Unpacking the big beautiful international tax provisions of the One Big Beautiful Bill
Posted on May 20, 2025 in Legal Alerts
Although the majority of the tax bill introduced by the House Committee on Ways and Means on May 12, 2025 is focused on the Administration’s domestic agenda, the bill includes some material changes to the international tax rules, as well as a change to the Tariff Act of 1930 (Tariff Act). The international tax changes include: A new section 899 regarding the imposition of unfair taxes...
Legal Alert: Exempt organization revenue raisers under House tax bill
Posted on May 16, 2025 in Legal Alerts
On May 12, 2025, the Republicans from the House Committee on Ways and Means released an updated draft tax bill. Several of the provisions in the draft would affect tax-exempt organizations. The bill will almost certainly undergo additional changes before it can be passed by both chambers of Congress. Our legal alert, found here, summarizes the principal provisions affecting tax-exempt...
Legal Alert: House tax bill proposes major changes to the Employee Retention Tax Credit (ERTC)
Posted on May 16, 2025 in Legal Alerts
On May 12, 2025, the Republicans on the House Committee on Ways and Means introduced a broad tax reform bill that includes sweeping changes to the Employee Retention Tax Credit (ERTC), also commonly known as the ERC. Chief among them are targeted enforcement actions against ERTC promoters as well as a proposal to retroactively disallow ERTC claims filed after January 31, 2024, a move...
The one, big, beautiful benefits legal alert
Posted on May 15, 2025 in Employee Benefits, Legal Alerts
The House’s new tax legislation titled the “One Big Beautiful Bill” covers a number of potential changes to US benefits items, including: Increasing child care credits for certain employers and making paid family and medical leave tax credits permanent. Allowing on-site health clinics to be fully HSA-compliant, as well as a number of other changes to HSAs. Amending the Section 162(m)...
Legal Alert: House tax bill proposes changes to information reporting rules
Posted on May 15, 2025 in Legal Alerts
On May 14, 2025, the House Ways and Means Committee approved the “One Big Beautiful Bill,” containing the tax provisions destined for the budget reconciliation package. Several of the bill’s provisions would affect information reporting and withholding requirements. As expected, the bill would reinstate the de minimis threshold for Form 1099-K reporting by third party settlement...
Legal Alert: House confirms favorable modifications to three key business tax provisions
Posted on May 14, 2025 in Legal Alerts
On May 12, 2025, the Republicans on the House Committee on Ways and Means released a draft bill showing their tax plan for the budget reconciliation legislation. The legislation will likely undergo significant changes as it works its way through the broader House membership and Senate. Among the myriad of new and revised provisions, the bill contains favorable updates to three key...