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Tax Alerts

House Passes Bipartisan Tax Relief Bill

Feb 1, 2024Mary Kimmitt

The House of Representatives voted Wednesday, January 31, to pass a bipartisan tax bill that would benefit millions of taxpayers. The vote, which passed 357 to 70, approved a $78 billion tax package, known as the Tax Relief for the American Families and Workers Act of 2024 or H.R. 7024. H.R. 7024 would restore crucial research and experimentation (“R&E”) deductions for taxpayers as well as provide other needed business tax and small business relief.

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Tax Alerts

IRS Issues Guidance on Section 174 Ahead of Proposed Regulations

Sep 9, 2023Katherine Johnson, Esq

 

As business owners and tax professionals await action by Congress to delay or repeal the changes made to IRC § 174 by the Tax Cuts and Jobs Act (TCJA), the Internal Revenue Service (“IRS” or “the Service”) today issued interim guidance regarding the application of the law as it exists today. Notice 2023-63 provides direction on a number of topics that lacked clarity under § 174 and the outdated regulations currently in place.

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