GOP Weighs Second Round of Tax Cuts

GOP leaders are spending the recess mulling over whether another round of tax cuts makes sense this year – even if the likelihood of passing such a bill through the Senate is slim. While the omnibus spending bill passed by Congress last week was widely thought to have been the last “must-pass” legislation for the… Read more »

ASAE Comments on Fringe Benefits Guidance

ASAE submitted comments today to the Treasury Department on recently-issued guidance intended to assist employers in understanding changes in the new tax law affecting fringe benefits. The new guidance regarding fringe benefits is applicable to all employers, not just those in the tax-exempt sector. The Tax Cuts and Jobs Act enacted at the end of… Read more »

IRS Sees Funding Increase for Fiscal 2018

The omnibus spending bill released Wednesday night provides the IRS with $11.43 billion, about $196 million more than its funding level for fiscal 2017. Of those funds, $320 million is provided to the IRS specifically for implementing the new tax law enacted last December. The administration had requested nearly $400 million for tax-law implementation, most… Read more »

House Passes $1.3 Trillion Omnibus

The House on Thursday passed a $1.3 trillion omnibus spending bill that funds the federal government through Sept. 30. The Senate will need to pass the bill by midnight Friday to avert a government shutdown. With Democrats and conservative Republicans complaining about the bill, the House barely passed a procedural rule earlier this morning to… Read more »

Jenkins Drafting IRS Restructuring Bill

House Ways and Means Oversight Subcommittee Chairman Lynn Jenkins (R-KS) is planning to release legislation to restructure the IRS sometime in the next two weeks. House Republicans have been intent on improving the IRS’s customer service and, in particular, reforming the current process for resolving taxpayer disputes. According to Bloomberg BNA, Jenkins will circulate a… Read more »