House Passes Two Phase 2 Tax Bills: Today, the House of Representatives passed the Family Savings Act of 2018 (H.R. 6757) on a 240 to 177 vote. Among other things, the bill would repeal the maximum age for IRA contributions, create universal savings accounts, and expand section 529 education accounts. The House of Representatives also passed the American Innovation Act of 2018 (H.R. 6756) which would expand the deduction for start-up expenses, on a 260 to 156 vote. The two bills are part of Republicans’ “Tax Reform 2.0” proposal.
JCT Releases Analyses of Two ‘Tax Reform 2.0’ Bills: Today, the Joint Committee on Taxation (JCT) released the estimated revenue effects of H.R. 6757, the “Family Savings Act of 2018,” as amended. Yesterday, the JCT released JCX-79-18 Macroeconomic Analysis of H.R. 6760, the “Protecting Family and Small Business Tax Cuts Act of 2018,” as reported by the House Ways and Means Committee.
TIGTA Releases Two Reports: Today, the Treasury Inspector General for Tax Administration (TIGTA) released a report finding that a shortened delivery cycle, the high volume of changes made by the Tax Cuts and Jobs Act of 2017, and missed deadlines increase the risk of a delayed start of the 2019 filing season. TIGTA also a released a report on the results of an audit that was initiated to evaluate the impact of the IRS’s compliance efforts related to its delegated authority under the Bank Secrecy Act. TIGTA found that the IRS’s Bank Secrecy Act program has a minimal impact on compliance.