Alistair M. Nevius

2 weeks 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.

3 weeks 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.

3 weeks 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.

Dec 20, 2023 | journalofaccountancy.com | Alistair M. Nevius

The IRS on Wednesday provided a safe harbor under the Sec. 45W commercial clean vehicle credit for commercial vehicles placed in service in 2024 (Notice 2024-5). Under the safe harbor, the credit will not be limited for eligible vehicles that have a gross vehicle weight rating of less than 14,000 pounds, and vehicle owners will not have to calculate the vehicle's incremental cost. A similar safe harbor was provided by Notice 2023-9 for vehicles placed in service in 2023. Sec.