IRS funding cuts, tax bill in Senate, where do we go from here? (7:34)

Mark Prater
Monday, March 25, 2024

Another government shutdown was averted over the weekend with enactment of a $1.2 trillion appropriations package, which rescinds $20 billion of IRS funding. Meanwhile, Senate Majority Chuck Schumer started the process of putting the House-passed tax bill on the Senate calendar. Mark Prater shares his insights on where we go from here.

Don’t miss our coverage from PwC’s 7th Annual International Tax Conference held earlier this month. All episodes on the website or HERE.

Mark Prater, Managing Director, PwC’s Tax Policy Services Practice
Sindhu Blume, Host, Policy on Demand
Scott McCandless, Host, Policy on Demand

Upcoming webcast:
Register for Tax Readiness: Pillar Two is here! How businesses are responding to the new GloBE rules (Wednesday, March 27th, 2:00 PM – 3:30 PM ET)

In case you missed it:
Policy on Demand: Week in Review with Pam Olson (03/22/24)
Policy on Demand: Election Watch (03/21/24)
Policy on Demand: Direct pay regs provide clarity, but more guidance needed (03/21/24)

- March 25: The IRS will hold a public hearing on proposed regulations on the Section 45V clean hydrogen production credit under the Inflation Reduction Act. The hearing will continue by telephone on March 26 and 27.
- March 27: The US Supreme Court will hear oral arguments in an estate tax valuation case (Connelly v. Commissioner) regarding whether life insurance proceeds that a closely held corporation received to redeem a deceased owner’s shares were includable in the company’s value for estate tax purposes.

March 30: North Dakota Democratic presidential primary (party-run)


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