Tax Extenders Draft Circulating on Hill

House Democrats have reportedly come up with a draft tax extenders package that would roll back the 2017 tax law’s estate tax parameters and expand both the Earned Income Tax Credit and the Child and Dependent Care Tax Credit. The draft tracks with House Ways and Means Committee Chairman Richard Neal’s (D-MA) stated preference to… Read more »

Nonprofits Tracking States’ Online Sales Tax Adoption

Associations and other nonprofit groups are closely tracking activity in state legislatures across the country to impose a state sales tax for online purchases in the wake of the Supreme Court’s Wayfair decision last year. The Supreme Court’s groundbreaking ruling in South Dakota v. Wayfair throws out the previous “physical presence” threshold for when sellers… Read more »

Tax Extenders Back on Committee Agendas

Leaders of the two tax-writing committees of Congress are discussing the possibility of taking up tax extenders after Congress returns from its Memorial Day break. House Ways and Means Committee Chairman Richard Neal (D-MA) has been focused on moving a retirement bill and an IRS overhaul measure but Neal said he talked to Senate Finance… Read more »

New Legislation Aims to Repeal UBIT on Fringe Benefits

On May 2, Senators Ted Cruz (R-TX) and Jeanne Shaheen (D-NH) introduced the bipartisan Preserve Charities and Houses of Worship Act to repeal taxes on nonprofit fringe benefit offerings. This legislation, which accompanies a previously introduced bill in the US House of Representatives, would also rescind the requirement that organizations report their unrelated businesses or… Read more »

Tax Day Prompts Barrage of Opinions on GOP Tax Cuts

Lawmakers on both sides of the aisle used Tax Day this week to make varying cases for or against the GOP tax law enacted in 2017. While multiple polls show a majority of Americans don’t think they got a tax cut at all, President Trump paid visits to several swing states this week to try… Read more »