Dental Practice Year-End Tax Planning Tips
NCUA Examination Authority Over Third-Party Vendors
Enhance Operational Performance Through Revised Forecasting
On July 1, President Trump signed into law a sweeping, bipartisan Internal Revenue Service (IRS) reform bill called the Taxpayer First Act (P.L. 116-25). This legislation aims to broadly redesign the IRS for the first time in over 20 years.
The Senate approved the Taxpayer First Act by voice vote on June 13. The measure was unanimously approved in the House on June 10.
The reworked IRS reform bill, originally introduced in the last Congress, was revised in early June after the House passed a prior version in April. However, the original House-approved bill (HR 1957) was quickly doomed in the Senate because of controversy surrounding the IRSâ€™s Free File program.
The provision codifying the IRSâ€™s Free File program was removed from the original bill, and the measure was reintroduced as HR 3151. Congress then quickly sent it to the presidentâ€™s desk.
The Taxpayer First Act aims to reform the IRS into a more taxpayer-friendly agency. It requires the IRS to develop a comprehensive customer service strategy, as well as a plan to redesign the IRSâ€™s structure, modernize its technology and enhance its cybersecurity.
The measure also:
“This signing is the culmination of a lengthy, bipartisan process undertaken by the [House] Ways and Means Committee to implement pro-taxpayer reforms at the IRS for the first time in more than 20 years,” Senate Finance Committee (SFC) Ron Wyden, D-Ore., said in a July 1 statement. “New protections for low-income taxpayers, practical enforcement reforms, and upgraded assistance for taxpayers and small businesses will all now go into place.”
Additionally, the Houseâ€™s top Republican tax writer issued a statement after Trump signed the IRS reform legislation. “Iâ€™m proud that after three years of thoughtful bipartisan work, our bold package of reforms to the Internal Revenue Service are the law of the land,” Ways and Means ranking member Kevin Brady, R-Tex., said on July 1. “Thank you to President Trump for signing this historic legislation, which is the biggest and boldest step in over 20 years to redesign and restructure the IRS into an agency with a singular mission â€“ quality taxpayer service.”
Have more questions regarding the Taxpayer First Act? Contact Doeren Mayhewâ€™s tax advisors today for assistance.
A quick registration is required to view our resources.
You will only be asked to do this one time (unless you don't save your browser cookies).