ASAE to Share Fringe Benefits Letter with Treasury

More than 150 organizations have signed on to ASAE’s letter urging the Treasury Department to delay implementation of a provision in the new tax law that taxes transportation and parking benefits provided by many employers. The fringe benefits provision removes a deduction for employer-provided benefits such as transportation, parking and on-premises athletic facilities. In meetings… Read more »

Brady Announces Series of Hearings on Tax Reform

House Ways and Means Committee Chairman Kevin Brady (R-TX) and Tax Policy Subcommittee Chairman Vern Buchanan (R-FL) announced yesterday a series of hearings on how well the new tax law is working. The first hearing in Ways and Means will take place May 16 and will focus on the positive economic developments since the Tax… Read more »

House Passes Bills to Retool the IRS

The House on Wednesday passed bipartisan legislation to modernize the IRS by improving the agency’s customer service and information technology (IT) systems. The House votes came on Tax Day, the same day that the IRS experienced a widespread systems crash that prevented millions of taxpayers from filing last-minute returns. Because its systems were down for… Read more »

House Panel Approves IRS Restructuring Bill

The House Ways and Means Committee yesterday voted unanimously to advance a legislative package to restructure the IRS. The bipartisan package of 12 bills, drafted by Oversight Subcommittee Chairman Lynn Jenkins (R-KS) and ranking member John Lewis (D-GA), includes dozens of prescriptions to “fix” the IRS, including provisions to establish a new independent IRS Office… Read more »

CBO Projects Soaring Federal Deficit

The Congressional Budget Office (CBO) forecasted earlier this week that the federal government’s budget deficit will exceed $1 trillion within two years, a projection that rankles conservatives on Capitol Hill. The nonpartisan CBO estimates that the sweeping tax law enacted at the end of last year will add nearly $1.9 trillion to the deficit over… Read more »