Johnson Elected Speaker: Shutdown Looms, Year-End Tax Bill Remains a Possibility. After a three-week speakership vacancy following Rep. Kevin McCarthy’s (R-CA) removal from the position on Oct. 3, the House voted 220-209 along party lines to elect Rep. Mike Johnson (R-LA) as its new speaker.
Speaker Johnson, prior to his election, released a Dear Colleague Letter on Oct. 23 outlining his plans to pass fiscal year (FY) 2024 appropriations measures quickly through the House. He also wrote in support of passing another stopgap measure to extend government funding beyond the current Nov. 17 deadline, with a new expiration date… (click to continue)

Senate Update: Minibus Slated for Floor Vote, Paul Amendment Would Rescind IRS Funding. On Oct. 24, Senate leadership reached a deal to advance the process of filing amendments to a $280 million “minibus” spending bill that includes its versions of the Military Construction-VA, Agriculture-FDA, and Transportation-HUD spending measures. As early as Nov. 1, the Senate plans to continue voting on amendments with the goal of passing the minibus later… (click to continue)

Puerto Rico Considers Entrance into GMT Deal. On Oct. 26, Puerto Rican Secretary of Treasury Francisco Parés Alicea stated that the island territory intends to take steps to incorporate a global minimum tax compliant with the Organisation for Economic Co-operation and Development’s Pillar Two global tax regime. Parés Alicea cited Pillar Two’s uncertain future in the United States as a primary reason for Puerto Rico to forge ahead in adopting the new regime, stating that widespread global adoption of Pillar Two rules would affect non-U.S.-based companies in Puerto Rico. Parés Alicea also noted that the companies with which he met requested additional tax credits or incentives to offset the additional tax burden resulting from the imposition of a minimum tax, to which Parés Alicea…(click to continue)

IRS Inundated with Comments on Crypto Reporting Rules As It Braces for 8 Billion Filings. On Oct. 25, Internal Revenue Service (IRS) Digital Assets Initiative Project Director Julie Foerster revealed that the agency has received more than 13,000 comments on proposed rules governing digital asset broker reporting requirements. As of Oct. 29, that number has grown to 26,588, with two weeks still remaining to submit comments. IRS Large Business and International Division Program Manager Bryan Stiernagle stated that, despite the influx of comments, the agency still expects to release final rules regarding cryptocurrency and other digital asset transactions on schedule. The IRS had extended the deadline for public comments from Oct. 30 to Nov. 13, in order to give crypto industry officials more… (click to continue)

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