Grassley Pessimistic on Tax Extenders

Senate Finance Committee Chairman Charles Grassley (R-IA) told reporters last week that momentum has stalled to extend a series of expired or soon-to-expire tax breaks for biodiesel production and other industries. “Whether it’s the biodiesel credit or any one of the other extenders – 27 today and five more are going to be added by… Read more »

Prospects Dim for Year-End Tax Vehicle

Democrats’ spending demands are dimming prospects for a year-end tax package, according to House Ways and Means ranking member Kevin Brady (R-TX). Brady told POLITICO that if there is tax legislation, he hopes it would include extenders and technical corrections to the 2017 GOP tax law. “I think it will be difficult to reach a… Read more »

Senate Rejects Effort to Overturn SALT Deduction Cap

The Senate yesterday rejected a Democratic bid to overturn IRS regulations prohibiting states from creating charitable funds that taxpayers can contribute to in exchange for a state tax credit. The workaround gave taxpayers in high-tax states like New York, New Jersey and California a way to get around the $10,000 cap on state and local… Read more »

ASAE Releases Two New Tax Policy Issue Briefs

Since the 2017 tax reform, two major tax-related issues have dominated ASAE advocacy: The unrelated business income tax (so-called “UBIT”) on parking and transit benefits employers provide employees; and The excise tax, under Internal Revenue (IR) Code Section 4960, on certain compensation associations and nonprofits provide senior employees. To help further inform ASAE members, stakeholder… Read more »

IRS Issues Priority Guidance Plan for 2019-2020

The IRS will continue to focus on implementing the 2017 tax law and the Taxpayer First Act, according to its priority guidance plan for 2019-2020 released this week. The priority guidance plan identifies and prioritizes tax issues that should be addressed through regulations, revenue procedures, notices and other published guidance. The guidance plan includes a… Read more »