https://www.bhfs.com/rss/tax-feeden-us©2024 Brownstein Hyatt Farber Schreck, LLPThu, 09 May 2024 12:14:30 -0700/rss/tax-feedhttps://www.bhfs.com/blogs/taxpolicy/advancing-the-democratic-tax-agenda-in-2021Fri, 13 Nov 2020 00:00:00 -0800https://www.bhfs.com/blogs/taxpolicy/biden-unveils-american-rescue-planOn Thursday, Jan. 14, President-elect Joe Biden unveiled the American Rescue Plan (ARP)—a $1.9 trillion COVID-19 relief proposal his administration will pursue shortly after taking office on Wednesday, Jan. 20.Fri, 15 Jan 2021 00:00:00 -0800https://www.bhfs.com/blogs/taxpolicy/brownstein-invites-you-to-submit-comments-for-irs-priority-guidance-planOn April 26, the Internal Revenue Service (IRS) released Notice 2022-32, inviting the public to make recommendations regarding items to include in the 2022-2023 Priority Guidance Plan (PGP).Wed, 27 Apr 2022 00:00:00 -0700https://www.bhfs.com/blogs/taxpolicy/build-back-better-act-recent-developments-and-takeawaysAfter negotiating for months with the White House and congressional Democratic leaders, Sen. Joe Manchin (D-WV) on Sunday announced he would not vote for the Build Back Better Act (BBBA)—the $2.4 trillion reconciliation package containing President Biden’s top legislative priorities. This alert recaps recent developments around the package and provides key takeaways. Tue, 21 Dec 2021 00:00:00 -0800https://www.bhfs.com/blogs/taxpolicy/building-back-betterAs discussions progress, this weekly newsletter will summarize the latest developments on the Build Back Better agenda and provide intel from discussions on Capitol Hill and the Biden administration, giving our readers insight on the latest state of play on the next package.Tue, 20 Apr 2021 00:00:00 -0700https://www.bhfs.com/blogs/taxpolicy/congress-passes-omnibus-covid-19-reliefOn Dec. 20, the House and Senate passed H.R. 133, The Consolidated Appropriations Act of 2021. The bill includes a $900 comprehensive package to provide COVID-19 relief to businesses and individuals, including a second round of Paycheck Protection Program (PPP) loans for small businesses, extension of the Employee Retention Tax Credit (ERTC), extension of unemployment insurance and $600 Economic Impact Payments (EIP) for individuals. The bill does not include funding for state and local governments or liability protection for businesses. Lawmakers have set aside these issues in favor of a bill that includes items that have bipartisan support.Tue, 22 Dec 2020 00:00:00 -0800https://www.bhfs.com/blogs/taxpolicy/coronavirus-economic-response-update-competing-priorities-cloud-phase-fourLast week, House Democrats unveiled and passed the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES) Act, a $3 trillion stimulus package to address the effects of COVID-19 on businesses, state and local governments, and individuals. The bill is the House Democrats' starting point for negotiations with the Republican-led Senate. This weekly newsletter outlines the latest developments in Washington, including major tax, small business and financial services developments related to Phase Four negotiations and regulatory guidance from various agencies.Wed, 20 May 2020 00:00:00 -0700https://www.bhfs.com/blogs/taxpolicy/coronavirus-economic-response-update-covid-19-negotiations-still-stalledThis weekly newsletter outlines the latest developments in Washington, including major tax, small business and financial services developments in the negotiations on Phase Four legislation and regulatory guidance from various federal agencies.Wed, 09 Sep 2020 00:00:00 -0700https://www.bhfs.com/blogs/taxpolicy/coronavirus-economic-response-update-lawmakers-release-competing-covid-19-relief-packagesOn Dec. 1, lawmakers released competing COVID-19 relief proposals, restarting negotiations which have been stalled for months. As COVID-19 case rates sharply increase nationwide, several programs enacted under the CARES Act, including the Paycheck Protection Program, enhanced unemployment, and various tax provisions such as the Employee Retention Tax Credit (ERTC) are set to expire Dec. 31. While this puts increasing pressure on lawmakers to reach a deal before they adjourn for the winter state work period, a deal currently remains elusive as lawmakers remain far apart on key issues.Tue, 01 Dec 2020 00:00:00 -0800https://www.bhfs.com/blogs/taxpolicy/coronavirus-economic-response-update-the-road-to-recoveryAs an increasing number of governors plan to reopen state economies, Congress is under pressure to pass a fourth stimulus package to help businesses and individuals navigate economic recovery. This weekly newsletter outlines the latest developments in Washington, including major tax, small business and financial services developments related to CARES 4.0 negotiations and newly-issued regulatory guidance from various agencies.Thu, 07 May 2020 00:00:00 -0700https://www.bhfs.com/blogs/taxpolicy/coronavirus-economic-response-update-white-house-acts-as-negotiations-stallThis weekly newsletter outlines the latest developments in Washington, including major tax, small business and financial services developments in the negotiations on Phase Four legislation and regulatory guidance from various federal agencies.Wed, 12 Aug 2020 00:00:00 -0700https://www.bhfs.com/blogs/taxpolicy/coronavirus-economic-stimulus-packageTue, 17 Mar 2020 00:00:00 -0700https://www.bhfs.com/blogs/taxpolicy/coronavirus-economic-updateWed, 18 Mar 2020 00:00:00 -0700https://www.bhfs.com/blogs/taxpolicy/coronavirus-economic-update-march-24-2020Tue, 24 Mar 2020 00:00:00 -0700https://www.bhfs.com/blogs/taxpolicy/heals-act-safe-and-healthy-workplace-tax-credit-guide-for-employersReferred to as the Safe and Healthy Workplace Tax Credit, the credit is available to employers who incur qualified employee protection expenses, qualified workplace reconfiguration expenses and qualified workplace technology expenses. Tue, 04 Aug 2020 00:00:00 -0700https://www.bhfs.com/blogs/taxpolicy/house-passes-government-funding-extensionsEarlier this evening, the House passed the Continuing Appropriations Act, 2021 and Other Extensions Act (H.R.8337) with broad bipartisan support 359-57, extending current federal funding levels through Dec. 11, 2020. Tue, 22 Sep 2020 00:00:00 -0700https://www.bhfs.com/blogs/taxpolicy/house-ways-and-means-advances-three-billsOn April 2, the House Ways and Means Committee convened to markup retirement, tax administration and reemployment services legislation. Thu, 04 Apr 2019 00:00:00 -0700https://www.bhfs.com/blogs/taxpolicy/introduction-to-the-new-members-of-the-ways-and-means-committee-On Jan. 27, House Ways and Means Committee Chair Jason Smith (R-MO) announced the GOP rosters of the six subcommittees for the 118th Congress. Notably, the two other former contenders for committee chair, Reps. Vern Buchanan (R-FL) and Adrian Smith (R-NE), are reprising their roles as chairs of the Health and Trade subcommittees, respectively. Rep. Mike Kelly (R-PA) will also be returning to serve another term as chair of the Subcommittee on Tax – formerly referred to as the Subcommittee on Select Revenue Measures. Fri, 03 Feb 2023 00:00:00 -0800https://www.bhfs.com/blogs/taxpolicy/irs-faqs-allow-taxes-withheld-from-employees-wages-to-fund-leave-and-wage-paymentsThe Internal Revenue Service (IRS) recently provided guidance, in the form of frequently asked questions (FAQs)[1], related to the refundable payroll tax credits for the paid family and sick leave required to be provided by certain employers under the Families First Coronavirus Response Act (FFCRA) and the employee retention credit available to eligible employers under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The FAQs provide guidance on a myriad of topics, including a listing of the documentation that must be maintained in relation to taking the payroll tax credits; calculation of the amount of the payroll tax credits; and how procedurally the payroll tax credits can be taken, including requesting advance payment of the refundable credits. Two points addressed in the FAQs that are notable and helpful to employers are discussed below. Fri, 03 Apr 2020 00:00:00 -0700https://www.bhfs.com/blogs/taxpolicy/irs-funding-in-the-appropriations-omnibusCongress unveiled the Consolidated Appropriations Act, 2022 on Wednesday, March 9, 2022. The roughly $1.5 trillion “omnibus” would entirely fund the federal government through Sept. 30, 2022, and provide economic, humanitarian and military aid to Ukraine. The measure passed the House on Wednesday and now awaits Senate approval. This is about the IRS funding in that bill.Thu, 10 Mar 2022 00:00:00 -0800