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Negotiators Highlight Progress on Debt-Ceiling Deal Despite Lack of Public Agreement on Legislative Framework. President Joe Biden and House Speaker Kevin McCarthy (R-CA) emerged from the latest round of negotiations last night still without a deal to raise the debt ceiling before the impending federal default. Notwithstanding the absence of a finalized agreement, both leaders described the meeting as “productive,” with Speaker McCarthy noting... (Read on)
Brown and Cassidy Introduce Bipartisan 1099-K Proposal. Last week, Sens. Sherrod Brown (D-OH) and Bill Cassidy (R-LA) introduced the Red Tape Reduction Act, which would increase the reporting threshold for third-party payment platforms to issue a Form 1099-K. In reporting year 2023, payment settlement entities must provide their users with a 1099-K form unless the payee has fewer than $600 in total transaction value for the year. The Brown-Cassidy bill would increase ... (Continue reading)
IRS to Move Forward with “Scaled” Direct File Tool for 2024. On May 16, the Internal Revenue Service (IRS) sent its Report to Congress (the “Report”) evaluating the viability of an IRS-run Direct e-File option for taxpayers, as was required by the Inflation Reduction Act. The IRS also announced that it is taking steps to begin a “scaled” Direct File pilot project for the 2024 tax-filing season following a directive from the Treasury Department. (Click here for more details)
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Supreme Court Ruling Upholds IRS’s Tax-Enforcement Authority. In a decision delivered on May 18 by Chief Justice John Roberts, the Supreme Court ruled that the Internal Revenue Service (IRS) can access financial records from third-party institutions without notifying taxpayers if the requests are made “in aid of collecting” taxes. The decision is a significant victory for the IRS, validating the agency’s power to probe taxpayer records without providing notice. Opponents have argued that the ruling affords the IRS excessive authority in tax enforcement and infringes on taxpayers’ privacy protection. (Explore the full story)
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Werfel Confirms Evidence of “Apparent Racial Disparity” in Audit Selection. Internal Revenue Service (IRS) Commissioner Daniel Werfel issued a letter informing the Senate of evidence indicating the presence of racial biases in tax enforcement. The letter highlights preliminary data-collection efforts undertaken by the IRS that found “Black taxpayers may be audited at higher rates than would be expected given their share of the population.” Commissioner Werfel had previously pledged to investigate potential biases in his nomination hearing last February. The conclusion validates earlier findings from a Stanford Institute for Economic Policy Research paper that Black taxpayers receive IRS audit notices “at least 2.9 times more often than non-Black taxpayers.” (Learn more about this story)
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Smith Demands Briefing from IRS on Treatment of Hunter Biden Whistleblower. Last week, House Ways and Means Committee Chairman Jason Smith (R-MO) requested an “urgent briefing and explanation” from IRS Commissioner Daniel Werfel on apparent retaliation against a whistleblower. The letter concerns new allegations made by the whistleblower’s lawyer that the agent was removed from an ongoing investigation into Hunter Biden’s potential illicit tax activities, which they believe constitutes retaliation from the Biden administration. Chairman Smith noted that Commissioner Werfel had previously promised to protect whistleblowers from reprisal at his nomination hearing last February. Commissioner Werfel reportedly responded to the accusation by informing Chairman Smith that the matter had been referred to the Treasury Inspector General for Tax Administration (TIGTA), and “TIGTA confirmed that [Werfel’s] role as Commissioner in any whistleblower proceeding is not an investigative one." (Click here to learn more)
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Our thanks to Brownstein Hyatt Farber Schreck, LLP.
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About Brownstein Hyatt Farber Schreck, LLP
Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you’ll immediately recognize a different type of energy. Complacency doesn’t have a place here. Flexibility and inspiration do. Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients’ needs and provide them with the resources they require to meet their business objectives.
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Upcoming Events
- May 31: Penn State FBC
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June 1: Chicago Loyola Family Business Center, Chicago, IL
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June 2: PATG event in Minneapolis, MN
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June 13: Presentation in Hilton Head, SC Hosted by Dividend Capital
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Sign-Up For New Podcast: "Voice of Family Business on Capitol Hill" with host Pat Soldano.
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Join our growing family of podcast listeners by clicking on the links below to our new podcast, "The Voice of Family Business on Capitol," where each episode delves into the major issues facing family businesses and family business centers today. Subscribe by clicking on these links, or wherever you get your podcasts.
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
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As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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