Tax News & Views

Tax News & Views.

Negotiations on COVID economic recovery package remain in flux After a week in which President Trump alternately pushed for and then pulled back from a potential agreement on a new relief package to address the economic and health impacts of the coronavirus pandemic, a path forward for negotiations is unclear, and congressional action before November’s election still appears to be a far reach. More | Print Final regs address partnership withholding issues The Treasury Department and IRS released final regulations that provide guidance under section 1446(f) related to the tax withholding and information reporting with respect to certain dispositions of interests in partnerships engaged in a trade or business within the United States; the government formally released previously issued BEAT final regulations for publication in the Federal Register; the Small Business Administration released procedures that a Paycheck Protection Program loan recipient must follow if it undergoes a change in ownership; and Deloitte Tax released a summary of final regulations on changes to the deduction for expenses related to entertainment, amusement, or recreation under the 2017 tax code overhaul. More | Print Trump dangles more tax cuts, but remains vague on details President Trump promised additional tax relief should he win a second term in office and Republicans maintain or increase their numbers in Congress after the November elections; but, similar to other comments the president has made around tax policy in recent months, he remained vague on the details and on when he would unveil a formal plan. More | Print Toomey won’t seek re-election in 2022 Senate Republican taxwriter Patrick Toomey of Pennsylvania announced that he will not seek another term in office and intends to return to the private sector after his current term ends in 2022. More | Print