Reconciliation bill means selected new taxes, significant expansion of green energy initiatives
ABA’s Kinsella recaps key provisions of the Inflation Reduction Act.
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Senate Democrats pass reconciliation package
After months of negotiating, the Senate yesterday passed legislation to address selected portions of the Biden administration’s agenda for climate change, healthcare and tax policy.
Senate Democrats resurrect reconciliation package
After months of negotiating, Sens. Chuck Schumer (D-N.Y.) and Joe Manchin (D-W.Va.) announced an agreement on proposed legislation to address selected portions of the Biden administration’s agenda for climate, health, deficit reduction and tax.
Ad encourages Alabama senate candidate to fight expanded IRS reporting proposal
The proposal would mandate that financial institutions report information on gross inflows and outflows of all customer accounts above a de minimis level of $10,000 to the IRS.
ABA recommends several priority issues in need of IRS guidance
ABA last week submitted recommendations to the Internal Revenue Service on tax issues that are in need of interpretive guidance for the upcoming fiscal year.
ABA raises compliance concerns about RMD proposal for IRAs
ABA this week raised concerns about the Internal Revenue Service’s proposed required minimum distribution rule for retirement plans and IRAs, implementing Sections 114 and 401 of the bipartisan Secure Act of 2019.
IRS updates contribution limits for HSAs
The Internal Revenue Service today released updated contribution limits—adjusted for inflation—for health savings accounts for 2023.
ABA, Trade Groups Call for Withdrawal of Foreign Tax Credit Regulations
The American Bankers Association joined with a broad-based group of trade associations in a letter expressing strong concerns on final foreign tax credit regulations that were issued by the U.S. Treasury Department and the Internal Revenue Service in January.
IRS Releases Final Regs on Tax Implications of Post-Libor Modifications
Shortly before the cessation of two U.S. dollar Libor tenors on Dec. 31, the IRS last week issued final regulations on the tax consequences of the transition away from Libor.
Report: IRS Reporting Provision Omitted from House Budget Bill
With bipartisan opposition growing for a controversial proposal that would require financial institutions to report information on gross inflows and outflows on all customer accounts above a certain de minimis level, House Democrats have reportedly omitted the provision from their current draft of the budget resolution.