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by Brownstein Hyatt Farber Schreck, LLP

Tax Tidbit

Werfel Faces IRS Funding Questions on Route to Likely Senate Confirmation. On Wednesday, Feb. 15, the Senate Finance Committee held a hearing to consider the nomination of Danny Werfel to be commissioner of the IRS. This is the first step in the nomination process for Werfel—President Joe Biden’s choice to fill the position currently occupied by acting Commissioner Doug O'Donnell. At the hearing, Werfel testified on IRS enforcement initiatives and assured committee members of a transparent process as the agency determines how... (read more)

Legislative Lowdown

House Set to Vote on Overturning DOL ESG Fiduciary Rule. The House of Representatives will likely vote on a resolution this week to potentially overturn the Biden Labor Department’s new fiduciary investment rule. The new regulations, which went into effect earlier this year, reversed a pair of Trump-era rules that prevented retirement plan sponsors from considering environmental, social and governance (ESG) factors when selecting investments. Under the Biden administration’s new... (read more)

Lawmakers Eye Farm Bill as a Potential Vehicle for Tax Provisions. In the past year, there has been growing support from lawmakers on both sides of the aisle for a broad range of extensions for expiring tax provisions. Despite this push, the current split in the control of Congress makes it unlikely that there will be many viable legislative vehicles for tax policy in the... (read more)

Other Possible Avenues for Tax Legislation in 2023. In addition to the Farm Bill, some members of Congress have pointed to the upcoming Federal Aviation Administration (FAA) reauthorization bill as another possible vehicle for certain business tax extenders. The bill, which is also likely to pass before Sept. 30, provides funding to support the FAA and operate several ongoing safety and... (read more)

1111 Constitution Avenue

IRS Finalizes New Business E-File Requirements. Last Tuesday, the Treasury Department and IRS issued final regulations concerning updated electronic filing (e-filing) requirements for certain companies. This guidance reflects provisions included in the Taxpayer First Act, which was signed into law in July 2019. These mandates were included in the legislation as part of a push to increase e-filing and streamline the tax filing process, without imposing undue hardship on... (read more)

Racial Equity Executive Order Puts Potential IRS Biases Back in Spotlight. On Feb. 16, President Joe Biden issued an executive order to compel several agencies to expand and improve racial equity programs, especially concerning the use of artificial intelligence and other automated processes. This action follows Biden’s previous executive order, issued in January 2021, which broadly charged federal agencies with advancing equality and addressing systematic racism in current policies... (read more)

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Stay safe and healthy,
Pat Soldano
President; Policy and Taxation Group
[email protected]
712 H Street NE Suite 1091
Washington DC 20002
(202) 681-8365‬

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