Legislation
Latest News
‘Unpredictable’ Election Clouds Tax and Economic Policy View
Sanders May Bring His Populist Brand to Powerful Senate Finance Committee
Accountant Gets Jail Time For Charging $3 Million on New Jersey Employer’s Credit Card
New Jersey Joins IRS Direct File For 2025 Filing Season
U.S. Boosts Wind Power, Sets Oil Production Record
The U.S. is still on track to set a new annual oil production record in 2023. One forecast: 12.4 million barrels per day, just above 2019’s 12.3 million bpd.
IRS Issues Guidance on Tax Credit for Clean Hydrogen Production
The Inflation Reduction Act (IRA) of 2022 provides a production credit for each kilogram of qualified clean hydrogen produced by a taxpayer at a qualified clean hydrogen production facility.
Bill Would Give Tax Credits for Rare Earth Magnets Made in the U.S.
The legislation would provide a $20 per kilogram production tax credit for rare earth magnets manufactured in the United States.
Republicans Protest Biden’s IRS Threshold Requirement for Online Purchases
The IRS said last week it is once again delaying implementation of the new $600 1099-K threshold for tax year 2023.
What Cannabusinesses Need to Know About the Potential Schedule III Drug Classification
The reclassification of cannabis will allow cannabis businesses to benefit from these tax credits and initiatives for programs or systems that many are already implementing.
Yellen Sets Goals for 2024 Filing Season, Calls Out House GOP for ‘Playing Politics with IRS Funding’
Treasury secretary says cutting IRS funding to pay for Republicans’ $14.3 billion Israel aid bill would be “damaging and irresponsible.”
House Passes Israel Aid Bill Tied to IRS Cuts
House Republicans passed a $14.3 billion Israel aid package Thursday, triggering a clash with Democrats over tax law enforcement.
Biden Would Veto House GOP’s Israel Aid Bill That Cuts IRS Funds, White House Warns
The legislation, championed by new House Speaker Mike Johnson, has already run into stiff bipartisan opposition from the Senate.