Ways and Means to Vote on Tax 2.0 Package

The House Ways and Means Committee is expected to pass its “Tax 2.0” package that would make permanent already-passed tax changes for individuals and small businesses and make it easier for families to save for retirement. Ways and Means Committee Chairman Kevin Brady (R-TX) said the three bills that make up “Tax 2.0” collectively build… Read more »

Ryan Planning Tax 2.0 Vote This Month

House GOP leaders are still planning a vote on a second round of tax cuts this month, despite the potential conflict for House Republicans running close races in high-tax blue states this fall. The “Tax 2.0” package would make permanent all the individual tax changes in last year’s Tax Cuts and Jobs Act, including a… Read more »

House Republicans Rethinking Tax 2.0 Bill

House Republicans are still intent on passing a second round of tax cuts before the November elections, but controversy over how to address the tax law’s $10,000 cap on state and local tax deductions is giving GOP tax-writers pause in drafting a package. The SALT cap, which under the Tax Cuts and Jobs Act is… Read more »

Industry Groups Urge Treasury to Fix Retail Glitch

A broad coalition of associations and companies sent a letter Aug. 22 urging the Treasury Department to resolve errors in last year’s tax law affecting the retail and restaurant industries. As the massive tax law was being drafted last year, lawmakers mistakenly denied businesses making interior renovations immediate full expensing. While the intent was to… Read more »

IRS Guidance Impacts Treatment of Parking Expenses

The IRS on Aug. 21 issued interim guidance on the provision in the new tax law that requires separate computation of unrelated business income tax (UBIT) for tax-exempt organizations with more than one unrelated trade or business. ASAE and the UBIT Coalition have been asking for guidance from Treasury for months on this provision, along… Read more »