Shutdown Week 6: On Wednesday, Nov. 5, the federal government shut down that began on Oct. 1, became the longest in U.S. history. Last week, the Senate failed for the 14th time to advance a continuing resolution (CR) to keep the government funded. The impasse continues to center on disagreements over extending the enhanced Affordable Care Act (ACA) credits. Read more…
Crypto Legislation Develops During Government Shutdown: In recent weeks, discussions on a comprehensive crypto market structure bill have slowed, while the Senate Finance Committee continues to work separately on tax legislation. Lawmakers are debating a proposal to create a “de minimis” tax exemption that would allow small cryptocurrency transactions, such as buying coffee, to avoid triggering capital gains taxes. Read more…
Ways and Means Committee Democrats Introduce Bill to Restore Clean Energy Credits after OBBBA: Last week, House Ways and Means Democrats introduced H.R.5862, “American Energy Independence and Affordability Act.” The bill seeks to restore a wide array of clean energy tax incentives that were rolled back by the One Big Beautiful Bill Act (OBBBA, P.L.119-21). Key measures include reinstating the Section 45Y clean electricity production credit and the Section 48E clean electricity investment credit for renewables like wind and solar. Read more…
Schumer, Wyden and Warren Send Letters Regarding IRS CEO Position: On Oct. 28, Minority Leader Chuck Schumer (D-NY), Senate Finance Committee (SFC) Ranking Member Ron Wyden (D-OR) and Sen. Elizabeth Warren (D-MA) sent letters to Treasury Secretary Scott Bessent and Social Security Administrator Frank Bisignano regarding the new chief executive officer position at the Internal Revenue Service (IRS). In the letter to Commissioner Bisignano, the senators expressed concerns regarding the legality of his dual role as Social Security Administration (SSA) commissioner. Read more…
Taxpayers Revive IRS Dispute Resolution Program: Last year, the Internal Revenue Service (IRS) expanded its alternative dispute resolution (ADR) resources to encourage taxpayers to resolve disputes before litigation. Recently, the programs saw a 25% increase in usage by companies and individuals in fiscal year (FY) 2024 and is maintaining that upturn in FY2025. In early October, the IRS announced modifications to its post-appeals mediation (PAM) program, now assigning unresolved cases to Office of Appeals teams with no prior involvement in the case for an expedited, unbiased review. Read more…
ERC Claim Processing Impacted by Government Shutdown: The shutdown is worsening existing difficulties that taxpayers face in claiming the Employee Retention Credit (ERC) for businesses. Thousands of ERC claims remain unprocessed due to a significant IRS backlog that existed even before the shutdown. The shutdown has forced the IRS to reduce staff by roughly half, paused appeals conferences and shuttered the Taxpayer Advocate Service, which normally assists with administrative issues, leaving taxpayers with fewer resources to resolve problems. Read more…
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