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International Tax Insights

Washington Tax Insight July 2021

Politics and Congressional Activity Congress has returned from the July 4th recess and is scheduled to leave again for the August recess on August 9th and return on September 10th.   There is the possibility that the August recess will be delayed, especially considering the busy schedule facing the House and Senate.  Senate Majority Leader Schumer (D-NY) has warned his Senate colleagues that the recess will be deferred until the Senate […]

July 14, 2021

Narrowing the “Tax Gap”: Treasury & the IRS Target “High-Income Taxpayers” and Cryptocurrency Transactions

The Biden Administration has identified the “tax gap” as a priority issue for 2021 with the Treasury Department suggesting that the tax gap could total $7 trillion over the next ten years and noting that the beneficiaries of that tax gap are wealthy taxpayers and the corporations they own.  During the Senate Finance Committee hearing on the Biden budget proposals, Chair Wyden (D-OR) expressed concern about the recent leak of […]

June 30, 2021

Washington Tax Insight June 2021

Politics and Congressional Activity Congress returned from its recess on June 7th and now decisions will be made by Congressional leadership about how to proceed with infrastructure legislation and whether they can reach a bipartisan agreement.  It is expected that Speaker Pelosi will direct her committee chairs to complete their work on a budget resolution and other implementing legislation before the July 4th recess in the event it is necessary […]

June 8, 2021