A recent economic report suggests that a White House official’s prediction that the 2017 tax cut would fuel capital spending is starting to come true.
Featured articles are a combination of selected articles from Tax Analysts' Tax Notes publications and other articles important to the fair administration of taxation.2018
March 26, 2018
President Trump has signed into law a series of tax law corrections, including the “grain glitch” fix and changes to partnership audit provisions, as part of a $1.3 trillion spending bill.
March 23, 2018
Individuals with considerable wealth are undoubtedly pleased by the newly doubled estate and gift tax exemption, but practitioners say the opportunity for wealth tax savings is just getting started.
March 23, 2018
Some manufacturing subindustries might not see the tax savings that the industry as a whole anticipates from the tax law, a new analysis suggests.
March 22, 2018
A senior White House official pushed back against Democrats’ disparagement of the Tax Cuts and Jobs Act and the spate of corporate stock buybacks prompted by the law. “The buybacks have gone up because the money was locked offshore,” Council of Economic Advisers Chair Kevin Hassett said during a March 21 Senate Budget Committee hearing.
March 22, 2018
Lawmakers have brokered a deal to add a “grain glitch” fix to the omnibus spending bill intended to keep the government funded past March 23.
March 21, 2018
A correction to language in the new tax law that mistakenly gives a competitive advantage to farmers who sell to cooperative grain suppliers is not currently included in the omnibus spending deal, a top Republican said. “It wasn’t as of late last night,” Senate Finance Committee member John Thune, R-S.D., told reporters March 20. “We’re still working it and hoping.” House Ways and Means Committee Chair Kevin Brady, R-Texas, also said that negotiations were ongoing to include a correction in the spending bill.
March 16, 2018
Democrats are willing to talk about fixing language in the tax law that mistakenly gives a competitive advantage to farmers who sell to nonprofit grain suppliers, according to House Minority Leader Nancy Pelosi, D-Calif. “Our interest is to help the American people . . . so we were open to a bipartisan conversation about that,” Pelosi told reporters March 15.
March 15, 2018
The House’s top taxwriter again teased the idea of another major tax bill being developed and considered this year. In a FOX Business interview March 14, House Ways and Means Committee Chair Kevin Brady, R-Texas, said “we are” working on a second tax bill, but offered no specific details. “We think even more can be done. We want to make sure that we’re encouraging innovation in America; we want to help families save for the long term. Also, while the tax cuts for families were long term, they’re not yet permanent, so we’ll address issues like that.”
March 14, 2018
House and Senate lawmakers announced a deal March 13 to fix language in the new tax law that mistakenly gives a competitive advantage to farmers who sell to nonprofit grain suppliers. Senate Finance Committee Chair Orrin G. Hatch, R-Utah, joined four other Republican senators in issuing a statement praising an agreement spearheaded by industry groups, saying it “restores balanced competition within the marketplace.”
March 12, 2018
The Joint Committee on Taxation is reviewing the tax overhaul to identify areas in need of technical corrections, but a full analysis won't come anytime soon. JCT Chief of Staff Thomas Barthold said March 9 that the fine-tuned description of the tax law passed in December (P.L. 115-97) will include a list of technical corrections and an explanation of otherwise “garbled” language in the Tax Cuts and Jobs Act.
March 9, 2018
Business leaders appear optimistic about increased earnings for their companies this year, but do not agree on how much those earnings will be the result of recent corporate tax changes, a new survey suggests.
March 8, 2018
As Republican leaders hit the road to promote the 2017 tax law’s virtues for working families, recent polling suggests they may have to prepare for a long trip. At a March 7 stop in Versailles, Kentucky, Vice President Mike Pence declared that 2017 was the year of “promises made and promises kept,” and that American workers had the Tax Cuts and Jobs Act (P.L. 115-97) to thank for increasing their paychecks.
March 7, 2018
Senate Republicans may reveal within days a deal to smooth out the tax treatment of grain sales to agricultural cooperatives and other suppliers that could be included in an upcoming budget bill Congress must consider by March 23.
March 6, 2018
Several Democratic taxwriters claim that the IRS is overstepping its authority with new restrictions on property tax prepayments, going so far as to question whether taxpayers in Democrat-leaning states will be targeted in audits.
March 5, 2018
The new tax law’s temporary boost to the estate and gift tax exemption creates a huge opportunity for estate and gift planning, but uncertainty over the future of the estate tax has left some practitioners uneasy.
March 1, 2018
The IRS’s new online withholding calculator is set to provide taxpayers a glimpse into what their estimated taxes would amount to under the Tax Cuts and Jobs Act.
February 28, 2018
Wealthy taxpayers in high-tax states looking for ways to mitigate the new tax law’s state and local tax deduction limitation might want to create multiple non-grantor trusts to multiply property tax deductions. “Before this new tax law, talking about non-grantor trust planning . . . was almost never heard of. It was like heresy,” Martin M. Shenkman of Shenkman Law said on a February 27 American Bar Association webinar. “The world has now changed.”
February 27, 2018
A fix to the new tax law that would equalize the tax treatment of grain sales to agricultural cooperatives and other suppliers could be included in a spending bill that Congress must pass before March 23.
February 26, 2018
Connecticut’s newest proposed workaround to the cap on state and local tax deductions still hasn’t received much media attention, but that could change soon because those who have read it say it would work. In case you missed it, Gov. Dan Malloy (D) earlier this month added a third proposal to the national mix of potential methods for working around the $10,000 SALT deduction limit in the federal Tax Cuts and Jobs Act.