Finance, investment and tax-related legislation

Speaker Mike Johnson called suspending the federal gas tax "an intriguing idea" but didn't commit to a timeline as momentum builds in both chambers to take action.

Rep. Kristen McDonald Rivet, introduced the Working Parents Tax Relief Act, which would give parents up to an additional $5,500 per child under the age of four.

A group of bipartisan bills moved through the House this week that would make changes in IRS administration, customer service, taxpayer privacy, tax return processing, as well as disaster relief and tax breaks.

The House passed bipartisan legislation to strengthen the Internal Revenue Service's Whistleblower Awards Program and provide faster payouts to tipsters.

The House Appropriations Committee approved further budget cuts for the IRS, expanding the use of AI and data analytics to handle enforcement.

The House Financial Services Committee voted to advance legislation that would effectively repeal the Corporate Transparency Act and its beneficial ownership information reporting requirements.

Senators introduced tax-related legislation aimed at improving taxpayer service, cracking down on tax evasion and curbing the carried interest tax break.

If Congress attempts to pass a second tax bill before the midterms, Rep. LaLota plans to push to expand the state and local tax deduction.

The tax-writing House Ways and Means Committee unanimously approved five bipartisan tax-related bills last week aimed at helping natural disaster victims, sexual assault survivors, pre-school teachers, taxpayers in general, and tax fraud whistleblowers.

A clear pattern is emerging of sectors that stand to win the most from the deductions and special preferences in the One Big Beautiful Bill Act.

A recent study by the Treasury Inspector General for Tax Administration found that the IRS has spent $15.7 billion of the $26 billion remaining from the 2022 Inflation Reduction Act.

Normally, election years are not very active years for tax legislation ... but there are signs this might not be a normal year.

The legislation would eliminate income taxes for Americans who earn less than $46,000 and reduce income taxes for those making between $46,000 and $80,500.

Notice 2026-11 from the IRS provides guidance on the permanent 100% additional first-year depreciation deduction provided by the One Big Beautiful Bill Act.

The proposed regulations relate to the new deduction for interest paid on vehicle loans incurred after Dec. 31, 2024, to purchase new made-in-America vehicles for personal use.

Major tax legislation, IRS staffing issues, and plenty of client confusion promise a challenging tax season.

The House Ways and Means Committee passed three bills aimed at bolstering taxpayer rights.

The agency is also looking for feedback on the guidance by next March.

The House approved two pieces of legislation to keep IRS agents from levying fines and penalties without supervisory approval, and to strengthen taxpayer rights in proceedings before the Tax Court.

In Notice 2025-69, the IRS and the Treasury offer clarifications and examples of how to claim the One Big Beautiful Bill Act deductions.