Recently, the IRS has been busy addressing several important issues, from simplifying reporting for renewable-energy tax credits to finalizing rules around stock-repurchase taxes and crypto transactions. However, my attention is also focused on the upcoming election, which could bring significant regulatory changes.
The Republican platform covers various industry issues, including cryptocurrency, artificial intelligence innovation, and the promise to extend the Tax Cuts and Jobs Act (TCJA) of 2017, enacted under former President Donald Trump. Jonathan Traub, a tax leader at Deloitte, has highlighted that both the TCJA and external provisions like the New Markets Tax Credit will be central to next year’s discussions, particularly as debates around the debt ceiling influence decisions on deficit spending and tax cuts.
On the other hand, while the Democratic platform is set to be released soon, we can reflect on Vice President Kamala Harris’ past proposals, such as tax relief for those earning under $100,000, which include initiatives like the LIFT the Middle-Class Act and the Rent Relief Act. Both aimed at providing financial relief, although her rent relief proposal faced criticism for potentially benefiting landlords more than renters.
Meanwhile, we continue adjusting to the IRS’s recent reporting changes, including new standards for renewable energy tax credits, corporate stock repurchases, and cryptocurrency transactions. These adjustments are part of the agency’s ongoing efforts to streamline processes and enhance compliance.
IRS adds changes to tax filings, reporting standards on cryptocurrency | Accounting Today
