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If you have any questions or concerns, please use the contact information provided in this email as this inbox is not monitored for replies.
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28th Time’s the Charm?
For 27 years in a row Congress has failed to pass its 12 spending bills by the Sept. 30 deadline. Will this year bring more of the same? Or will the streak finally be broken?
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Short-Term CR to Avert a Government Shutdown Likely in September
With only 11 legislative days left before the Sept. 30 fiscal year deadline, Congress is unlikely to pass anything other than a short-term continuing resolution (CR). The House Appropriations Committee approved 10 of the annual appropriations bills, though the full chamber has voted to pass only one of the bills (Military Construction-Veterans Affairs). The Senate Appropriations Committee has approved all 12... (continue reading, click here)
Year-End Tax Package
Lawmakers on both sides of the aisle have been working toward a tax deal for over a year. With key provisions of the Tax Cuts and Jobs Act of 2017 either having expired or soon expiring, lawmakers are eager to strike a deal. However, a potential package hinges on whether Democrats and Republicans can agree to an extension and expansion of the child tax credit (CTC) to balance the extension of several business-related provisions, with a focus on the research and development (R&D) amortization deduction, bonus depreciation, and... (continue reading, click here)
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Legislative Lowdown
Lawmakers Prepare for IRS Funding Fight. Lawmakers returned to Capitol Hill on Sept. 5 after a monthlong congressional recess with an eye on the 12 Fiscal Year 2024 appropriations bills that must pass before Oct. 1 to avoid a government shutdown, in the absence of a continuing resolution (CR). Many of the appropriations bills, especially those advanced by the Republican-controlled House Appropriations Committee, contain clawbacks to either funding for the IRS contained within the Inflation Reduction Act (IRA, Pub. L. 117-169) or to the IRS’s annual enforcement and operations support budget appropriated every fiscal year. These appropriations bills are... (continue reading, click here)
Democratic Lawmakers Accuse Tax Preparers of Fighting Direct e-File While Advocacy Group Begins Messaging Campaign. Sen. Elizabeth Warren (D-MA) and Rep. Katie Porter (D-CA) sent letters to tax-preparation companies and industry trade groups on Aug. 23 requesting information on their efforts to lobby the government against the creation of an IRS-operated Direct e-File option. The lawmakers addressed the four letters to the heads of Intuit, H&R Block, the Free File Alliance and the American Coalition for Taxpayer Rights. Much of the information sought is publicly available. The letters accused the recipients of launching a... (continue reading, click here)
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Upcoming Events
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September 13: Brown and Streza Webcast, "Philanthropic Strategies for Successful Families”, Virtual
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September 20: Annual Meeting, Roundtable Discussion, Washington, DC
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September 27-29: Family Business Legacy & Wealth Conference Family Business Magazine, Dallas, TX
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October 11: California Family Business Association( FBA-CA), Orange County, CA
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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 family offices and successful individuals and protecting a lifetime of savings has never been greater. Now more than ever, family offices and successful individuals are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to family offices and successful individuals, while continuing to strengthen our presence on Capitol Hill.
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About Policy and Taxation Group
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Policy and Taxation Group is the Voice for Family Offices and Successful Individuals in Washington, DC focused exclusively on the critical tax and economic policies that impact them. Since 1995, Policy and Taxation Group has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.
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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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Policy and Taxation Group Strategic Partner
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