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 »

Senate Finance to Hold Hearing on IRS Challenges

The Senate Finance Committee will hold a hearing April 12 on how the IRS plans to address future challenges and prepare for the 2018 filing season. “The hearing will focus on making certain the agency is well staffed and has the technology it needs to serve taxpayers, reduce fraud and keep taxpayer information secure,” said… Read more »

House Hearing to Focus on Internet Fast Lanes

The House Energy and Commerce Committee will hold a hearing on April 17 on the issue of internet fast lanes, which had been banned before the repeal of net neutrality rules last December. The Obama-era net neutrality rules were put in place to force internet providers like Verizon and Comcast to treat all web traffic… Read more »

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 »