Tim Shaw

3 weeks 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.

4 weeks 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.

1 month 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.

1 month 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.

1 month 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.