Accounting Today | House and Senate Budget Measures Advance Tax Reform

Both the Senate and House are in session this week, although the House will adjourn early as Republicans head to West Virginia on Wednesday for their annual party retreat. Lawmakers have two weeks to negotiate and approve the remaining six government spending bills before March 22 to avoid a partial government shutdown. Additionally, the House will consider legislation this week that would require TikTok’s Chinese parent company to sell the platform or face a ban from operating in the United States. President Biden will also send to Congress his fiscal year 2025 budget proposal.

Things are getting smaller in Congress this week. The House is considering a minibus package of half the fiscal 2023 spending bills, and the Senate may scale back the China competition bill laboring in conference committee.

With the release of its FY 2022 revenue proposals, the Biden Administration explains and refines some of the tax priorities raised on the campaign trail. Our International Tax Group reads the tea leaves to find the significant changes to the Tax Code the Administration won’t find easy to navigate through a Congress that features the slimmest of majorities.

What does a (barely) Democratic Senate mean for Biden’s tax plans? Our International Tax Group discusses the President-elect’s broad proposals and how they could change the cross-border tax landscape.

Our International Tax Group takes stock of new proposed regulations that try to keep Section 956 relevant despite the Tax Cuts and Jobs Act.