Maureen Leddy

Washington, D.C., United States

Tax News Editor at Thomson Reuters Tax and Accounting

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Articles

CPAs Concerned About SALT, Contingent Fee Provisions in Tax Reform Bill

1 week ago | tax.thomsonreuters.com | Maureen Leddy

As congressional Republicans move forward with a reconciliation bill that would extend and revise tax provisions, the American Institute of CPAs is homing in on proposals they say could negatively impact accountants and their clients. Last week, the House passed the One Big Beautiful Bill Act (OBBBA, H.R. 1), which totaled over 1,000 pages and incorporated provisions from 11 House committees — including the taxwriting committee, Ways and Means.
Expert Shares How Tax Reform May Impact the Real Estate Sector

2 weeks ago | tax.thomsonreuters.com | Maureen Leddy

The reconciliation bill that made its way through the House Thursday morning contains a plethora of tax provisions, including several of note to those in the commercial and residential real estate industry. Tyler Davis, president of Saunders Real Estate and a former tax manager at PwC, shared what he’s watching in the One Big Beautiful Bill Act (H.R. 1) — and where there is room for changes. The House passed the OBBBA with a 215-214-1 vote on May 22.
House Rules Committee Debates One Big Beautiful Bill

2 weeks ago | tax.thomsonreuters.com | Maureen Leddy |Tim Shaw

Editor’s note: The House passed the bill the morning of 5/22 by a vote of 215-214. One member voted “present” and two did not cast votes. The Rules Committee markup ended after 10:30 p.m. ET, with members voting along party lines 8-4 to advance the proposal after incorporating certain revisions. Late-night amendments included the SALT cap proposal discussed in this article, which is current as of Wednesday afternoon, 5/21.
Senators Grill IRS Nominee on Conflicts, Experience

2 weeks ago | tax.thomsonreuters.com | Maureen Leddy

The Senate Finance Committee questioned Billy Long, President Donald Trump’s pick for IRS commissioner, about his potential conflicts of interest and tax experience during a May 20 hearing. If confirmed, Long would be the sixth person to head the IRS since the beginning of 2025. The last Senate-approved commissioner, Danny Werfel, resigned just before Trump took office. The agency is now on its fourth acting commissioner, Michael Faulkender, who is concurrently serving as Treasury deputy secretary.
House Budget Bill Stalls in Committee, Throwing Off Timeline

2 weeks ago | tax.thomsonreuters.com | Maureen Leddy |Tim Shaw

Editor’s note, 5/19/2025: The committee held a second vote Sunday evening and the bill advanced by a slim 17-16 margin. Roy, Norman, Brecheen, and Clyde voted “present” and Smucker voted “yes.” The House Rules Committee is expected to consider the bill next at a markup May 21, starting at 1:00 a.m. ET. Trump and Republicans still aim for House passage before Memorial Day weekend.
Senate Taxwriters Weigh in on House Reconciliation Bill Cliffs, Timing

3 weeks ago | tax.thomsonreuters.com | Maureen Leddy

Senate Finance Committee Chair Mike Crapo (R-ID) and member Senator Steve Daines (R-MT) shared their thoughts on House reconciliation efforts — emphasizing that the Senate will retool the bill to introduce more “permanence.” Daines told an audience at the Tax Council Policy Institute’s annual conference on May 15 that “much of what the House has written” is “in pretty good shape.” He expects that the House will ultimately pass the bill, noting that Speaker Mike Johnson (R-LA) is “three for...
Experts Delve into Business, Manufacturing Provisions in House Tax Reform Bill

3 weeks ago | tax.thomsonreuters.com | Maureen Leddy |Tim Shaw

With the House Ways and Means Committee debating the tax portion of a reconciliation bill, tax professionals discussed key provisions for businesses and manufacturers. From the “large corporation, international tax side of things,” the House draft “looks more like a conventional extenders bill,” Josh Odintz, a partner at Holland & Knight, told Checkpoint.
Policy, Budget Impacts of GOP Tax Bill Key Provisions

3 weeks ago | tax.thomsonreuters.com | Maureen Leddy |Tim Shaw

The House Ways and Means Committee shared a portion of its plans to address expiring provisions of the 2017 Tax Cuts and Jobs Act and make other tax reforms — with a more extensive, 389-page draft shared yesterday. Ways and Means is slated to mark up the bill this afternoon.
Bessent Discusses Vision for IRS, Tax Reform with Lawmakers

1 month ago | tax.thomsonreuters.com | Maureen Leddy

House appropriators questioned Treasury Secretary Scott Bessent about shifting priorities for the IRS under the Trump administration and ongoing tax reform efforts. At a May 6 hearing, Bessent told the House Appropriations Financial Services and General Government Subcommittee that though the IRS “just concluded a successful tax filing season,” it “still needs significant reforms to deliver efficient and cost-friendly results.”There have been some efficiency gains already, said Bessent.
Korb Tapped Again for IRS Chief Counsel

1 month ago | tax.thomsonreuters.com | Maureen Leddy

Sullivan & Cromwell attorney Donald Korb — who served as chief IRS legal advisor under President George W. Bush — has once again been nominated for the role. President Donald Trump nominated Korb on April 29 for the position, which requires Senate confirmation. IRS Chief Counsel is tasked with advising the IRS Commissioner on the interpretation, administration, and enforcement of Internal Revenue laws.