Tim Shaw

Washington, D.C., United States

Editor at Thomson Reuters Tax and Accounting

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Articles

IRS Offers 'Simplified' Corporate Alternative Minimum Tax Calculation Method

4 days ago | tax.thomsonreuters.com | Tim Shaw

The IRS issued new interim guidance for the corporate alternative minimum tax (CAMT) enacted nearly three years ago in the Inflation Reduction Act that temporarily offers a simpler calculation and set of definitions in response to feedback that pending regs are too complex.
Tax Court Again Uses Functional Test to Deem Partners Limited 'In Name Only'

1 week ago | tax.thomsonreuters.com | Tim Shaw

The Tax Court, following recent precedent, determined that three partnership members were not limited partners based on their day-to-day functions and thus subject to self-employment tax. (Soroban Capital Partners LP, (5/28/2025) TC Memo 2025-52)Soroban Capital Partners LP is a limited partnership registered as a Delaware LLC, with a principal place of business in New York, New York.
House Budget: Updated Cost, Distributional Estimates

1 week ago | tax.thomsonreuters.com | Tim Shaw

Budget scorers and policy think tanks have weighed in on the budget reconciliation package’s expected impact on the federal deficit and which groups of taxpayers stand to benefit the most from Republicans’ proposals. The House budget bill, titled the One Big Beautiful Bill Act (OBBBA; H.R. 1), passed 215-214 last Thursday following a marathon Rules Committee hearing and last-minute changes to the state and local tax (SALT) deduction limit.
Treasury, DOGE to Continue IRS Overhaul as Judge Blocks More Agency Downsizing

1 week ago | tax.thomsonreuters.com | Tim Shaw

The head of the Treasury Department and a Department of Government Efficiency (DOGE) associate indicated the collaboration between the two agencies will proceed with a focus on systems upgrades paid for by spending cuts, but a court order temporarily bars the Trump administration from carrying out any further workforce reductions.
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.
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.
SALT Cap Proposal Subject to Change as Tax Bill Advances

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

House Republicans are not aligned on how to address the Tax Cuts and Jobs Act’s cap on state and local tax deductions in the budget reconciliation bill, the taxwriting committee nonetheless advanced its tax title with a placeholder policy to be negotiated in the full chamber.
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.
Small Business Reps Divided on Trump Tax Cuts

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

As House taxwriters prepare for a possible markup of major tax legislation, ‘Main Street’ business owners and organization affiliates shared differing perspectives on whether expiring provisions of the Tax Cuts and Jobs Act (TCJA) should be extended.
Tax Policy Groups Seek Withdrawal of Partnership Basis Shifting Guidance

1 month ago | tax.thomsonreuters.com | Tim Shaw

The IRS should withdraw guidance issued last year providing that certain partnership transactions between related parties lack economic substance when conducted purely to reduce federal tax liability through basis adjustments, stakeholders told the agency, in light of the new administration’s decision to eliminate relevant final regs.