Senate Finance Committee Provides Congressional Intent Behind TCJA Concepts
Posted on Aug 17, 2018 in News
The Senate Finance Committee Republicans sent a letter to Treasury asking that its guidance on provisions of the Tax Cuts and Job Act reflect congressional intent. The letter specifically identified three errors to be corrected by technical correction legislation: the effective date of the net operating loss carryforwards and carrybacks should begin after December 31, 2017; qualified...
Brady Anticipates Legislative Outline of Tax Reform 2.0 in Early August
Posted on Jun 27, 2018 in Individual Taxation, News
House Ways and Means Committee Chairman Kevin Brady, at a Washington Post event held on June 26th, stated that Committee Republicans would begin circulating a draft of the next tax package after the July 4th holiday, followed by the release of an outline of the tax cut package in early August and a vote in the fall. Brady sees the next round of tax cuts as a package of multiple bills...
House Provides a Fix for the “Grain Glitch” with Passage of the Omnibus Spending Bill
Posted on Mar 23, 2018 in News
Today, Congress approved an omnibus spending bill, a step toward averting a government shutdown that would otherwise occur this evening. The bill includes a fix to the so-called “grain glitch,” which addresses a technical error in the Tax Cuts and Jobs Act that allows farmers who sell grain to cooperatives to have a lower tax liability than those who sell to other purchasers. In...