On Friday Pres. Obama signed HR 5771, the Tax Increase Prevention Act of 2014 into law. While employers can be glad their efforts to utilize the Work Opportunity Tax Credit and other tax incentives during 2014 were not wasted, we are now faced with a new expiration date approaching in only 12 days. (more…)
Last night the House of Representatives passed a massive $1 trillion spending bill, after which House members began skipping town. Unfortunately, the spending bill was viewed as the final hurtle to jump on members’ way to Christmas vacation.
With the House no longer in session, the Senate is left with the option of passing HR 5771 (tax extenders) as it was originally delivered by the House or simply letting it die. Amendments to the bill would require it to go back to the House for approval but that is no longer an option. (more…)
Tonight, I am passing along observations from Paul Suplizio about the US Senate’s progress towards a tax-extenders bill. Additional action on the floor is anticipated by Thursday. So far, however, Democrat and Republican Senate Leaders have not revealed the nature of any agreements they might have reached. (more…)
Today, the U.S. House of Representatives is expected to vote on (and pass) HR 5771– the Tax Increase Prevention Act of 2014. This will be Congress’ first solid step in some time toward passage of tax extenders. HOWEVER, in its current form the bill’s provisions fall short of expectations. (more…)
IRS Commissioner John Koskinen in a letter to Senate Finance Committee Chairman Ron Wyden (D, OR) regarding the expired tax extenders:
To avoid . . . serious problems, I respectfully urge you and other Members of Congress to address this issue expeditiously…. it would be detrimental to the entire 2015 tax filing season and to millions of taxpayers if Congress fails to provide clear policy direction before the end of November.
If you have been following WOTC in the news lately, there hasn’t been much to follow. The political process has been occupied elsewhere. You might, however, have notice a few interesting odds and ends. (more…)
Earlier today, the US Senate voted overwhelmingly (96 for, 3 against) to take up HR 3474, the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act.
This procedural vote of cloture means that a final vote on the bill may be coming soon. In the mean time, amendments will be considered and negotiations concluded. We anticipate a vote on the floor of the Senate as early as this week. (more…)
Senate and House committee votes that may determine the future of the Work Opportunity Tax Credit (WOTC) are approaching in the US Congress. On Tuesday (tomorrow) the Senate Finance Committee has scheduled a hearing to markup a tax-extenders bill. The Committee will then vote to recommend the bill on Wednesday, April 2nd.
While WOTC is almost assured to be included in the Senate’s extender bill, it is not immune to amendments. WOTC proponents hope to stave off any detrimental changes, keeping the program intact until it can be revisited later in the context of comprehensive tax reform. (more…)
Senator Ron Wydon (Dem of Oregon) took over this week as the new Chairman of the Senate Finance Committee. Senator Wydon replaces Senator Max Baucus, who was recently appointed as the United States Ambassador to Japan. Like Senator Baucus, Wydon favors an early passage of tax extenders, including WOTC. (more…)