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3 days ago | 
tax.thomsonreuters.com | Maureen Leddy
With the Child Tax Credit set to be halved at year end and competing aims among those advocating for a boosted credit, it’s unclear where lawmakers will land. Republicans agreed to a framework for extending the 2017 Tax Cuts and Jobs Act and making other tax reforms before leaving Washington for two weeks.
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2 weeks ago | 
tax.thomsonreuters.com | Maureen Leddy |Tim Shaw
After a false start Wednesday, House Republicans approved the Senate-amended budget framework, 216-214, setting up tax reform via the reconciliation process. Republicans can now move to nailing down the details of extending expiring Tax Cuts and Jobs Act (TCJA) provisions and putting into place other Trump administration tax promises.
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2 weeks ago | 
tax.thomsonreuters.com | Byrd rule |Maureen Leddy
As House Republicans ponder whether the Senate’s tax reform blueprint would drive deficits to an untenable level, another potential issue with the Senate approach is tied to Congress’ procedural rules. Early Saturday morning, the Senate passed its amendment to the House budget resolution, 51-48 — a step forward toward tax reform via reconciliation.
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3 weeks ago | 
tax.thomsonreuters.com | Maureen Leddy
Senate Republicans unveiled their version of a budget resolution to set up tax reform Wednesday afternoon, with significantly different deficit instructions than the House.
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3 weeks ago | 
tax.thomsonreuters.com | Maureen Leddy
A recent House subcommittee hearing featured a discussion on how to best protect Americans from the growing risk of financial fraud — but Democrats questioned how a proposal to eliminate the Corporate Transparency Act’s reporting requirements would forward that goal.
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3 weeks ago | 
today.westlaw.com | Maureen Leddy
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4 weeks ago | 
tax.thomsonreuters.com | Maureen Leddy
As the IRS wades through staffing cuts and changes at the leadership level, one practitioner sees a “silver lining” for case resolution timelines. After the Trump administration’s initial move to freeze hiring at the IRS, the agency has been hit with staffing cuts that show no signs of slowing. IRS staffing cuts may total 25,000 workers in the near future, according to Reuters, representing 25% of the agency’s workforce.
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4 weeks ago | 
tax.thomsonreuters.com | Maureen Leddy
Nominee Frank Bisignano faced questions from lawmakers about his plans to step up beneficiary services and data privacy — and his involvement in what Democrats characterized as a “back door” way to cut benefits. Bisignano, who is currently the CEO of the financial technology company Fiserv, was tapped by President Donald Trump back in December for the Social Security commissioner role.
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4 weeks ago | 
tax.thomsonreuters.com | Maureen Leddy
Treasury’s Financial Crimes Enforcement Network (FinCEN) released an interim final rule Friday that will apply the Corporate Transparency Act’s beneficial ownership information reporting requirements only to foreign entities and foreign nationals. The rule, shared by FinCEN on March 21 in a press release and published in the Federal Register on March 26, puts into place previously announced plans to limit the reach of the CTA’s reporting requirements.
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1 month ago | 
tax.thomsonreuters.com | Maureen Leddy
With new and ongoing data security threats, a cybersecurity expert offers his advice for protecting taxpayer data this filing season. Cliff Steinhauer is the Director of Information Security and Engagement at the National Cybersecurity Alliance — a nonprofit that advocates for safe technology use. He shared steps tax professionals can take, tips for guiding clients on data security, and emerging threats to watch for.
