Alistair M. Nevius

1 week ago | journalofaccountancy.com | Alistair M. Nevius

news TAX The Senate Finance Committee on Monday released its version of proposed tax provisions to be included in the budget reconciliation bill being considered by Congress. The House of Representatives passed its version of the bill, H.R. 1, known as the One Big Beautiful Bill Act, in May.

1 month ago | journalofaccountancy.com | Alistair M. Nevius

news TAX The House of Representatives approved an amended version of the budget reconciliation bill Thursday morning, sending it to the Senate for consideration. The bill, H.R. 1, known as the One Big Beautiful Bill Act, passed by a vote of 215 in favor, 214 opposed, with one member voting present.

1 month ago | journalofaccountancy.com | Alistair M. Nevius

news TAX The combined budget reconciliation bill containing the many tax provisions approved by the House Ways and Means Committee failed to make it out of the House Budget Committee on Friday. The 1,116-page bill combined legislative proposals from 11 House committees.

1 month ago | journalofaccountancy.com | Alistair M. Nevius

news TAX The House Ways and Means Committee on Monday released expanded legislative language for its recommendations of tax provisions to be included in the budget reconciliation bill that Congress is putting together.

Sep 13, 2024 | journalofaccountancy.com | Alistair M. Nevius

Tribal general welfare benefit payments will be excluded from income under proposed regulations the IRS issued on Friday (REG-106851-21). The proposed regulations, which are the first regulations issued under Sec. 139E, lay out the requirements for determining whether benefits provided by an Indian tribal government program qualify as tribal general welfare benefits. Although Indian tribal members are required to pay federal income tax, Sec.