White House Still Planning New Tax Cut Plan

White House National Economic Council Director Larry Kudlow said that President Trump will unveil a new “tax cuts 2.0” proposal this summer as he campaigns for reelection. Kudlow did not provide specifics about the plan but said the goal will be to “help middle-class economic growth.” The White House has met with Rep. Kevin Brady… Read more »

IRS Asked to Issue Guidance on UBIT Refunds

Ways and Means Democrats this week called on the Internal Revenue Service (IRS) to issue guidance for tax-exempt organizations on how they can claim refunds for taxes paid on parking and transportation benefits they provide to employees. The 2017 tax law required associations and other nonprofit groups to pay a 21% unrelated business income tax… Read more »

House Passes Repeal of Nonprofit Employee Benefits Tax

The House passed a year-end bipartisan spending and tax package Dec. 17 that includes a provision to repeal the 21% unrelated business income tax (UBIT) on transportation fringe benefits levied on nonprofit organizations. The Senate will vote on the bill this week and President Trump is expected to sign it to avert a partial government… Read more »

U.S. Still Assessing Global Tax Plan

U.S. corporations and government officials are still assessing the implications of a “unified approach” to taxing the digital economy proposed by the Organization for Economic Cooperation and Development. The OECD is trying to get more than 130 countries to agree to a plan next year that is focused on allocating more corporate profits to countries… Read more »

Hope Fading for End-Of-Year Tax Deal

Congressional tax-writers are skeptical that a broad year-end tax bill will come together in the waning days of this session. Congressional tax-writers had hoped for a year-end agreement to fix errors in the 2017 tax law and address expiring or expired tax breaks but have been unable to agree on a package. Ways and Means… Read more »