Tax breaks

As summer winds down, everyone across the country is anxiously awaiting a special and rare event this Monday.

Republicans struggling to pass a major tax overhaul that doesn’t add to the federal deficit are discussing a kind of compromise: mixing permanent revisions with temporary rate cuts for individuals and businesses.

Republican congressional leaders doubled down on their pledge to overhaul the U.S. tax code by the end of the year after party leaders abandoned a proposal to tax companies’ domestic sales and imports.

Finance Minister Bill Morneau is proposing tax changes that would close loopholes often used by doctors and lawyers to reduce their tax burden, part of the Canadian government’s pledge to level the playing field for middle-income earners.

A group of Democrats led by Sen. Elizabeth Warren, D-Mass., and House Ways and Means Committee ranking member Richard Neal, D-Mass., has introduced legislation to allow same-sex couples who were previously barred from filing taxes jointly to now submit amended returns dating back to the year of their marriage.

Some lawmakers threaten to vote against a deal unless it lays out the specific rate for corporations.

Senate Finance Committee chairman Orrin Hatch, R-Utah, is asking for ideas, proposals and feedback on tax reform as efforts in Congress heat up on overhauling the federal tax code.

President Donald Trump won’t veto a tax bill even if it provides the wealthiest Americans with a tax cut, according to Treasury Secretary Steven Mnuchin.

Kate Barton, Americas vice chair of tax services for the Americas Tax practice at Ernst & Young, discusses the contrasting tax reform plans of House Republicans and President Trump, and what’s likely to be in the final bill.

U.S. exporters have been claiming the DISC or IC-DISC tax break for more than 45 years. Despite these facts, some enterprises fail to take advantage of the federal government’s tax giveaways for Interest Charge Domestic International Sales Corporations. Here are 10 winning IC-DISC strategies an exporter can use.