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4 Tax and Legislative Developments to Monitor in the New Legislative Session
Posted by Bill Smith on Wed, Jan 13, 2021 @ 12:44 PM

Amid a chaotic week in Washington D.C., final election results came in that determined the composition of the Senate. Both Georgia Senate seats went to the Democratic candidates, which tipped the balance of power in the Senate to the Democratic party, with Vice President-Elect Kamala Harris presiding as the presumed tie-breaking vote in a chamber evenly split 50-50. This assumes that the Senate Democrats vote along party lines, which is far from certain.

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Topics: election year, IRS, Taxes, Election, Tax Reform, senate, COVID19, Coronavirus, Republican Party, Biden, Harris, #taxplan, Filibuster, democratic party, Legislative Session

Senate Passes Phase 3 Emergency Legislation
Posted by Chrissy Hammond on Thu, Mar 26, 2020 @ 05:21 PM

The Senate passed on March 25 a $2.2 trillion economic stimulus package as the third phase of emergency legislation in response to the coronavirus pandemic. The “Coronavirus Aid, Relief, and Economic Security Act,” (CARES Act) contains tax and nontax relief measures that are designed to avert a U.S. economic collapse. House Speaker Nancy Pelosi (D-CA) indicated she is hoping to avoid bringing the House back to Washington to vote, and instead to approve the legislation on March 27 either through unanimous consent procedures or through voice voting procedures.

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Topics: senate, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act

Tax Reform and Its Impact Explained
Posted by Chrissy Hammond on Thu, Dec 28, 2017 @ 04:22 PM

The Senate passed the final version of the bill introduced as the Tax Cuts and Jobs Act (TCJA) in the early hours of December 20, with the House of Representatives voting again the same day to pass the reconciled tax reform bill. President Trump signed the tax reform bill into law December 22, bringing home a major campaign promise.  Due to a violation of Senate procedural rules, the bill’s name reverted to the more ungainly title, "To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018." We will refer to it merely as the tax reform bill, for ease of reference. As passed, the bill includes elements of both the House version and the Senate version of the tax reform bill.

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Topics: Congress, Tax Reform, House Republicans, senate, tax reform bill

Breaking Down the Conference Committee's Reconciliation of the Tax Reform Bill: Part 2 - Individual, Estate, Trust, and Gift Provisions
Posted by Chrissy Hammond on Thu, Dec 21, 2017 @ 10:22 AM

The conference committee’s reconciliation of the tax reform bill, formerly the Tax Cuts and Jobs Act (TCJA), passed by Congress on December 20, includes significant changes to the taxation of individuals as well as changes impacting estates, trusts, and gifts. For individuals, it is more difficult to state that these changes will provide significant tax benefits, particularly for low and middle-class workers, and especially if the act’s temporary provisions are allowed to expire. Although there are few provisions directly affecting the taxation of trusts, it is clear that fewer individuals will be burdened with estate and gift taxes due to increased exemption amounts. In this second part of our tax reform plan series, we will focus on provisions for individuals and for estates, trusts, and gifts. Our final upcoming article will feature international changes.

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Topics: Congress, Tax Reform, House Republicans, senate, tax reform bill

Breaking Down the Conference Committee’s Reconciliation of the Tax Reform Bill Part 1: Business Provisions
Posted by Chrissy Hammond on Wed, Dec 20, 2017 @ 09:56 AM

After drafting legislation at a breakneck pace with little or no public input and speeding through the conference committee process, the House and Senate reached a compromise on their versions of the tax reform bill, formerly the Tax Cuts and Jobs Act, on December 15. The Senate passed the reconciled bill on December 19, and the House will vote soon followed by the signature from the President. 

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Topics: Congress, Tax Reform, House Republicans, senate, Tax Cuts and Jobs Act, TCJA

Senate Passes Tax Bill with Flurry of Last Minute Changes
Posted by Chrissy Hammond on Mon, Dec 4, 2017 @ 04:41 PM

The Senate passed its version of the Tax Cuts and Jobs Act (TCJA) by a vote of 51-49, on the heels of substantial changes–some handwritten in the margins of the bill’s text–that pushed the vote into the pre-dawn hours of December 2. Senator Bob Corker (R-TN) was the only Republican to vote against the measure, citing concerns about the bill’s effect on the deficit. These last minute alterations dramatically reshape some of the bill’s initial provisions, but were necessary to secure the final votes required for passage. The changes moved the Senate bill closer to its House counterpart in some areas and further apart in others. Contrasted with the earlier version of the Senate’s tax reform plan, the key provisions changed in the final version of the Senate’s TCJA provide context for the ensuing reconciliation in a Congressional conference committee.

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Topics: Tax Reform, House of Representatives, Business Tax Provisions, tax bill, senate

Senate Tax Reform Plan Features Big Differences from House's Plan
Posted by Chrissy Hammond on Mon, Nov 13, 2017 @ 05:27 PM

The Senate released the basic structure of its tax plan on November 9 as the House Ways and Means Committee was making changes to the House bill. The House’s changes come in preparation for a floor vote that could come as early as this week. The Senate Plan was not released as legislative text, and instead provides descriptions of the features included with their tax plan. The Senate’s draft legislation will be introduced once the House bill has cleared that chamber, and prompt action is expected in the Senate to pass its version. This will enable the two chambers to advance to a conference committee, where the differences between the two chambers’ versions of the Tax Cuts and Jobs Act would be reconciled. However, the following differences are widely expected to slow this breakneck pace.

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Topics: Tax Reform, House of Representatives, Business Tax Provisions, tax bill, senate

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