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 »

The Internal Revenue Service’s (IRS) main focus in 2020 will be implementing the Taxpayer First Act, which includes a number of far-reaching reforms of the IRS aimed at improving customer service, modernizing the agency’s information technology and strengthening taxpayers’ recourses in enforcement cases. The law requires the agency to create an independent Office of Appeals… Read more »

Category: IRS

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 »

ASAE and the Professional Certification Coalition have endorsed a bipartisan bill introduced Dec. 6 to expand individuals’ use of “529” education savings accounts to cover the costs of professional certification and credentialing programs. The Freedom to Invest in Tomorrow’s Workforce Act was introduced by Reps. Abigail Spanberger (D-VA) and Rob Wittman (R-VA) to help students… Read more »

Two House Democrats introduced legislation last month to ban for-profit corporations from sponsoring political action committees (PACs). Reps. Max Rose (D-NY) and Josh Harder (D-CA) said the legislation is needed to end the influence of corporate special interests. The bill does not address association PACs but would mandate that existing corporate PACs be dissolved one… Read more »