduct estimated reclamation, closure and post-closure costs with respect to mining and solid waste disposal property before they are paid. Contrary, to the IRS’s position, the election is not limited to accrual-basis taxpayers. The text […]

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Senate Republicans will be unveiling the text of their revised Patient Protection and Affordable Care Act (ACA) (P.L. P.L. 111-148) repeal and replace bill on July 13, Senate Majority Leader Mitch McConnell, R-Ky., told reporters in a July 11 press briefing. A score from the Congressional Budget Office (CBO) is expected early next week, he […]

The post Revised Senate GOP ACA Repeal, Replace Bill Expected Thursday; Senate August Recess Delayed appeared first on Tax & Accounting Blog.

Treasury Secretary Steven Mnuchin has reiterated the Trump administration’s goal of achieving comprehensive tax reform in 2017. “We’re absolutely committed to getting tax reform done this year,” he said in a July 9 televised interview. According to Mnuchin, the White House anticipates the release of its updated tax reform proposal by early September, with an […]

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Senate Republicans may unveil a revised draft of the Better Care Reconciliation Act of 2017 (TAXDAY, 2017/06/23, C.1) by the end of the week, leading to a possible floor vote as early as the week of July 17, according to several reports. In response to a request for confirmation on whether a new bill will […]

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Congress continued its Independence Day recess. The IRS posted a memorandum on the centralized partnership audit regime and cautioned tax professionals to be on guard for phishing and other scams. Congress House. A pending fiscal year (FY) 2018 funding bill for the IRS would limit enforcement of the health care law’s individual mandate (TAXDAY, 2017/07/06, […]

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